Lateegra
Options Clone Gold Property From Teuton and
Minvita
June 18, 2003, Vancouver, BC: Teuton
Resources Corp. (“TUO”) (“Teuton”)
and Minvita Enterprises Ltd. (“MVE”) (“Minvita”) announce that they
have entered into an option agreement with
Lateegra Resources Corp. (LEG – TSX
Venture) whereby Lateegra may acquire a 50%
interest in Teuton and Minvita’s jointly-owned
Clone gold property, situated in the Stewart
Mining Camp of northwestern British Columbia.
The Clone property is located 12 miles southwest
of Stewart, British Columbia, within the highly
mineralized Stewart Complex of volcanic and
sedimentary rocks. Famous mines within this
Complex include the currently producing Eskay
Creek Mine, one of the highest grade gold-silver
mines in North America, and the formerly producing
Premier gold mine. The Red Mountain Gold deposit
of Seabridge Gold Inc., located 10 miles north
of the Clone Property, is presently the subject
of a pre-feasibility study.
Historical Exploration
In 1995, Teuton-Minvita
prospectors discovered a series of sub-parallel
shears on the Clone
property, exposed over strike lengths up
to 1,600 feet. Subsequent trenching of
the H-1 shear returned values of 3.59 oz/ton
gold across 18 feet. Additional trenching
of the S-2 shear returned values of 2.08
oz/ton gold across 14.8 feet. Drilling
in
1995-97 tested all of the shears within
the 1,000 foot long Main Zone. Many well-mineralized
intercepts were obtained from the 1995-97
program as indicated by the following selected
results:
Drill
Hole
Interval
(ft)
Gold
(oz/ton)
4
16.4
0.61
8
9.8
1.67
10
26.2
1.85
11
30.0
0.64
11
13.1
0.89
18
19.7
1.53
25
12.0
0.64
68
8.9
1.29
72
27.5
0.38
74
12.9
0.63
84
11.5
0.90
91
50.9
0.22
110
32.9
1.28
124
23.0
0.43
In
1998, a detailed structural study of the Main
Zone area was completed by SRK Consulting
Engineers of Vancouver B.C. at the request
of Teuton Resources Corp. The study
defined a gentle, northerly plunging orientation
to
gold-bearing shoots within the shears providing
a better understanding of the structural controls
for the gold mineralization. The historical
exploration data may not be compliant with
National Instrument 43-101.
Lateegra believes that by utilizing the information
from the structural study, there exists strong
potential to find down dip extensions of the
gold-bearing shoots within the Main Zone. Lateegra
will also investigate untested mineralized
zones on the 4,200 acre Clone property by spending
$200,000 during the 2003 exploration season
to test this theory.
The Letter Agreement provides that, in order
to earn its 50% interest in the Clone property,
Lateegra will make staged cash payments totaling
$130,000, issue 100,000 shares, and undertake
exploration expenditures of $1,500,000 over
a four year period. Option cash and share payments
will be divided equally between Teuton and
Minvita.
ON BEHALF OF THE BOARD OF DIRECTORS LATEEGRA RESOURCES CORP.
Minvita
Enterprises Ltd. Address: #207-675 W. Hastings St. Vancouver,
BC Canada V6B 1N2