BELLINGHAM, Wash., Nov. 12, 2012 /PRNewswire/ -- Terrace Ventures Inc. (Symbol: TVER.OTCQB) ("Terrace") and Pengram Corporation (Symbol: PNGM.PK) ("Pengram") issued the following joint news release today with respect to the Golden Snow Project in Eureka County, Nevada.
Terrace is earning up to a 75% interest in the Golden Snow Property from Pengram. Once Terrace has completed earning its interest, the parties will form a 75/25 joint venture.
During 2012, Terrace completed a work program on the property that consisted of soil sampling and rock sampling. Fourteen rock samples were collected in the area of a previously identified large 2,800 ft. diameter magnetic anomaly. Seventy-two soil samples were collected to help delineate the extension of the collapse breccia zones on the Golden Snow Project. Based on the successful completion of the program, Terrace's geological consultant has recommended that a program consisting of 3,000 feet of reverse circulation drilling to test locations for gold bearing collapse breccias and to test a probable intrusive indicated by ground magnetic data. The program has an estimated cost of $175,000. Subject to financing, Terrace intends to proceed with the recommended program. The geological consultant also recommended that Terrace locate and record additional claims adjacent to the property. This process is underway.
About the Golden Snow Project
The Golden Snow Project is located in the Battle Mountain-Eureka Trend, approximately eight miles south of the East Archimedes gold deposit where Barrick Gold Corporation is currently mining a Carlin-type sediment hosted gold deposit (approximately 2 million ounces gold produced and discovered). The Eureka district is at the south end of a northerly trending series of intrusives. Within the district a prominent north-south alignment of gold deposits trends towards the Golden Snow Project.
Gold reported by Timberline Resources Corp for the Lookout and South Adit area (approximately 2 to 4 miles north of the Golden Snow Project) includes:
- 390,000 ounces in a Measured & Indicated Resource category (20.7 million tons @ 0.019 opt Au)
- 221,000 ounces in an Inferred Resource category (18.4 million tons @ 0.012 opt Au)
These are localized along the Ratto Ridge Fault Zone, which projects south onto the Golden Snow Project.
About Terrace Ventures Inc. (TVER)
Terrace's business plan is to assemble a portfolio of mineral properties with gold potential and to engage in the exploration and development of these properties. Terrace currently has an option agreement to acquire up to a 75% interest in Pengram's Golden Snow Property.
Investor Contact for Terrace:
Tel: (360) 220-5218
About Pengram Corporation (PNGM) www.pengramgold.com
Pengram Corporation (PNGM) is an exploration-stage company. Pengram is engaged in the acquisition and exploration of properties to search for gold mineralization in Canada and the United States. In Nevada, the Company controls 168 claims covering approximately 4.4 square miles. In Canada, Pengram controls 8,372 acres (3,388 hectares) in the historically prolific Cariboo Mining District.
Investor Contact for Pengram:
Tel: (877) 225-8808
Forward Looking Statement
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. The statements regarding future exploration on the Golden Snow Project in this news release are forward-looking statements. Such statements are based on current expectations. Actual results could vary materially from the description contained herein due to many risk factors; in particular, there is no assurance that Terrace will obtain the financing necessary to complete the recommended work program and the additional requirements to earn its 75% interest in the property. There is also no assurance that exploration work on the Golden Snow Property will result in a discovery of a commercial body of ore. The forward-looking statements contained in this news release speak only as of the date on which they are made, and neither Terrace nor Pengram undertakes any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
SOURCE Pengram Corporation