Vancouver, BC, March 13, 2012 – (TSX Venture: TEN). Terraco Gold Corp. (“Terraco”) is pleased to announce that further to its press release dated March, 9, 2012, Terraco has received TSX Venture Exchange acceptance of the transaction which has now closed.
“We are excited to have closed this second royalty/option acquisition which complements the first royalty transaction announced by Terraco on December 21st and 23rd, 2011. Together, these transactions provide royalty coverage on the gold deposit currently outlined in the Barrick/Midway Gold Spring Valley Project National Instrument 43-101 technical report, filed by Midway on SEDAR. Terraco anticipates that the value of its combined royalty assets will continue to grow as Barrick takes Spring Valley towards production. We believe we have strategically created, through these royalty transactions, the opportunity for monetization through cash flow from future mine production and also the ability to leverage portions of the royalty portfolio in the future to raise cash without diluting Terraco’s shareholders”, stated Todd Hilditch, President and CEO of Terraco.
The Spring Valley Project is a joint venture between Barrick Gold Corp. and Midway Gold Corp., pursuant to which Barrick has the right to earn a 60% interest in the Spring Valley Project by completing work expenditures totaling US$30,000,000 before December 31, 2013. Terraco’s 100% owned Moonlight Property is located along trend immediately to the north of the Spring Valley Project.
Further details about the transaction can be obtained from Terraco’s March 9, 2012 news release available on Terraco’s website and on SEDAR.
Terraco is fully funded to continue its 2012 exploration programs at its Almaden and Moonlight Projects.
Terraco is a mineral exploration company listed on the TSX Venture Exchange under the symbol “TEN”. Please visit Terraco’s website at www.terracogold.com for additional information.
FOR FURTHER INFORMATION, PLEASE CONTACT:
President and CEO
Tel: (604) 443-3831
Toll free: 1 (877) 792-6688
Fax: (604) 682-3860
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains forward looking statements. Although Terraco believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Terraco can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Additional information on these and other factors that could affect Terraco’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).