Joint News Release of Terrace Ventures Inc. (TVER) and Pengram
Corporation (PNGM) -- Golden Snow Project Update
BELLINGHAM, WA -- (Marketwire) -- 11/12/12 -- Terrace Ventures Inc.
(OTCQB: TVER) ("Terrace") and Pengram Corporation ("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
-- 390,000 ounces in a Measured & Indicated Resource category (20.7
million tons @ 0.019 opt Au)
-- 221,000 ounces in an Inferred Reso
urce 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
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.
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
Investor Contact for Terrace:
Tel: (360) 220-5218
Investor Contact for Pengram:
Tel: (877) 225-8808
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