Introducing

TERRACO GOLD (TEN TSXV): MERGER COMPLETE


 35 to 50 cents recently and has weathered the gold pulback nicely which indicates it is not overbought relative to the float..



Quote"
Good news from Terraco Gold. Yesterday Terraco announced its January 25th merger with Western Minerals. Terraco Gold now will develop its new Almaden deposit just 78 miles north of Boise. The Almaden deposit has been drilled with 887 holes and 200,000 feet of historical drilling is a measured and indicated gold resource of 864,000 ounces of gold and an inferred resource of 84,000 ounces of gold. The deposit is open along strike. Terraco will drill this resource in the 2011 season.

Terraco's Chief Executive officer Todd Hilditch said,"Terraco is excited to have completed the merger with Western Standard Metals to create a company that offers shareholders exposure to an exciting combination of gold exploration and development assets in the Western US. An upcoming drill program will target additional near surface gold mineralization potential along with higher grade feeder mineralization at the company's (new) Almaden gold deposit in Idaho. In addition Terraco will continue to explore the potential at the company's Moonlight project in Nevada which adjoins the expanding Barrick Midway joint venture in Spring Valley. Terraco is currently planning its 2011 exploration program for both the Almaden gold and Moonlight projects. These programs are expected to commence with mapping and geophysical work in February, followed by an initial drill program anticipated to begin in early 2011."

Under the terms of the Arrangement, Western’s shareholders received 0.75 of a Terraco common share in exchange for each Western common share held, and Western warrant holders received 0.50 of a common share purchase warrant of Terraco for each Western warrant held. In accordance with their terms, the outstanding options to purchase Western shares have been adjusted so that, upon exercise, for each Western share that would previously have been issued, the option holder will receive 0.75 of a common share of Terraco.
 
The market liked this announcement. The stock traded up seven cents (20%) on 600,000 shares. The Almaden gold project has the potential for a significant increase in size from its current level of approximately 1,000,000 ounces of gold.


Terraco’s Moonlight project may contain the extension of the Northridge fault which runs through the Midway Gold property directly to the South near Lovelock, Nevada. At present Midway has a resource of 1.8 million ounces of gold on its Spring Valley property that adjoins the Moonlight. Midway’s resource could double in the next year or so. Therefore Terraco's Moonlight is highly perspective for gold or silver discovery. Joe Inman, one of the most knowledgeable geophysicists in the world, is now performing IP analysis on the Moonlight project. Terraco will now have 157 million shares outstanding on a fully diluted basis along with approximately 1,000,000 ounces of gold in the measured and indicated and inferred largely measured and indicated status. Terraco Gold is a cheap Incubator stock at these levels.


GLTA Lostoutwest


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