Joint News Release of Terrace Ventures Inc. (TVER) and Pengram
Corporation (PNGM) -- Golden Snow Project Update
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
info@CapitolFinancialMedia.com
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