Teras Resources Inc. announced that the Company has made significant progress in several important matters resulting in the continued development of the Cahuilla project. Foremost was signing an extension of the current exploration lease with the Torres Martinez Desert Cahuilla Tribe. This important lease covers two sections of sovereign Tribal land that holds significant gold resources and multiple exploration targets. The current lease had a five-year term, which expires in December of this year, and was part of an earlier extension from a previous five-year term. The new extension is for one year and provides Teras the time to negotiate terms for another five years that will extend the lease to 2025. Teras is also in the process of engaging the Chambers Group to complete an extension application for the current drilling permits on both Tribal and private lands. The company is making significant progress preparing a new NI 43-101 technical report with a compliant mineral resource update for the Cahuilla gold deposit. This work is the logical follow through based on the earlier six-month study of drill core reported in the October 6 press release. This study identified several significant geologic features that allowed a newly amended resource model to be undertaken. These include gold occurring at the sedimentary and fanglomerate contact, concentrating at the base and within each of the four buried sinter deposits, and focused in high grade sheeted veins or vein swarms. All of these are being incorporated into the new model as higher-grade gold domains that were not included in he 2012 NI 43-101 report. This work is intended to amend the original NI 43-101 Technical Report filed on SEDAR, which identified 70,148,000 tons grading 0.015 opt (0.51 g/t) at a 0.008 opt (0.27 g/t) cutoff for 1,017,000 million ounces of gold in the indicated category.