Terrace Ventures Inc. (TVER) shares spike on Nevada property purchase

Posted on: Thursday, April 28th, 2011
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Terrace Ventures Inc. (OTCBB: TVER) galloped ahead in price 66.7% to seven cents Thursday, a day after agreeing to purchase up to 75% interest in the Golden Snow Property in Eureka County, Nevada from Pengram Corporation. Volume in the stock was nearly 22,000 shares, more than ten times a normal daily average.

Under the terms of the Earn-In Agreement, the Company will earn up to a 75% interest in the Underlying Agreement by paying to Pengram up to $175,000 and expending up to $1,750,000 to do exploration work on the Golden Snow Property, located in Eureka County, Nevada and is situated near several existing gold mines.

Eight miles north of the Golden Snow Project is the East Archimedes Gold Mine where Barrick Gold Corporation is currently mining a Carlin-type sediment hosted gold deposit (677,000 ounces mined, 1.1 million ounces resource/reserve).

Management from Terrace did not offer comment on the purchase. Terrace Ventures Inc. is headquartered out of Blaine, Washington.

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Category: Energy Stocks, OTCBB, Penny Stocks
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