FINANCE – Teuton Resources Corp. Aug. 5 announced that it will be cancelling the private placement announced on July 29, due to complexities with the combined flow-through and non-flow-through share offering. Instead, the company is offering a new private placement of 9 million units at a price of C5 cents per unit, for gross proceeds of up to C$450,000. Each unit will consist of one Teuton common share and one common purchase warrant. each warrant will entitle the holder to purchase one additional common share of Teuton at a price ofC7 cents for a period of twelve months after the closing of the offering, and thereafter at a price of C10 cents for another 12 months. Proceeds will be used principally to fund exploration of Teuton’s mineral properties in the Stewart area of northwestern British Columbia and general corporate purposes, including an interim payment on account of costs to the plaintiff in regard to the recent litigation on the Treaty Creek property. Teuton said it will be opposing a substantially higher award of cost being sought by the plaintiff during a hearing scheduled for Nov. 3.

GOLD/SILVER – Banks Island Gold Ltd. Aug. 1 reported that it received C$7.0 million in gross proceeds from the sale of gold and silver produced from its the bulk sample program at its Yellow Giant gold property during the quarter that ended on May 31. The company recovered 4,980 ounces of gold and 12,657 ounces of silver (5,175 ounces gold-equivalent) during the quarter. The direct costs of producing the gold and silver – concentrate charges, royalties, site overhead, mining, and processing – was C$4.225 million. Income and mineral taxes are not included in this cost analysis. As the company is not yet in commercial production the proceeds and costs related to gold concentrate production are captured as deferred exploration expenses in Banks Island’s first quarter fiscal year 2015 financial statements, which can be found under the company’s profile at www.sedar.com. Gravity separation was used to recover the gold and silver during the quarter. Tests show that gold recoveries will increase by some 37 percent once a grinding and flotation circuit, currently under construction, is brought online. The company has also accumulated fines from its dense media separation that can be reprocessed once through the grinding and floatation circuit.

COPPER/GOLD – Seabridge Gold July 31 said its application for an Environmental Assessment Certificate for its KSM copper-gold project has received final approval from the British Columbia Ministers of the Environment and Energy and Mines. Seabridge said the ministers, in their decision, have concluded that the construction, operation and decommissioning of the KSM Project are not likely to result in significant adverse effects. Seabridge Gold Chairman and CEO Rudi Fronk said, "I would like to acknowledge the extraordinary dedication of our personnel and the outstanding professionalism of the BCEAO (British Columbia Environmental Assessment Office) which together have brought us to this successful conclusion. I would also like to thank the Nisga'a Nation, First Nations and local communities who participated in this process, for their expressions of encouragement and support as well as for their thoughtful input which has helped us improve our project design. We are confident that KSM will also be approved at the Federal level within the next several months." The KSM Project has been undergoing a federal-provincial environmental assessment review as outlined by the British Columbia Environmental Assessment Act and the Canadian Environmental Assessment Act. On July 21, the Canadian Environmental Assessment Agency released its final Comprehensive Study Report for the KSM Project which concluded that "the KSM Project is not likely to cause significant adverse environmental effects taking into account implementation of the mitigation measures described in the report." The report has been posted on the CEAA website for a 30-day public comment period, after which the Federal Minister of Environment will decide whether to approve the KSM Project. Seabridge expects the Federal Minster's decision in the fall. "We believe the conditions imposed on the project by the Province are reasonable and we are in full agreement with them. Furthermore, we regard this approval as an expression of trust in us not only to meet the obligations mandated in this approval but also to continue to respond to the ongoing needs of members of the communities in British Columbia's northwest," Fronk added.