Teuton Resources Corporation

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This large property, acquired by staking in 2003, surrounds the formerly producing Granduc copper property of Bell Resources Corp. (“BL”), located 40 km northwest of Stewart, British Columbia.

The area has been dormant since cessation of mining at Granduc in 1984 but has recently become active again due to the recent strong upsurge in the price of copper. In late 2004, Bell Resources purchased the core Granduc property, with plans to re-explore and, if successful, resume production at the mine site.

In August of 2005, after completing airborne geophysical surveys over its Granduc property as well as large portions of Teuton's surrounding Leduc Silver claims, Bell approached Teuton with an offer to option the Leduc Silver. A binding letter of intent was entered into which grants Bell an option to acquire a 60% interest in the Leduc Silver claims for total exploration expenditures of $1.5 million, total cash payments to Teuton of $85,000, and total share payments of 100,000 shares, over the five year term of the option.

Follow-up 2005-6 drill testing by Bell on the Granduc core claims successfully confirmed significant strike extensions to the copper-bearing system as well as confirming results of previous work.
Prospecting to the north in 2006 onto ground controlled by Teuton’s Leduc Silver claims resulted in the discovery of a new zone called the “JK” (click on the map above to view the full-sized map). Follow-up drilling the same year intersected Granduc-type mineralization on Teuton ground (details in Mineral Potential section, below).

Analysis of work to date by Bell as well as historical records of previous exploration at Granduc strongly suggest that the Granduc copper deposits are "Besshi" type. Such deposits feature concordant massive sulphide sheets a few metres thick (often stacked like pancakes) which can extend for kilometres both along strike and down dip. If this analysis is correct, it has significant implications for the discovery of further Granduc-type copper mineralization along strike of the known bodies, both within Bell 's core claims and also on ground now controlled by Teuton's surrounding Leduc Silver property.

Location

The Leduc Silver property is located 40 km northwest of Stewart , British Columbia at the head of the Leduc River. Meltback of snow and icefields in this region has been ongoing since the first copper-rich orebodies were discovered at the Granduc mine in the late 1940's. In recent years the pace of this meltback (termed "ablation") has accelerated, so that ever larger tracts of rock have become exposed to the prospector's pick. The 2006 discovery of the JK zone on Teuton’s ground by Bell prospectors was in just such a zone of ablation.

History and Property Status

Teuton Resources Corp. acquired the Leduc Silver property by staking in 2003, to cover possible extensions to massive sulfide mineralization previously mined at the Granduc property. An additional impetus to acquiring the property was the prospect of locating silver-rich quartz veins, as indicated by old reports from the region.

The decision to acquire the property proved fortuitous in 2005 when a sudden escalation in copper prices (now at record levels) re-focused attention on the region. In August, 2005, the Leduc Silver property was optioned to Bell Resources, a Vancouver junior company which in 2004 acquired full ownership of the formerly producing Granduc mine property (which the Leduc Silver property surrounds). Following is an excerpt from Bell Resources' August 31,2005 news release announcing acquisition of an option on the Leduc Silver property:

"Bell Resources Corporation (the "Company") is pleased to announce that further to receipt of results from the AEROTEM airborne electromagnetic survey (the "Survey") on the Company's Granduc Property, the Company has substantially increased its land position in the Granduc area.

The Survey was flown over the Granduc Property and the surrounding Leduc Silver claims. The Survey was designed to detect VMS type mineralization such as the syngenetic copper rich massive sulphides previously mined at Granduc. The Survey detected a number of anomalies on the Granduc Property, which will be tested during an upcoming drill program. Further anomalies, deserving of follow-up were detected on the surrounding Silver Leduc claims.

In this regard, the Company has concluded a binding Letter of Intent with Teuton Resources Corporation ("Teuton") for a sixty percent (60%) option interest (the "Option") on the Leduc Silver property. The Leduc Silver property consists of 13 claims totalling approximately 6800 hectares surrounding the Granduc Property in the Skeena Mining Division of British Columbia . Under the terms of the Option, the Company will earn the interest by making $85,000 in cash payments, issuing 100,000 common shares and completing $1.5 million in work expenditures over a five year period. Specifically, the Company is required to make $10,000 in cash payments, issue 100,000 common shares and complete $125,000 in work expenditures by December 31, 2006."

Mineral Potential of Leduc Silver Property

Teuton carried out an abbreviated prospecting program on parts of its Leduc Silver property in 2004 which located float mineralization of unknown provenance containing copper bearing mineralization similar to that reported on the adjoining Granduc claims, now 100% owned by Bell Resources. Silver-bearing quartz vein mineralization was also discovered in several float samples.

As reported by Bell Resources in their August 31, 2005 press release excerpted in the previous section (cf. History and Property Status, above), anomalous geophysical responses have been detected in an airborne survey commissioned by Bell that was flown over parts of the Leduc Silver property.

Follow-up work by Bell in 2006 resulted in the discovery of Granduc-type copper mineralization to the north of their core holdings on Teuton’s claims—the JK Zone. Drilling the same year intersected the following:

Drillhole	From (m)	To (m)	Length (m)	True Thick (m)	Recovery (%)	Cu (%)	Fe (%)	Ag (g/t)	Au (g/t)
DDH2006-8	191.3	199.0	7.7	4.2	97	0.57	14.7	1.0	0.06
...including	191.3	194.8	3.5	1.9	97	0.74	21.5	1.5	0.09
DDH2006-9	199.9	213.9	14.0	5.3	98	1.12	12.0	2.8	0.11
...including	201.1	208.0	6.9	2.6	98	1.47	11.6	3.4	0.13
DDH2006-10	129.4	135.5	6.0	4.6	92	0.76	18.6	1.8	0.06
DDH2006-10	Hole lost at 153.3 due to high pressure water
DDH2006-11	170.4	193.2	2.8	1.3	100	1.37	20.6	2.0	0.16
DDH2006-11	224.3	230.0	5.8	2.7	99	1.26	17.5	3.9	0.14
DDH2006-12	Hole lost at 153.3 due to high pressure water

Commenting on these results Bell Resources stated:

“All five drillholes intersected the JK Zone and at least one of two subparallel zones of magnetite-pyrite-chalcopyrite iron formation situated 80 meters and 140 meters further into the footwall. Drill intersections of the shallow JK Zone returned low grade metal values and are consequently not reported in the table above. However, both of the two footwall zones produced drill intersections containing substantial thicknesses of magnetite-pyrite-chalcopyrite iron formation that are very exciting to the Company and worthy of further exploration. High pressure subterranean water prevented two of the holes from reaching the deeper mineralized interval. Final surveying of the drillholes shows that all of the mineralized drill intersections fall on mineral tenures held by the Company under option from Teuton Resources, about 100 meters north of the Company's crown granted Granduc claims.”

Granduc Property Geology

Bell Resources has characterized the Granduc copper mineralization as "Besshi-type", the most notable example of which in British Columbia is the world class Windy Craggy deposit. The British Columbia Ministry of Energy Mines and Petroleum Resources has prepared Mineral Deposit Profiles which describe Besshi deposits as: " Typically a concordant sheet of massive sulphides up to a few metres thick and up to kilometres in strike length and down dip; can be stacked lenses".

For an excellent description of the Granduc property complete with maps, photos and other pertinent illustrations, the reader is referred to the Bell Resources website available by clicking here.

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