Teryl Resources Receives Additional Significant Gold Assays on the Gil Joint Venture Property, Alaska
August 05 2009 - 9:15AM
Marketwired
Teryl Resources Corp. (TSX VENTURE: TRC)(OTCBB: TRYLF) is pleased
to announce that additional significant gold assays have been
received from our joint venture partner Fairbanks Gold Mining, Inc.
(FGMI), a subsidiary of Kinross Gold Corporation, for the R/C
drilling program on the Gil J/V property located in the Fairbanks
mining district, Alaska.
A total of 33 R/C drill holes and 6 core drill holes have been
completed in the 2009 exploration program which has been budgeted
for $1.6 million. Certified assays are pending on all drill holes.
The main focus of the drilling is on the Sourdough Ridge zone,
which is similar in geology to the Main Gil zone. The Main Gil zone
has been drilled extensively in the past over a 3,000 ft strike
length with an average grade of .04 ounces gold per ton.
Preliminary assays from the following holes as follows:
----------------------------------------------------------------------
Ounces Per Grams Per
Hole Number Feet Ton Gold Ton Gold
----------------------------------------------------------------------
GVR-09-540 105' (from 145'-250') .14 4.00
----------------------------------------------------------------------
GVR-09-534 75' (from 15'-90') .09 2.50
----------------------------------------------------------------------
GVR-09-523 110' (from 125'-230') .04 1.10
----------------------------------------------------------------------
These drill results are in addition to previously reported
assays from a Company News Release dated July 2, 2009.
As of July 2, 2009 the Gil Project is an advanced exploration
program controlled by Teryl Resources and joint venture partner,
Kinross Gold Corporation. The exploration area is located 19 miles
north of Fairbanks, Alaska and 8 miles northeast of Alaska's
largest gold producer, the Fort Knox Mine (owned by Kinross Gold).
The Gil Project consists of three adjacent prospect areas; the Main
Gil Zone, the North Gil Zone and Sourdough Ridge.
A total of US$7,500,000 has been expended by the joint venture
partners between 1992 and 2008, with Teryl and Kinross accounting
for 20% and 80% respectively of total expenditures. Lode prospects
at the Gil have been tested by 86 core holes totaling 33,354 feet,
327 reverse circulation drill holes, totaling 93,804 feet, and 21
trenches with a combined length of approximately 7,420 feet.
John Robertson states that the current gold assay results are
extremely favorable compared to the adjacent producing Fort Knox
Mine values of .03 ounces per ton.
ABOUT TERYL RESOURCES
With interests in four gold properties, Teryl Resources Corp. is
one of the main landowners in the Fairbanks Mining District,
Alaska. The Gil project is a joint venture with Kinross Gold
Corporation (TSX: K)(NYSE: KGC) (80% Kinross/20% Teryl). To date
USD$7.5 million has been expended on exploration by Kinross and
Teryl on the Gil joint venture claims. A USD$1.6 million budget has
been approved for 2009 to draft test several gold anomolies on the
Gil Claims. The Company's other Alaska holdings also include the
Fish Creek Claims, 50% optioned from Linux Gold Corp. (OTCBB:
LNXGF); the Stepovich Claims, where Teryl has a 10% net profit
interest from Kinross; and a 100%-interest in the West Ridge
property. Teryl also has one joint venture silver prospect located
in Northern BC, Canada. Teryl Resources Corp. has revenue from oil
and gas projects in Texas and Kentucky. For further information
visit the Company's website at http://www.terylresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
John Robertson, President
READER ADVISORY
This news release may contain certain forward-looking
statements, including management's assessment of future plans and
operations, and capital expenditures and the timing thereof, that
involve substantial known and unknown risks and uncertainties,
certain of which are beyond the Company's control. There can be no
assurance that such statements will prove accurate, and actual
results and developments are likely to differ, in some case
materially, from those expressed or implied by the forward-looking
statements contained in this press release. Readers of this press
release are cautioned not to place undue reliance on any such
forward-looking statements.
Forward-looking statements contained in this press release are
based on a number of assumptions that may prove to be incorrect,
including, but not limited to: timely implementation of anticipated
drilling and exploration programs; the successful completion of new
development projects, planned expansions or other projects within
the timelines anticipated; the accuracy of reserve and resource
estimates, if any, grades, mine life and cash cost estimates;
whether mineral resources can be developed; title to mineral
properties; financing requirements; changes in laws, rules and
regulations applicable to Teryl, and changes in how they are
interpreted and enforced, delays resulting from or inability to
obtain required regulatory approvals and ability to access
sufficient capital from internal and external sources, the impact
of general economic conditions in Canada, and the United States,
industry conditions, increased competition, the lack of
availability of qualified personnel or management, fluctuations in
foreign exchange, stock market volatility and market valuations of
companies with respect to announced transactions. The Company's
actual results, performance or achievements could differ materially
from those expressed in, or implied by, these forward-looking
statements, including those described in the Company's Financial
Statements, Management Discussion and Analysis and Material Change
Reports filed with the Canadian Securities Administrators and
available at www.sedar.com, and the Company's 20-F annual report
filed with the United States Securities and Exchange Commission at
www.sec.gov. Accordingly, no assurances can be given that any of
the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do so, what benefits,
including the amount of proceeds, that the Company will derive
therefrom.
Readers are cautioned that the foregoing list of factors is not
exhaustive. All subsequent forward-looking statements, whether
written or oral, attributable to the Company or persons acting on
its behalf are expressly qualified in their entirety by these
cautionary statements. Furthermore, the forward-looking statements
contained in this news release are made as at the date of this news
release and the Company does not undertake any obligation to update
publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities
laws.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States. The securities of the Company have not been registered
under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act") or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
The TSX Venture Exchange has neither approved nor disapproved of
the information contained herein.
Contacts: Teryl Resources Corp. John Robertson President (604)
278-5996 or Toll Free: 1-800-665-4616 (604) 278-3409 (FAX)
www.terylresources.com
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