Teryl Resources Announces Approval of US$1.5 Million 2010 Exploration Budget for the Gil Joint Venture Gold Claims by Kinross Go
February 03 2010 - 9:15AM
Marketwired
Teryl Resources Corp. (TSX VENTURE: TRC)(OTCBB: TRYLF) is pleased
to announce a US$1,524,600 2010 budget has been approved by our
joint venture partner Fairbanks Gold Mining, Inc. (FGMI), a
subsidiary of Kinross Gold Corporation, on the Gil joint venture
claims, as follows:
The 2010 Gil Project Exploration Program has three
objectives:
1. Ground magnetometer survey.
2. Drilling at Sourdough Ridge.
3. Drilling on the western portion of area between the Main Gil
and the North Gil.
The goal of the 2010 program is to further delineate the strike
extension of the mineralized zones, and to infill between step-out
holes, in order to gain a better understanding of ore-zone
continuity. The 2010 work plan calls for ground geophysics, 11,000
feet of RC drilling, and 5,000 feet of HQ-NQ core drilling. In
addition, fieldwork involving mapping, soil and rock sampling, and
mobile metal ion (MMI) geochemical sampling will be performed.
The program will begin in April and will extend through the end
of 2010.
To date, a total of US$9,000,000 has been expended by the joint
venture partners, with Teryl and Kinross accounting for 20% and 80%
respectively of total expenditures.
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
US$9 million has been expended on exploration by Kinross and Teryl
on the Gil joint venture claims. A US$1.6 million budget has been
completed 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. 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: 800-665-4616 604-278-3409 (FAX)
www.terylresources.com
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