Teryl Resources Corp. (TSX VENTURE: TRC)(OTCBB: TRYLF) is pleased
to announce that Teryl has retained Mark Robinson, a certified and
qualified consulting geologist, to complete a feasibility study and
a fair value analysis on the Gil J/V in the Fairbanks Mining
Division.
Teryl Resources Corp. board of directors concluded that it is
very important for Teryl to retain a highly qualified geologist
such as Mark Robinson to complete an economic study on the Gil
Joint Venture property. This will be key in gauging any future
offers, which can then be evaluated.
Phase I - Proposed Scope of Work, as follows:
1. Examine the tailings from placer mines on Slippery Creek and Lohr Creek
to determine if intrusive rocks are present in the drainages. If
present, they will be described and sampled, giving an indication of the
possible intrusive-hosted mineralization in the area.
2. Examine the USSR&M ditch line between Slippery Creek and Too Much Gold
Creek to determine if intrusive rocks are present in the area of the
magnetic low.
3. Examine the outcrop/subcrop of the "White Schist" north of Sourdough and
Gil North. Mineralized rock to be described and sampled.
Phase II - Gil J/V Fair Market Value, as follows:
Phase II will consist of a fair market evaluation, utilizing 3D
modeling of the proposed ore body, and a calculation of grade and
tonnage contained within that model. The fair market evaluation
will be completed by Mark Robinson, a highly qualified consulting
geologist, who has first hand information on the Fairbanks Mining
District since 1989.
Mark Robinson states, "Once the model is constructed, and grade
and tonnage is determined, a mine model is developed and a cost
estimate of the development is calculated. Next, a rate of return
can be calculated, and the economic viability of the project can be
estimated."
John Robertson, President of Teryl Resources Corp., states, "The
occurrence of historical production from gold placers on the Gil
joint venture suggests that there may be multiple sources of
bedrock gold in the area."
Qualified Person
The mineral data described above was prepared by Mark S.
Robinson, P. Geo., State of Alaska Licensed Geologist No. 247 of
Wrangell, Alaska, who is independent of the Company as defined in
NI43-101. Robinson is a Certified Professional Geologist (CPG) 6414
with the American Institute of Professional Geologists (AIPG).
Other professional societies and certifications include: Society of
Economic Geologists (SEG) fellow since 1985; American Geological
Institute (AGI); and Alaska Miner's Association (AMA). Robinson is
a Qualified Person as defined in NI 43-101 and also qualifies under
the rules stated by the U.S. Securities and Exchange Commission
("SEC"), and has verified the data contained in this news release
for accuracy.
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 $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 anomalies on the
Gil Claims. 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 (see news release dated
February 2, 2010). 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
800-665-4616 or 604-278-5996 604-278-3409 (FAX)
www.terylresources.com
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