Teryl Resources Corp. (TSX VENTURE: TRC)(OTCBB: TRYLF) is pleased
to announce that a 43-101 report is being completed on the
Silverknife 1 & 2 property in Northern BC. The Silverknife
Property consists of the Silverknife 1 and 2 mineral claims
(totaling 900 ha.) located in the Liard Mining Division, in
Northern BC, approximately 20 km south of the Alaska Highway.
Watson Lake, Yukon, is the closet full service town and lies
approximately 100 km east of the property. Access to the Property
is possible from the all weather paved Alaska Highway and via a
network of well maintained logging and mining access roads.
The property lies on the northeastern flank of the Cassiar
Mountains. The terrain of the area is moderately mountainous, with
rounded peaks and ridges separated by broad U-shaped valleys.
Property elevations range from 1,050 m ASL to 1,660 ASL. Roughly
20% of the property is above tree line, which is at approximately
1,450 m ASL.
The Silverknife Property is contiguous to Silvercorp's Silvertip
silver-lead-zinc deposit which lies less than one (1) km from the
Property boundary. Silvercorp has been active in the past two (2)
years exploring and re-evaluating the Silvertip Property towards
the initiation of mining operations. Recently, Silvercorp opened up
a 50 man camp on the Silvertip Property and has announced plans to
apply for a Provincial Small Mine Permit for an underground mining
operation with a capacity of under 75,000 tonnes per year and all
ancillary dewatering and related permits. Exploration diamond
drilling from 10,000-20,000 meters is currently underway on the
Silvertip Property.
The Silverknife mineral claims have been held continuously since
they were staked in 1983 and are held in trust by Reg Technologies
Inc. Through a series of Property agreements, Minewest holds a 45%
working interest in the Property and Teryl Resources Corp. holds
30%. Rapitan Resources holds a 25% interest and a 10% NPI, a 1% NSR
is payable to SMR in relation to the Silverknife Property.
The Silverknife property was worked extensively from 1984
through 1988 including geochemical soil sampling, VLF-EM surveys,
Induced Polarization surveys and diamond drilling (totaling over
4,400 meters). These projects located geochemical and geophysical
anomalies considered high priority exploration targets as well as
generated drill assay results from trace up to 4.2 meters of 29.3
oz/ton silver, 16.5 percent lead and 7.1 percent zinc (Hole 85-21).
Sphalerite, galena and pyrite within these mineralized sections are
associated with tan coloured siderite which has been interpreted as
associated with the higher grade intersections.
Qualified Person
Paul Gray, P. Geo., Province of British Columbia Licensed
Geologist No. 29833 of Vancouver, BC, who is independent of the
Company as defined in NI43-101. Paul Gray 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
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.
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 USD$1.5 million budget has
been approved for 2010. The Company's other Alaska holdings also
include the Fish Creek Claims, 50% optioned from Linux Gold Corp.
(OTC BB: LNXGF); the Stepovich Claims, where Teryl has a 10% net
profit interest from Kinross; and a 100%-interest in the West Ridge
property. For further information visit the Company's website at
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Teryl Resources Corp. John Robertson President
800-665-4616 604-278-3409 (FAX) www.terylresources.com
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