Teryl Resources Corp. (the "Company") (TSX VENTURE: TRC)(OTCBB:
TRYLF) is pleased to announce that a notice of work for the B.C.
Silverknife property has been submitted to the B.C. government in
support of a proposed drilling program in the amount of up to 1,500
meters.
The following work is recommended by, Paul D. Gray, P.Geo.,
within the 2011 Silverknife Technical report as filed on SEDAR as
follows:
-- Phase I (a) - Silverknife data GIS Completion
-- Phase I (b) - Core recovery program from previous drilling completed in
1985 & 1987
-- Phase I (c) - Property survey / prospecting geological mapping
-- Phase I (d) - Detailed geophysical survey
-- Phase I (e) - Diamond drilling program 1,000 to 1,500 meters
Total budget $358,700.00
The Silverknife property represents a zone of known Ag-Zn-Pb
mineralization distal to, and stratigraphically lower than the
Silvertip deposit and more proximate to the Cassiar Batholith (a
potential mineralizing heat source in the district). Paul D. Gray,
P.Geo., author of the 43-101 report on the Silverknife property,
believes the most relevant targets for mineral exploration on the
Property are associated chimney-type feeder systems and mantos
related to the Silvertip mineralizing event.
To date, there has been insufficient exploration work conducted
to adequately define these potential targets and it is uncertain if
such targets will be discovered. However, the fact the
mineralization has been identified and overlaps onto the Silvertip
property is a compelling reason to explore for additional zones of
mineralization on the Silverknife Property.
In 1983, the Silverknife Property was staked and from 1984-1988
Reg Resources Corp. and Chevron Minerals Inc. a staged series of
mineral exploration programs were conducted. Geochemistry and
geophysics were the primary initial (1983-1985) exploration tools
applied to Property, and following on a number of anomalies
discovered in 1985 a 30 hole diamond drill program was completed.
Based on this first phase drilling, a "Discovery Zone" of
silver-zinc-lead mineralization was uncovered, including the
following intersections:
-- Hole 85-4: 7.25m of 5.04oz/t Ag, 2.65% Pb and 3.09% Zn
-- Hole 85-6: 0.2m of 4.43oz/t Ag, 1.9% Pb and 3.42% Zn
-- Hole 85-21: 4.3 m of 29.02oz/t Ag, 10.14% Pb and 7.02% Zn
20 additional holes were collared from 1986-1987, the bulk of
which were focused on defining and expanding the "Discovery Zone"
mineralization on the Property. The 1987 drilling included the
following mineralized intersections:
-- Hole 87-35: 18.02 m of 4.17 oz/t Ag, 1.67% Pb and 3.02% Zn
-- Hole 87-38: 9.99 m of 5.36 oz/t Ag, 1.73% Pb and 3.15% Zn
-- Hole 87-39: 4.63 m of 3.18 oz/t Ag, 4.60% Pb and 3.97% Zn
-- Hole 87-40: 5.94 m of 6.20 oz/t Ag, 3.47% Pb and 3.65% Zn
-- Hole 87-43: 8.00 m of 2.05 oz/t Ag, 1.59% Pb and 4.85% Zn
-- Hole 87-44: 3.66 m of 7.52 oz/t Ag, 6.21% Pb and 4.78% Zn
Through a series of agreements, the Property is owned as
follows:
-- Reg Tech owns 8 million shares of Minewest Silver and Gold (a Reg
Technologies Inc. subsidiary, British Columbia incorporated, private
company), which owns a 70% working interest in the Silverknife Property
subject to the 10% NPI held by Teryl;
-- Teryl owns 30% working interest and has a 10% Net Profit Interest
("NPI");
-- Reg holds a 5% net profits interest against the whole of the Property;
and
-- a 1% NSR is held against the Property by SMR Investments Ltd.
-- Reg Tech is making a distribution of shares to its shareholders on a 7
to 1 basis. For every seven shares of Reg the shareholder will receive 1
share of Minewest.
Qualified Person
Paul D. Gray, P. Geo., 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
Teryl Resources Corp. is awaiting the completion of a
feasibility study for the Gil J/V property that is currently
underway at the Colorado School of Mines.
To date, a total of US$10,700,000 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 (80% Kinross/20% Teryl). To date USD $10.7 million has
been expended on exploration by Kinross and Teryl on the Gil joint
venture claims. The Company's other Alaska holdings also include
the Fish Creek Claims, 50% optioned from Linux Gold Corp.; the
Stepovich Claims, where Teryl has a 10% net profit interest from
Kinross; and a 100%-interest in the West Ridge property. Teryl
Resources Corp. also has a 30% interest and a 10% NPI in the
Silverknife 1 & 2 property in Northern B.C. The Silverknife
property is contiguous to Silvercorp's Silvertip silver-lead-zinc
deposit which lies less than one km from the property boundary. 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.
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
604-278-5996 or Toll Free: 800-665-4616 604-278-3409 (FAX)
www.terylresources.com
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