News Releases 2010
March 2, 2010
TERYL RESOURCES CORP. HIRES CERTIFIED GEOLOGIST TO EVALUATE THE GIL J/V GOLD PROSPECT
For Immediate Release: March 2, 2010, Vancouver, BC ¡© Teryl Resources Corp. (TSX Venture Exchange: TRC.V, 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."
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. (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. 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
Press Release contact information:
John Robertson President, Teryl Resources Corp.
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.
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