News Releases 2010
November 15, 2010
TERYL RESOURCES RECEIVES PROGRESS REPORT FOR ORE RESERVE ESTIMATION, ON THE GIL JOINT VENTURE GOLD PROPERTY, FAIRBANKS, ALASKA
For Immediate Release: November 15, 2010. Vancouver, BC - Teryl Resources Corp. (TSX Venture Exchange: TRC.V, OTCBB: TRYLF) is pleased to announce the following progress report, on Phase 2, of the Gil/JV investigation that is currently underway at the Colorado School of Mines.
Please see the attached link
http://www.terylresources.com/pdf/markfinalreport.pdf for an interim report.
The progress report lists the methods and work conducted by Will Robinson during the months of September - October, 2010. Work conducted can be summarized as follows:
- Construction of a Project File (.dg1 file) in Vulcan
- Importing Digital Elevation Model (DEM) for Gil Study Area
- Construction of COLLAR, ASSAY, and SURVEY .csv files
- Construction and validation of Design Database in Vulcan (dhd.gil.isis)
- Plotting drill holes in Vulcan
- Created 3D solid for Main Gil orebody
The following list summarizes the remaining objectives for completing the ore reserve estimation:
- Composite the assay data in Vulcan using a 35-foot Run Length compositing method
- Decluster the composited assay data using MSLIB (free software provided by CSM)
- Run Exploratory Data Analysis (EDA) on the declustered assay data
- Log-Probability plot
- Mean, StDev, Coefficient of Variation
- Run variograms on the assay data and model the variograms
- Build the block model
- Run the kriging estimate
- Run cross validation
- Summarize the resources
John Robertson, President of Teryl Resources Corp., states, "Upon completion of the reserve estimate on the Gil joint venture, the Company will be able to better evaluate any potential buyout of its 20% of the Gil joint venture and/or estimate the value of the 20% interest for the shareholders."
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. Mark 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 Miners Association (AMA). Mark 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
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 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.
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.