VANCOUVER, British Columbia, May 22, 2013 /PRNewswire/ -- Teryl, Inc., the U.S. subsidiary of Teryl Resources Corp., (TSX Venture Exchange: TRC.V, OTCBB: TRYLF) is pleased to announce a placer and hard rock diamond drilling program has commenced on the Fish Creek property in the Fairbanks, Alaska mining district. The drilling contract requires 15 days of placer diamond drilling at a cost of $1,500 per day, for a 12 hour day. The drilling is subject to favorable weather conditions. The operator of the drill will be Kenn Roberts of Texas, and Pete Rutledge, project manager. Teryl's consulting geologist, Paul D. Gray, P.Geo. will oversee the drilling program, core logging, and assay protocols on behalf of the Company. Kenn Roberts will test his in situ Borehole Placer Gold Extraction (IBPGE) process in the holes where results warrant. All recovered gold from this program will be Teryl, Inc.'s property to divide with its partners. Kenn Roberts, a First Nations from Yukon has multiple years of drilling experience in remote locations and has served as mineral development advisor to First Nations.
Mr. Peter Rutledge states, "This 2013 exploration placer drilling program is an addition to the lode drilling, which has also commenced to test the intrusive targets." (See news release dated May 14, 2013). Mr. Rutledge further states, "These drill targets were generated from previous drilling results and from interpretations performed by geologists whom have conducted work in the past. The Proposed 2013 drill holes are designed to twin one historic drill hole combined with stepout and scout drilling targeting geophysical anomalies. The main objective of the 2013 lode drilling program is interpreted near surface mineralized zones." Mr. Rutledge further states he, "...has identified visible placer gold from the 42-47' level from a 2"diameter core tube sample in the placer drilling just above the bottom of the first placer drill hole, further results are pending."
Keltic Bryce owns a 50% working interest and Teryl, Inc owns a 50% working interest in the Fish Creek property. Linux Gold Corp. retains a 5% royalty interest in Teryl, Inc.'s interest.
The Fish Creek property consists of 30 claims adjacent to the Gil property, currently owned by Kinross Gold Corporation. The Gil 20% interest, previously owned by Teryl Resources Corp., was acquired by Kinross on December 22, 2011 for $15 million US in a payment of $2.5 million dollars initially and another payment of $1.5million when in production with the balance from a 1% royalty. Teryl retains a ½ of 1% royalty for the life of the mine.
Paul D. Gray, P.Geo., the Company's consulting geologist has reviewed and approved the contents of this news release.
ABOUT TERYL RESOURCES
Teryl Resources Corp. symbol TRC.V TSX Venture – has several gold prospects in Alaska near the Kinross Fort Knox Mine, a 10% net profit interest in the Stepovich claims. A 100% interest in the Westridge property and a 50% option on the Fish Creek property, adjacent to the Gil property. Teryl sold its 20% interest in the Gil property in Fairbanks, Alaska to Fairbanks Gold Mining Corp. to date $2.5 million dollars has been received and an additional $1.5 million payment upon production; $15 million (less advanced payments) from the 1% NSR of the property, thereafter Teryl retains a ½ of 1% royalty for the life of the mine. Teryl owns a 30% working interest and a 10% NPI interest in the Silverknife property, a silver/lead/zinc prospect located in Northern B.C. adjacent to Silvercorp's silver/lead/zinc discovery. Teryl has a small revenue interest in three producing oil and gas wells in Texas with Anadarko Petroleum as the operator. See www.terylresources.com website for more detailed information.
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.
SOURCE Teryl Resources Corp.