Teryl Resources Corp. Acquisition Of A 50% Working Interest In The Fish Creek Property From Linux Gold Corp.
VANCOUVER, British Columbia, March 7, 2013 /PRNewswire/ -- Teryl Resources Corp. (TSXV: TRC.V) (OTCBB: TRYLF) is pleased to announce it has acquired a 50% working interest in the Fish Creek property from Linux Gold Corp, pursuant to an agreement dated March 5, 2002 /amended January 23, 2012. Linux Gold will retain a 5% net royalty with a limit of $2,000,000. Teryl has the right to purchase the 5% net royalty, for $500,000, within one year of production.
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 $1.5 million when in production with the balance from a 1% royalty. Teryl retains a 1/2 of 1% royalty for the life of the mine.
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.
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SOURCE Teryl Resources Corp.