Evaluating their property
posted on
Mar 03, 2010 10:26AM
A history of successful gold exploration
A very good move on TRC's part. You need to know the property value to counter any offers:
VANCOUVER, BRITISH COLUMBIA, Mar. 3, 2010 (Marketwire) --
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/03/10 -- Teryl Resources Corp. (TSX VENTURE: TRC)(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."
Qualified Person
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. (OTCBB: 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