Teryl Resources Receives Progress Report for Ore Reserve Estimation, on the Gil Joint Venture Gold Property, Fairbanks, Alaska
November 15 2010 - 9:00AM
Marketwired
Teryl Resources Corp. (TSX VENTURE: TRC)(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
-- Histogram
-- 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."
Qualified Person
Mark S. Robinson, P. Geo., State of Alaska Licensed Geologist
No. 247 of Wrangell, Alaska, who is independent of the Company as
defined in NI 43-101. 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
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.
Contacts: Teryl Resources Corp. John Robertson President
604-278-5996 or Toll Free: 800-665-4616 604-278-3409 (FAX)
www.terylresources.com
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