VANCOUVER, British Columbia,
Sept. 27, 2011 /PRNewswire/ -- Teryl,
Inc. a U.S. subsidiary of Teryl Resources Corp. (TSX Venture
Exchange: TRC.V, OTCBB: TRYLF) wishes to announce it has signed a
letter of intent regarding the sale of the 20% interest in the Gil
property, located near Fairbanks,
Alaska, with Fairbanks Gold Mining Inc., a subsidiary of
Kinross Gold Corporation.
The purchase price consists of a $2,500,000 advance royalty payment upon the
closing of the definitive agreement; a $1,500,000 advance royalty payment upon
commencement of commercial production from the property; 1% royalty
of net smelter returns until $15,000,000 is received and thereafter a 0.5%
royalty of net smelter returns for the remainder of the life of the
mine. All funds are U.S. dollars.
The transaction contemplated in the letter of intent is subject
to shareholder approval, regulatory approval and the execution of a
mutually acceptable definitive agreement between Teryl and
Fairbanks Gold Mining Inc.
Teryl Resources Corp. has completed a preliminary assessment of
its 20% interest in the Gil property. This assessment can be
found on our website at www.terylresources.com.
ABOUT TERYL RESOURCES
Teryl Resources Corp. symbol TRC.V TSX Venture – has several
gold prospects in Alaska near the
Kinross Fort Knox Mine, including a 20% interest in the Gil
property (held by its 100% owned U.S. subsidiary, Teryl, Inc.); a
100% interest in the Westridge property (located near the Fort Knox
mine); a 50% option on the Fish Creek property, adjacent to the Gil
property; and a 40% interest in a silver property located in
Northern B.C. adjacent to Silvercorp's silver lead zinc discovery.
Teryl also 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"
John Robertson, President
Press Release contact information:
John Robertson, President, Teryl
Resources Corp.
T: 800-665-4616
http://www.terylresources.com
READER ADVISORY
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.