Teryl Resources Corp.
TSX VENTURE : TRC
OTC Bulletin Board : TRYLF

Teryl Resources Corp.

March 08, 2011 09:01 ET

Teryl Resources Receives a NI 43-101 Compliant Gil Resources Pre-Feasibilty Resource Estimation Report

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 8, 2011) - Teryl Resources Corp. (TSX VENTURE:TRC)(OTCBB:TRYLF) (the "Company") wishes to announce that a pre-feasibility resource estimation for the Gil joint venture property in the Fairbanks, Mining District, Alaska has been received as follows:

Total gold resources at the Gil/JV property for a heap leach scenario are 514,916 ounces of gold contained in 19,856,778 tons of mineralized rock. A cutoff grade for a hypothetical heap leaching operation at the Gil/JV property is expected to be 0.015 oz/ton, which corresponds to the heap leach cutoff grade currently being used at the Fort Knox gold mine. A grade cutoff for material that could be sent to the mill at Fort Knox is 0.0225 oz/ton. Total gold resources at the Gil/JV property for a run-of-mill scenario are 309,304 ounces of gold contained in 8,505,247 tons of mineralized rock. It is important to note that these two estimates are not additive, and instead represent two distinct resource calculations for Gil at two separate cutoff grades. The details of the resource data are contained in the following tables.

Au-Extraction Method Class (Resource ) Cutoff (oz/ton ) Avg. Au-grade Above Cutoff Tons Ounces GOLD
               
Heap Leach Measured   0.015   0.0304 2,283,057.1 69,499.1
Heap Leach Indicated   0.015   0.0279 9,571,130.0 267,408.0
Heap Leach Inferred   0.015   0.0222 8,002,591.0 178,009.2
         
TOTAL     19,856,778.0 514,916.3
         
         
Au-Extraction Method Class (Resource ) Cutoff (oz/ton ) Avg. Au-grade Above Cutoff Tons Ounces GOLD
               
Run-of-Mill Measured   0.0225   0.0394 1,307,343.7 51,483.2
Run-of-Mill Indicated   0.0225   0.0382 4,652,938.9 177,870.9
Run-of-Mill Inferred   0.0225   0.0314 2,544,964.3 79,949.8
               
TOTAL           8,505,246.9 309,303.9

The geostatistical analyses and Vulcan operations conducted during this assessment were carried out by William J.P. Robinson (M.Eng Student in Mining Geological Engineering, Colorado School of Mines). The methods used and assumptions made during this resource estimation were reviewed by the Qualified Person, Mark S. Robinson (Certified Professional Geologist #6414) and are NI 43-101 compliant.

The resources contained at the Gil/JV gold property still show significant potential for definition and expansion in the North Gil, Gil Intersection and Sourdough Ridge zones. Improved drilling definition in these areas would not only increase the total resources present at Gil but would also facilitate expanding the resources designated as measured and indicated. Further exploration drilling should be conducted in the western region of North Gil, in order to tighten the drill hole spacing and better define the extent of mineralization. The Gil Intersection zone should be more thoroughly drilled and considered as a potential continuation between the Main Gil and North Gil mineralized zones. Drilling at Sourdough Ridge should focus on testing the extent of mineralization along the central calc-silicate unit (509 Trend) to the NE and SW, as well as further delineation of the north and south calc-silicate units. Though drilling to date hasn't provided direct evidence, there may be potential for continuity in grade between the Main Gil and Sourdough Ridge deposits.

The full report can be viewed on our website using the following link:

http://www.terylresources.com/pdf/resource_report2011.pdf

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

Teryl Resources Corp. is awaiting the completion of a feasibility study for the Gil J/V property that is currently underway at the Colorado School of Mines.

To date, a total of US$10,700,000 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 (80% Kinross/20% Teryl). To date USD $10.7 million has been expended on exploration by Kinross and Teryl on the Gil joint venture claims. 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 Resources Corp. also has a 30% interest and a 10% NPI in the Silverknife 1 & 2 property in Northern B.C. The Silverknife property is contiguous to Silvercorp's Silvertip silver-lead-zinc deposit which lies less than one km from the property boundary. 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.

Contact Information

  • Teryl Resources Corp.
    John Robertson
    President
    604-278-5996 or Toll Free: 800-665-4616
    604-278-3409 (FAX)
    www.terylresources.com