Teslin River Resources Corp.
TSX VENTURE : TLR

July 21, 2011 09:00 ET

Teslin Completes $653,000 Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 21, 2011) - Teslin River Resources Corp. (TSX VENTURE:TLR) ("Teslin" or the "Company") is pleased to announce that further to its press release dated January 10, 2011, it has raised $653,000 (the "Financing") by way of a private placement of 6,530,000 units (each a "Unit") at $0.10 per Unit. Resinco Capital Partners Incorporated ("Resinco"), a control person of Teslin, has subscribed to 6,250,000 Units of the Financing, representing an approximate 10.62% increase to its ownership of Teslin. Resinco now controls 41.85% of Teslin's common shares. Each Unit of the Financing comprised one common share and one half of one warrant (each whole warrant a "Warrant"). Each whole Warrant entitles the holder to purchase an additional common share at $0.15 for a period of 24 months from closing, provided however that in the event that the common shares of Teslin close for 20 consecutive trading days at a price of $0.30 or above, Teslin shall have the right to require the conversion of the Warrants within 30 days of notice of same. All securities issued pursuant to the Financing are subject to a four month hold period expiring on November 16, 2011.

Resinco acquired pursuant to the private placement 6,250,000 common shares ("Shares") and 3,125,000 Warrants of the Company, which securities represent in the aggregate approximately 21.92% of the Company's current issued and outstanding common shares calculated on a partially diluted basis assuming the exercise of the Warrants only. Resinco acquired the securities pursuant to the Financing. Prior to this transaction, Resinco owned or controlled an aggregate of 10,341,420 common shares of the Company and 1,000,000 share purchase warrants of the Company.

Upon the receipt of the Shares and Warrants, Resinco owns or controls an aggregate of 16,591,420 common shares and 4,125,000 share purchase warrants, representing, in aggregate, prior to the exercise of any convertible securities held by Resinco, approximately 41.85% of the issued and outstanding common shares of the Company, and on a partially diluted basis after the exercise of all of the convertible securities held by Resinco only, approximately 47.33% of the capital of the Company.

Teslin expects to complete the acquisition of Queensgate Resources Corporation, also as announced on January 10, 2011 within the next 10 days.

About Teslin River Resources Corp.

Teslin River Resources Corp.'s strategy is to build shareholder value by acquiring, exploring and developing a portfolio of copper and copper-gold porphyry properties throughout North and South America. Teslin holds the Rand Claims located approximately 7 kilometres southeast of Horsefly in the Cariboo region of central British Columbia. Teslin has optioned the Rand Claims to Gold Fields Limited which is also drilling under an option agreement with Fjordland Exploration Inc. and Cariboo Resources Ltd. on contiguous properties. Based on the reported work and drilling on the surrounding properties, the area is considered prospective for a large copper-gold porphyry body.

About Queensgate Resources Corporation

Queensgate Resources Corporation is a private company, founded in 2008, whose principal interest has been exploring and developing epithermal precious metal resource potential in Nevada. Queensgate is currently developing two properties, both having sufficient work to develop drilling programs for the 2011 drilling season. The acquisitions and work programs have been led by Mr. John Kerr, whose has 40 years of expertise and experience in Nevada precious metal deposits and Mr. Kerr will continue to provide similar opportunities to the management team of Teslin.

ON BEHALF OF THE BOARD

Michael Sweatman, President and CEO

For further information on the Company and its projects please visit our web site at: www.teslin-river.com

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.

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