Teslin River Resources Corp.
TSX VENTURE : TLR

Teslin River Resources Corp.

January 04, 2011 09:00 ET

Teslin Signs Option Agreement With Gold Fields on Rand Properties

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 4, 2011) - Teslin River Resources Corp. (TSX VENTURE:TLR) ("Teslin" or the "Company") is pleased to announce that Gold Fields Horsefly Exploration Corporation (Gold Fields), a member of the Gold Fields Limited group of Companies, has completed its due diligence and has paid the initiation fee as outlined in the September 8, 2010 press release.

The press release announced a Letter of Agreement granting an option to Gold Fields to earn an interest of up to 80% in Teslin's Rand properties. Based on the reported work and drilling by surrounding operators, the area is considered prospective for a large copper-gold porphyry body. Gold Fields has indicated that it intends to drill four holes totaling about 1,200 meters on the Rand properties starting mid-January.

"We are very pleased that Gold Fields will be moving ahead quickly with their work on the Rand properties," said Michael Sweatman, President and CEO of Teslin. "I look forward to working with them over the next months to evaluate the potential of Rand."

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 has optioned the Tagai and Kenny Dam properties in central British Columbia. Prospecting has returned strong copper anomalies some of which are accompanied by high gold values. Teslin also holds the Rand Claims located approximately 7 kilometres southeast of Horsefly in the Cariboo region of central British Columbia adjacent to where Gold Fields Limited is drilling under an option agreement with Fjordland Exploration Inc. and Cariboo Resources Ltd. Based on the reported work and drilling by surrounding operators, the area is considered prospective for a large copper-gold porphyry body.

About Gold Fields Limited

Gold Fields is one of the world's largest unhedged producers of gold with attributable production of 3.5 million ounces per annum from nine operating mines in South Africa, Ghana, Australia and Peru. Gold Fields also has an extensive growth pipeline with both greenfields and near mine exploration projects at various stages of development. Gold Fields has total attributable Mineral Reserves of 78 million ounces and Mineral Resources of 281 million ounces. Gold Fields is listed on the JSE Limited (primary listing), the New York Stock Exchange (NYSE), the Dubai International Financial Exchange (DIFX), the Euronext in Brussels (NYX) and the Swiss Exchange (SWX). For more information please visit www.goldfields.co.za.

ON BEHALF OF THE BOARD

Michael Sweatman, President and CEO

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

  • Nicola Street Capital
    Mike Rodger
    604.569.0056