Teryl Resources Corp (fka TRC.V)

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NYBob

11/17/09 1:51 PM

Post #1

Teryl Resources Received a Letter of Intent to Acquire Its 20% Interest in the Gil Joint Venture Gold Property From Fairbanks Gold Mining Co., Inc., a Subsidiary of Kinross Gold

* Press Release
* Source: Teryl Resources Corp.
* On 9:15 am EST, Tuesday November 17, 2009

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VANCOUVER, BRITISH COLUMBIA--(Marketwire - 11/17/09) - Teryl Resources Corp. (TSX-V:TRC - News)(OTC.BB:TRYLF - News) wishes to announce that Teryl Inc., 100% Subsidiary of Teryl Resources Corp., has received a letter of intent for the acquisition of its interest in the Gil Joint Venture Gold Property in Alaska, from its Joint Venture Partner, Fairbanks Gold Mining Inc., a subsidiary of Kinross Gold Corporation. (TSX:K - News)(NYSE:KGC - News).
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The company's board of directors will review the offer which could lead to a fairness opinion to determine if the offer is acceptable. This agreement is subject to regulatory bodies approval and to a number of conditions and signing a final form agreement.

ABOUT TERYL RESOURCES

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 - News)(NYSE:KGC - News) (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$1.6 million budget has been approved for 2009 to draft test several gold anomolies on the Gil Claims. The Company's other Alaska holdings also include the Fish Creek Claims, 50% optioned from Linux Gold Corp. (OTC.BB:LNXGF - News); the Stepovich Claims, where Teryl has a 10% net profit interest from Kinross; and a 100%-interest in the West Ridge property. Teryl also has one joint venture silver prospect located in Northern BC, Canada. Teryl Resources Corp. has revenue from oil and gas projects in Texas and Kentucky. For further information visit the Company's website at http://www.terylresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS

John Robertson, President

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.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
Contact:

Contacts:
Teryl Resources Corp.
John Robertson
President
800-665-4616 or 604-278-5996
604-278-3409 (FAX)
http://www.terylresources.com

Teryl Resources Corp (fka TRC.V)

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When Teryl Resources (TSX.V: TRC) announced the initiation of drilling on its Gold Hill copper-gold-silver project located near Bisbee, Arizona, investors familiar with the area sat up in their chairs. Their interest was piqued, firstly, because Gold Hill is four miles from Phelps Dodge’s Copper Queen/Lavender Pit Mine, which produced in excess of 75 million tonnes of copper, silver and gold ore between 1954 and 1974. Secondly, because surrounding mines in the Bisbee area have collectively produced more than $6 billion in metals over the past 100 years. Teryl Resources’ President, John Robertson, who acquired the property, expounds a strategy for finding minerals that is simple, effective wisdom in the mining exploration industry. In Robertson’s words, “the key to discovering a good property, any mining property, is to drill near existing gold and copper properties. Always. You want to be in any area where there is known gold or known copper production.” Given the setting, optimism about the geology at Gold Hill seems fair. The geological conditions suggest a large, disseminated deposit of gold and copper amenable to low-cost open pit mining. In one report, John Shanahan of Resourcex Group cited a geological report on the prospect, commenting, “a report by Frederic Rothermel, PhD, outlined a pattern of mineralization that moved from copper-rich/gold-poorer at the centre of the system to gold richer/copper poorer at the fringes -- this pattern is consistent with features of the Carlin Trend in Nevada, which contains over 100 million ounces of gold in proven and probable reserves.” Hopeful that the Carlin trend comparison is apt, Teryl is moving ahead with exploration on the property. Teryl has employed Diversified Drilling LLC to drill at least three holes on identified, high-grade, surface copper targets. Exploration completed on the project so far has included aeromagnetic survey interpretation and field examinations. This work, and a sampling program that assayed up to 2.54% copper, were used to identify the proposed Gold Hill drill locations. The advantageously located prospect consists of seven claim blocks including Old Gold Hill, Superior, and Bastion Mines in the Warren Mining District, Arizona. Teryl has the right to earn 100% interest in the property subject to 10% net profit interest. At all Teryl’s properties, Robertson, who boasts twenty-five years’ experience raising money for companies in the natural resources sector, uses the same recipe for success. “First, find the money for the company; then find an excellent property. Next we start a junior exploration program that we finance ourselves. Once we come up with some excellent results, we will continue to drill, raise more money and bring in a partner and they can develop it further.” If he makes it sound simple, it’s because Robertson has done it before in both oil & gas and mining. In Alaska, Teryl is one of the largest property owners in the mineral-rich Fairbanks Mining Division. Teryl has collected properties adjacent or close to Kinross Gold’s True North Property and Kinross’ Fort Knox Mine, the largest producing gold mine in Alaska. Teryl’s Gil property, a joint venture with Kinross, hosts a resource of 400,000 ounces of gold. True to Robertson’s strategy, after doing grass roots exploration on the property, Teryl entered into a joint venture agreement with Kinross Gold to further develop the resource. Another of Teryl’s Alaskan properties, the 100% owned Westridge property has seen initial exploration including sampling. A news release dated November 2004 reported results that favorably compared the Westridge geology to that of other gold properties in the Fairbanks area. The finding “suggests that gold mineralization within the sample grid may be intrusive related, a similarity shared by several other intrusive-related gold systems the Fairbanks District.” Teryl’s Fish Creek gold property, a 50% option from Linux Gold Corp, comprises 30 mineral claims adjacent to the Gil property. Teryl and Linux Gold recently announced the discovery of six new geophysical targets on the property. The two companies, according to a recent press release, plan to begin an exploration program at Fish Creek this winter. The remaining Alaskan claim is the Stepovich silver claim adjacent to Kinross Gold’s Fort Knox Mine where Teryl has 10% net profit interest and Kinross owns 100% of the claims subject to Teryl’s 10% interest. Finally, oil and gas prospects in Texas and Kentucky provide a financial foundation for Teryl. Robertson commented, “One of the core things for a junior company is cash flow to pay for their administration costs. So having oil and gas properties is helping the company having revenue.” With crucial cash flow, and excellent projects underway in Alaska, Teryl Resources has turned its attention to Gold Hill in Arizona. Robertson doesn’t mince words about his intentions. “We have claims in properties that could evolve into a major mine because we’re near a major gold and major copper mine. We’re looking to find a major discovery and then we will probably joint venture with a major company and they will put it into production.” With properties collected in both Fairbanks Mining Division and Warren Mining District, major mining companies close by and money for exploration, Teryl Resources seems to be making all the right moves to follow through on Robertson’s plan.

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