Teryl Resources Corp fka TRC

[NYBob]

Kinross Gold JV Partner Moves Closer to Mine Development
NEW YORK, NY -- (Marketwire) -- 10/20/09 --

Teryl Resources -
(TSX-V: TRC) (OTCBB: TRYLF), which holds a 20% stake in a joint
venture partnership with Kinross Gold near the Fort Knox gold
mine outside of Fairbanks, Alaska, released drill results on
one of the gold prospects that appears to be a sure bet
for further exploration.

Teryl Resources referred to the drilling results as
"significant" when describing the Sourdough Ridge gold
prospect near its Gil deposit.
Teryl and Kinross had budgeted $1.6 million to explore
the Sourdough Ridge prospect this year and by the looks
of Teryl's findings, the likelihood of further exploration
in order to develop a producing gold mine in the Fairbanks
Mining district are coming closer to reality.
Kinross Gold and Teryl Resources have expended a total of
$9.1 million, inclusive of the 2009 drilling program,
exploring the Gil deposit, which now includes Sourdough Ridge.

What may be more significant is the fact that Kinross Gold's
Fort Knox mine is nearing its life expectancy, which was
extended after Kinross was granted approval by the State
of Alaska to operate a heap leaching plant on the property.
Kinross is the only gold mining operation in Alaska to have
been permitted to operate a heap leach gold recovery program,
which is currently only permitted for the tailings.
Still, with Kinross' Fort Knox mine winding down, the Teryl
Resources claims are becoming more significant, a point even
Kinross' CEO Tye Burt has alluded to when he spoke at a
mining conference in Denver earlier this month.

In commenting on a dwindling supply of physical gold in the industry's long-term pipeline, Burt said, "We may be in the midst of a perfect storm in terms of price and industry dynamics. Globally production has been in decline since the peak of 81 million ounces in 2001 to 77 million ounces last year, and we see that decline continuing long term."

Burt isn't alone in that assessment.

The Motley Fool's Christopher Barker said in an October 1 story that he believes Kinross Gold is preparing to acquire properties (or gold mining companies) to increase its production pipeline, though Barker never mentioned Kinross' Fort Knox gold mine, instead speaking more broadly about major gold producers in general.

Teryl Resources President John Robertson said in a late afternoon telephone interview Tuesday that he was "very pleased with the drill results on the Sourdough Ridge prospect," while stating that Kinross had just been permitted to extend a road along the Sourdough Ridge exploration area, adding that further budget talks would have to wait. Kinross is set to release its third quarter results on November 2nd.

Teryl Resource's shares closed up 10.8% Tuesday on heavy volume, beating all of the 24-Toronto Exchange listed gold stocks that make up the S&P/TSX Gold Index by a wide margin.

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