TERYL RESOURCES CORP. COMPLETES
PROPERTY ASSET DISPOSITION AGREEMENT
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For Immediate Release: December 22,
2011. Vancouver, BC - Teryl Resources
Corp. (TSX Venture Exchange: TRC.V,
OTCBB: TRYLF) wishes announce TSX
Venture Exchange has accepted for
filing documentation of an Asset
Purchase Agreement dated December 19,
2011 between Teryl Inc. (a wholly owned
subsidiary of the Issuer) and Fairbanks
Gold Mining Inc.
("Fairbanks") whereby Teryl
has agreed to sell its 20% interest in
the former Gil Venture Property located
in Alaska.
The purchase price consists of a
US$2,500,000 advance royalty payment
upon the closing of the agreement; a
US$1,500,000 advance royalty payment
upon commencement of commercial
production from the property; 1%
royalty of net smelter returns until
US$15,000,000 (including the $4,000,000
in advance royalty payments) is
received and thereafter a 0.5% royalty
of net smelter returns for the
remainder of the life of the mine.
The Company's shares are currently
suspended from trading until the
Company meets TSX Venture Exchange
requirements. Members are prohibited
from trading in the securities of the
Company during the period of the
suspension or until further notice.
ABOUT TERYL RESOURCES
Teryl Resources Corp. symbol TRC.V TSX
Venture - has several gold prospects in
Alaska near the Kinross Fort Knox Mine,
a 100% interest in the Westridge
property (located near the Fort Knox
mine); a 50% option on the Fish Creek
property, adjacent to the Gil property;
and a 40% interest in a silver property
located in Northern B.C. adjacent to
Silvercorp's silver lead zinc
discovery. Teryl also has a small
revenue interest in three producing oil
and gas wells in Texas with Anadarko
Petroleum as the operator. See
www.terylresources.com website for more
detailed information.
ON BEHALF OF THE BOARD OF DIRECTORS
"John Robertson"
John Robertson President
Press Release contact information:
John Robertson President, Teryl
Resources Corp.
T: 800-665-4616
http://www.terylresources.com
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.
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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