Teslin River and Gold Fields Execute Definitive Agreement on the Rand Properties, British ColumbiaMarketwire - Canada
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 18, 2012) - Teslin River Resources Corp. (TSX VENTURE:TLR) ("Teslin" or the "Company") is pleased to report that it has executed a definitive Option and Joint Venture Exploration Agreement regarding an option granted to Gold Fields Horsefly Exploration Corporation (Gold Fields), a member of the Gold Fields Limited group of companies (JSE:GFI)(NYSE:GFI)(NASDAQ:GFI)(DUBAI:GFI), to earn up to an 80% interest in the Rand properties. (See press release dated September 8, 2010).
Gold Fields can earn an initial 51% interest by expending CAD$1 million in exploration over a three year period ending December 16, 2013, of which, $625,000 must be spent in the first two years ending December 16, 2012. Gold Fields may earn a further 19% interest by funding a further $750,000 in exploration over a cumulative 5 year period ending December 16, 2015. Gold Fields may earn a further and final 10% by funding a feasibility study or funding an additional $20,000,000 in expenditures and paying Teslin $400,000. This final option right has a five year term ending December 16, 2020. Both Gold Fields and Teslin have a mutual right of first refusal to acquire the other party's portion of the Rand properties if at any time either party receives an offer from a third party for their portion of the Rand properties.
Commenting on the closure of the Option and Joint Venture Agreement, John Icke, Teslin's Executive Chairman and Interim President and CEO, stated: "The Company is delighted that we have been able to finalize the Agreement. Gold Fields is a world-class company and they are investing significant exploration dollars in British Columbia. As of the publication date of this announcement Gold Fields is drilling on the Rand property."
About Teslin River Resources Corp.
Teslin River is an exploration company with interests in Nevada and British Columbia. The Company focuses on precious metals exploration with properties currently being explored in both Nevada and British Columbia. Existing properties include the Frasergold Project and Rand properties in British Columbia and the Mustang and Morningstar properties in Nevada.
ON BEHALF OF TESLIN RIVER RESOURCES CORP.
John Icke, Executive Chairman and Interim President and CEO
Statements in this release that are forward-looking statements, are subject to various risks and uncertainties concerning the specific factors identified in the Company's periodic filings with Canadian Securities Regulators. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, the potential for delays in exploration or development activities, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties with or interruptions in production and operations, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, regulatory restrictions, including environmental regulatory restrictions and liability, competition, loss of key employees, and other related risks and uncertainties. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
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.FOR FURTHER INFORMATION PLEASE CONTACT: Teslin River Resources Corp. 604.684.8288 Fax: 604.684.2990(FAX) firstname.lastname@example.org www.teslin-river.comSource: Teslin River Resources Corp.