Teslin River Signs Binding LOI to Acquire 1.8 Million Ounce Gold Property from Eureka Resources
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/12/11 -- Teslin River Resources Corp. (TSX VENTURE: TLR) ("Teslin" or the "Company") and Eureka Resources (TSX VENTURE: EUK) ("Eureka") are pleased to announce the signing of a binding Letter of Intent ("LOI") for Teslin to acquire the 1.8 million ounce Frasergold Project, located 100 km east of Williams Lake in the Cariboo area of central British Columbia. The Frasergold Project is approximately 50 km east of Teslin's Rand Properties where the Company has signed an option agreement with Gold Fields Limited.
The Frasergold Project has a prior NI 43-101 compliant resource completed in November 2009 - "Report on the 2007 and 2008 Drill Programs on the Frasergold Project" prepared by K.V. Campbell and G.H. Giroux for Hawthorne Gold Corp. - of 614,000 ounces of gold Measured and Indicated and 1,225,000 ounces of gold Inferred at a cut-off of 0.30g/t gold. Historical expenditures on the property total $16 million to date; these include 450 drill holes totaling 50,000 meters and a 300 meter long underground tunnel. The data from these various programs is well-documented. Full details of the resource are below:
Mineralization at Frasergold is a stratabound gold deposit in Triassic sedimentary sequence, indicated by geochemistry to be over a strike length of 12 kilometers. Drilling has established the strike length of gold in rock of 6 kilometers, and the measured/indicated/inferred resource is established over a strike length of 3 km. The project consists of 23 mining claims, approximately 3,350 hectares, all in good standing through April, 2015.
According to John Kerr, VP Exploration, "The amount of work done by prior operators of this deposit provides a valuable data package that will allow Teslin to produce resource validation, engineering studies and subsequently feasibility for advancing the deposit to a mineable reserve." Furthermore, according to Kerr, "Concurrent to developing the known resource, the data indicates the potential to expand the deposit, possibly delineating higher grade zones of mineralization."
Identified by Eureka in 1979, the Frasergold Project has been held by Eureka since that time. Teslin has entered into a binding Letter of Intent with Eureka to earn a 51% interest by spending $3,550,000 on the property and providing payments to Eureka totaling $200,000 over a 3 year period. An additional 24% interest (totaling 75%) can be earned by completing a feasibility study. The LOI provides for execution of a definitive agreement within 30 days of signing the LOI.
"We are very excited about adding Frasergold to our portfolio of gold and silver projects in North America," stated John Burgess, President and CEO of Teslin. "Frasergold expands our project portfolio to include a development stage property, thereby decreasing the Company's overall risk profile and providing the potential to rapidly increase shareholder value in Teslin."
The Company plans to execute a preliminary field program in 2011 to evaluate the potential of extending the resource to the southeast. An audit of the known resource leading to a Preliminary Economic Assessment (PEA) is to be completed during the first quarter of 2012. "Results of the PEA will help to determine the necessary steps for advancing the Frasergold Project to full feasibility as soon as possible," says John Kerr.
About Teslin River Resources Corp.
Teslin River is an early stage exploration company with interests in Nevada and British Columbia. The Company intends to focus on precious metals exploration with new properties currently being sought in both Nevada and British Columbia. Existing properties include the newly acquired Mustang and Morningstar projects. The acquisitions and work programs have been led by John R. Kerr P. Eng., who has 40 years of expertise and experience in Nevada precious metal deposits.
John R. Kerr P. Eng. is a Qualified Person pursuant to NI 43-101 and has approved the contents of this release.
Cautionary Notes: Inferred mineral resources have insufficient confidence to allow the meaningful application of technical and economic parameters or to enable an evaluation of economic viability suitable for public disclosure. Neither the Company nor readers can assume that all or any part of an inferred mineral resource will be upgraded to indicated or measured mineral resource. Most projects at the inferred mineral resource stage do not ever achieve successful commercial production. Each stage of a project is contingent on the positive results of the previous stage and that there is a significant risk that the results may not support or justify moving to the next stage. Mineral resources which are not mineral reserves, do not have demonstrated economic viability.
ON BEHALF OF THE BOARD
John Burgess, President and CEO
Forward-Looking Statements
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.
Contacts:
Nicola Street Capital
Mike Rodger
604.569.0056
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Datum: 12.09.2011 - 13:00 Uhr
Sprache: Deutsch
News-ID 64804
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VANCOUVER, BRITISH COLUMBIA
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Mining & Metals
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