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Gold Prospects
Teryl Resources Corp. is one of the main holders of gold mining properties in Alaska's Fairbanks Mining Division with significant land holdings around and adjacent to Kinross' Fort Knox Mine, one of the largest producing gold mine in Alaska. An Asset Purchase Agreement dated December 19, 2011 between Teryl Inc. (a wholly owned subsidiary of Teryl Resources) and Fairbanks Gold Mining Inc. (A subsidiary of Kinross Gold) was recently completed whereby Teryl has sold 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(Has Been Paid to Teryl) ; 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. TerylÕs other assets in the district are the Fish Creek Claims, 50% optioned from Linux Gold Corp. (OTC BB: LNXGF), and the Stepovich Claims, where Teryl has a 10% net profit interest from Kinross. The Company also has a 100%-interest in the West Ridge property which is adjacent to the True North deposit owned by Kinross.
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This website contains information about adjacent properties on which we have no right to explore or mine. Cautionary Note to US Investors: The US SEC permits mining companies, in their filings with with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this website, such as "reserves", "resources","geologic resources","proven","probable","measured", "indicated", and "inferred" that the SEC guidlines strictly prohibit us from including in our filing with the SEC. US investors are urged to consider closely the disclosure in our Form 20F. You can review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml
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