Teryl Resources Corp. Completes Property Asset Disposition Agreement
/PRNewswire/ -- 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.
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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
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