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Teslin Signs Option Agreement with Gold Fields on Rand Properties
Teslin Signs Option Agreement with Gold Fields on Rand Properties
About this update from Fjordland Exploration Inc.
[{"type":"text","content":"\nTeslin Signs Option Agreement with Gold Fields on Rand Properties\n\n\n Sep. 8, 2010 (Filing Services Canada) -- Teslin River Resources Corp. (TLR - TSX Venture), (\"Teslin\" or the \"Company\") is pleased to announce that it has signed a Letter of Agreement granting an option to Gold Fields Horsefly Exploration Corporation (Gold Fields), a member of the Gold Fields Limited group of Companies (JSE, NYSE, NASDAQ Dubai: GFI), to earn up to a 80% interest in Teslin's Rand properties.  Based on the reported work and drilling by surrounding operators, the area is considered prospective for a large copper-gold porphyry body. Neighboring properties held by Fjordland Exploration Inc. (FEX:TSX-V) and Cariboo Resources Ltd. (CRB:TSX-V) are currently the subject of significant exploration including drilling by Gold Fields under an option agreement.Gold Fields can earn an initial 51% interest by expending $1 million in exploration over a three year period, of which, $625,000 must be spent in the first two years.  In addition Gold Fields will pay a $25,000 initiation fee.  Gold Fields can extend the option to earn a further 19% interest by funding a further $750,000 in exploration over a cumulative 5 year period.  Gold Fields can extend the option to earn a further 10% by funding a feasibility study or funding an additional $20,000,000 in expenditures and paying Teslin $400,000.  This final extension option has a five year term.  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.\"We are very pleased to be working with Gold Fields on the Rand properties,\" said Michael Sweatman, President and CEO of Teslin.  \"Gold Fields has had encouraging results on properties contiguous to ours and this agreement will allow proper exploration of the Rand properties to determine if the mineralization identified elsewhere extends onto our land.\"About Teslin River Resources Corp.Teslin River Resources Corp.'s strategy is to build shareholder value by acquiring, exploring and developing a portfolio of copper and copper-gold porphyry properties throughout North and South America. Teslin has optioned the Tagai ...