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 and Kenny Dam properties in central British Columbia. Prospecting has returned strong copper anomalies some of which are accompanied by high gold values. Teslin also holds the Rand Claims located approximately 7 kilometres southeast of Horsefly in the Cariboo region of central British Columbia adjacent to where Gold Fields Limited (GFI:NYSE) is drilling under an option agreement with Fjordland Exploration Inc. (FEX:TSX-V) and Cariboo Resources Ltd. (CRB:TSX-V). Based on the reported work and drilling by surrounding operators, the area is considered prospective for a large copper-gold porphyry body.
About Gold Fields Limited
Gold Fields is one of the world's largest unhedged producers of gold with attributable production of 3.5 million ounces per annum from nine operating mines in South Africa, Ghana, Australia and Peru. Gold Fields also has an extensive growth pipeline with both greenfields and near mine exploration projects at various stages of development. Gold Fields has total attributable Mineral Reserves of 78 million ounces and Mineral Resources of 281 million ounces. Gold Fields is listed on the JSE Limited (primary listing), the New York Stock Exchange (NYSE), the Dubai International Financial Exchange (DIFX), the Euronext in Brussels (NYX) and the Swiss Exchange (SWX). For more information please visit www.goldfields.co.za.
ON BEHALF OF THE BOARD
"Michael Sweatman"
Michael Sweatman,
President and CEO
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.
TESLIN RIVER RESOURCES CORP.
408-837 West Hastings Street
Vancouver, BC, V6C 3N6
Telephone: (604) 684-6264
Facsimile: (604) 684-6242
Source: Teslin River Resources Corp. (TLR - TSX.V)
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