VANCOUVER, British Columbia--(BUSINESS WIRE)--
Teslin River Resources Corp. (TLR:TSX-V) (“Teslin” or the “Company”) is pleased to announce that the Company and Gold Fields Horsefly Exploration Corporation (“Gold Fields”) have agreed to an amendment of an August 29, 2012 agreement (the “JV Agreement”) granting an option to Gold Fields, to earn up to an 80% interest in the Company’s Rand properties. The JV Agreement superseded the letter of intent the parties had been operating under since September 7, 2010.
The JV Agreement originally required Gold Fields to spend $1,000,000 by December 31, 2013 to earn a 51% interest of which $846,527 had been spent by December 31, 2012 leaving $153,473 to be spent by December 13, 2013. Gold Fields has paid Teslin $153,473 in lieu of exploration expenditures to immediately vest a 60% interest in the Rand properties. To maintain the option thereafter, Gold Fields will pay Teslin $375,000 by December 16, 2015 to earn a further 10% interest and $400,000 by December 16, 2017 to earn a final 10% interest for a total 80% interest in the Rand properties at which point Teslin would have a 20% working interest. All other terms of the JV Agreement will remain unchanged.
About Teslin River Resources Corp.
Teslin River is an exploration company with a focus on precious metals exploration on mineral property interests in Nevada and British Columbia. Teslin’s mineral properties include the Frasergold Project and Rand properties in British Columbia and the Morningstar property in Nevada. Teslin has granted Gold Fields Horsefly Exploration Corporation an option to earn up to an 80% interest in the Rand property.
ON BEHALF OF TESLIN RIVER RESOURCES CORP.
Executive Chairman and Interim President and CEO
For further information please visit www.teslin-river.com or contact us at:
Teslin River Resources Corp.
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.
John Icke, 604-696-6516