Vancouver, BC, September 18, 2012 - Teslin River Resources Corp. (TLR:TSX-V) ("Teslin" or the "Company") is pleased to report that it has executed a definitive Option and Joint Venture Exploration Agreement regarding an option granted 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 an 80% interest in the Rand properties. (See press release dated September 8, 2010).
Gold Fields can earn an initial 51% interest by expending CAD$1 million in exploration over a three year period ending December 16, 2013, of which, $625,000 must be spent in the first two years ending December 16, 2012. Gold Fields may earn a further 19% interest by funding a further $750,000 in exploration over a cumulative 5 year period ending December 16, 2015. Gold Fields may earn a further and final 10% by funding a feasibility study or funding an additional $20,000,000 in expenditures and paying Teslin $400,000. This final option right has a five year term ending December 16, 2020. 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.
Commenting on the closure of the Option and Joint Venture Agreement, John Icke, Teslin's Executive Chairman and Interim President and CEO stated: "The Company is delighted that we have been able to finalize the Agreement. Gold Fields is a world-class company and they are investing significant exploration dollars in British Columbia. As of the publication date of this announcement Gold Fields is drilling on the Rand property".
About Teslin River Resources Corp.
Teslin River is an exploration company with interests in Nevada and British Columbia. The Company focuses on precious metals exploration with properties currently being explored in both Nevada and British Columbia. Existing properties include the Frasergold Project and Rand properties in British Columbia and the Mustang and Morningstar properties in Nevada.