Teslin River and Gold Fields Agree on Amendment to the Rand Project Option Agreement
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.
"John Icke"
John Icke, Executive Chairman and Interim President and CEO
For further information please visit www.teslin-river.com or contact us at:
Teslin River Resources Corp.
(604) 696-6516
info@teslin-river.com
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