Teslin River Resources Corp. (TSX VENTURE:TLR) has announced that Gold Fields Horsefly Exploration Corporation, a member of the Gold Fields Limited group of Companies, has completed its due diligence and has paid the initiation fee as outlined in the September 8, 2010 press release.
The press release announced a Letter of Agreement granting an option to Gold Fields to earn an interest of up to 80% 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. Gold Fields has indicated that it intends to drill four holes totaling about 1,200 meters on the Rand properties starting mid-January.
"We are very pleased that Gold Fields will be moving ahead quickly with their work on the Rand properties," said Michael Sweatman, President and CEO of Teslin. "I look forward to working with them over the next months to evaluate the potential of Rand."
Source: Teslin River Resources Corp.