EXPLORING FOR GOLD IN ALASKA AND BRITISH COLUMBIA

Business Summary

With interests in four gold properties, Teryl Resources is one of the main landholders in the Fairbanks Mining Division, Alaska's most prolific gold mining camp.

The company's properties are located within 6 miles of Kinross Gold's FORT KNOX and TRUE NORTH gold deposits. Fort Knox, Alaska's largest open-pit mine, has been in operation for many years producing over 1,000 ounces of gold per day at an average grade just under 0.03 oz per ton.

The GIL joint-venture project (80% Kinross / 20% Teryl) is the company's most advanced property, and based on drill results (10 million tons grading 0.04 ounces per ton gold for 400,000 ounces) will deliver higher-grade gold for the "ore-hungry" Fort Knox mill.

Properties/Projects

• Teryl is one of the main property owners in the Fairbanks Mining Division around and adjacent to Kinross' producing Fort Knox Mine and True North property.
• Teryl's properties include the Gil, West Ridge, Fish Creek and Stepovich properties.
• Teryl's Gil property (20% Teryl, 80% Kinross) is located adjacent to the Fort Knox mine.
• To date, Teryl has spent $ 1.6 million on exploration that has defined a resource of 400,000 ounces of gold (10 million tons grading 0.04 ounces per ton gold).
• The main zone that contains this resource ranges in thickness up to 80 feet and has been followed for over 2,500 feet. The zone remains open along strike and at depth.
• The West Ridge property (100% owned by Teryl) contains two gold zones ("East" and "West" anomalies). Both anomalies contain elevated gold in soil, the West mineralization being associated with high levels of arsenic and antimony similar to the chemistry of gold
• mineralization found at Kinross' True North deposit (616,000 ounces of gold at 0.046 ounces per ton gold). To date, Teryl and Kinross have spent about $ 350,000 on the exploration of the West Ridge property.
• The Fish Creek Property (50% owned by Teryl by option) is located adjacent to the north of the company's Gil Property. Elevated gold values, identified in an auger drill program, suggest the property may contain an extension of the mineralized zone found on the Gil property.
• The Stepovich property is owned 100% by Kinross subject to a 10% net profit interest owned by Teryl. The property is adjacent to the Fort Knox gold deposit and could be readily available for production to feed the Fort Knox Mill.
• The company believes its properties in Alaska could contain significant deposits of ore similar to that found at Fort Knox and True North. These deposits, once defined, could be readily put into production and processed at Kinross' Fort Knox mill.

Recent News: TERYL RESOURCES ANNOUNCES RESULTS ON THE 100% OWNED WEST RIDGE CLAIMS, FAIRBANKS, ALASKA: GOLD BEARING INTRUSIVE LOCATED ON TRENCH 3, OLD GLORY PROSPECT

Teryl Resources Corp. has announced the result of tests carried out by Avalon Development Corp. on the trench geochemical results and ground geophysics recently completed on the Old Glory prospect on the company's 100% owned West Ridge claims in the Fairbanks District. The most significant geochemical results from the three West Ridge trenches came from the last 15 meters of trench 3 which averaged 596 ppb gold and intersected a highly oxidized sericite altered diorite to granodiorite intrusive containing up to 2.98 grams per ton gold with 3,140 ppm arsenic.

Alteration associated with the intrusive included strong sericitic alteration and a marked increase in aluminum and sodium values. This sort of silicate alteration is normally associated with albitization in and adjacent to gold-bearing intrusives in the Tintina Gold Belt of Alaska and the Yukon. This intrusive mass remains open to expansion to the west and south into an area of the previously completed soil auger grid where gold soil values are consistently anomalous (+50 ppb) and reach up to 1,000 ppb.

This portion of the soil grid, measuring at least 100 meters north-south by 150 meters east-west, is defined by an amorphous gold-in-soil pattern similar to that seen in intrusive hosted gold occurrences elsewhere in the district. This portion of the grid also yielded grab rock samples which returned up to 10 grams per ton gold from quartz-vein float, the highest grades recovered from the property to date.

Given the presence of well mineralized intrusives in Trench 3, the extent of anomalous gold in soils adjacent to it and the presence of higher grade gold in rock samples from this area, a larger intrusive mass may exist south of the Old Glory discovery zone.

Geophysical evidencesupports this conclusion (see below).

GROUND GEOPHYSICS

Ground magnetic and VLF surveys were completed over the 3 West Ridge trenches in late November. These surveys correlate well with multi-element geochemistry and geologic mapping. Poorly mineralized quartzites and quartz mica schists generally have a flat, low magnetic response. Rocks of possible Chatanika Terrane origin returned a markedly higher magnetic response. Intrusive rocks display a flat low magnetic response in trench 3 but comprise only a small portion of the surveyed line making it difficult to determine whether or not the signature has reached a plateau or will continue to fall to a level which will allow mineralized intrusive and barren quartzite to be distinguishable on magnetic profiles.

CONCLUSIONS

Based on the geochemistry, geology and magnetics completed to date at the Old Glory prospect, John Robertson, President of Teryl Resources Corp., states, "I am very excited about drilling the intrusive discovery as soon as possible due to the fact that intrusive gold occurrences in the Fairbanks District have produced 20,000,000 ounces of gold from placer and lode resources."

The following conclusions are warranted:

1. Backhoe trenching has revealed the presence of northeast-trending mineralized shear zones at Old Glory. These shear zones correspond to linear gold - arsenic anomalies outlined by soil auger sampling.
2. Backhoe trenching has also revealed the presence of highly mineralized sericite altered intrusives which appear to underlie the southern end of the 2003 soil auger grid.
3. Magnetics profiles appear capable of distinguishing between barren quartz mica schist and quartzite of the Fairbanks Schist from more magnetic rocks of the Chatanika Terrane.
4. Magnetic profiles did not encounter enough intrusive rock to determine whether or not it could distinguish intrusives from Fairbanks Schist with any certainty.

Fundamental Considerations

Teryl's goals are to develop the GIL project to production with Kinross, the world's 7th largest gold producer, and to uncover further gold deposits in the Fairbanks district. Among Teryl's other prospective holdings is its 100%-owned West Ridge property. Located just 2 miles south of the True North deposit, the summer 2003 field exploration program outlined two anomalous gold zones that will be further explored through trenching and drilling.

By year-end 2004, Teryl's objectives are to have proven gold reserves on the Gil Project and a favorable production decision. Teryl also aims to discover an economic gold deposit on West Ridge.

We expect more positive results during the coming weeks and months which will lift the share price of Teryl further.

Technical Considerations

A price target of $ 420 to $ 450 over the next six months seems to be attainable. Strong resistance exists around $ 400 - $ 425, but will eventually be overcome.

"The shares of Teryl seem to be getting ready for an important move, once the resistance at 50 cents is definitely left behind.", is what we wrote in our last report and this "important move" has indeed taken place.

After a short consolidation, we expect the share price to continue its ascent.

Our recommendation for both companies: BUY!

Peter Zihlmann


www.pzim.com
investment@pzim.com
forex@pzim.com

December 18, 2003

Disclosure: The author has not been paid to write this article, nor has he received any other inducement to do so. The author is a shareholder in the company and will benefit from any increase in the company's share price. Disclaimer: The author's objective in writing this article is to invoke an interest on the part of potential investors in this stock to the point where they are encouraged to conduct their own further diligent research. Neither the information, nor the opinions expressed should be construed as a solicitation to buy or sell this stock. Investors are recommended to obtain the advice of a qualified investment advisor before entering into any transactions in the stock.