Home page: www.terylresources.com
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ONE OF THE MAIN SHAREHOLDERS IN ALASKA'S MOST PROLIFIC GOLD MINING CAMPS

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 the Kinross 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 (.8g) per ton. The GIL joint-venture project (80% Kinross/20% Teryl) is the company's most advanced property that has much exploration potential remaining. Based on drill results (10 million tons grading 0.04 ounces per ton / 400,000 ounces) will deliver higher-grade gold for the "ore-hungry" Fort Knox mill. 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 in 2005.

The Fish Creek project is due to undergo a round of trenching and drilling for fall 2004. An intrusive on the property has similar geology to what was discovered on the Kinross Fort Knox deposit. An intrusive is a large mound of soil/rock that protrudes out of the soil, and can sometimes be as large as a small mountain. Intrusives are thought to have developed from a volcano thousands or millions of years ago. The company is very optimistic on the possibilities with Fish Creek. Over 8 million ounces of placer have been mined in the area.

By year-end 2004, Teryl's objectives are to have proven gold reserves on the Gil Project and a favorable production decision.

Teryl aims to discover gold on Fish Creek this year and develop an economic gold deposit on West Ridge next year.

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 containing 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 CORP. ANNOUNCES GOLD ASSAYS RECEIVED ON THE FOX CREEK PROPERTY, FAIRBANKS, ALASKA

Teryl Resources Corp. has announced that two grab samples taken from the intrusive contact at the Fox Creek claims returned values of 197 and 1,360 ppb (1.36 grams per ton) gold. These samples are only 450 feet south of the West Ridge property, and a quarter of a mile from the recently reported hot gold samples on the West Ridge. A $ 20,000 auger drilling program to sample the new gold zone is underway between the West Ridge property, and the potential Fox Creek intrusive discovery.

As reported in a news release dated June 28, 2004, on the West Ridge claims, a significant drill intersection returned 35 feet grading 1.68 grams per ton gold (0.049 opt), including a 20 foot section that returned 2.2 grams gold per ton (0.064 opt).

On the Fox Creek Claims, one reverse circulation drill hole was drilled by Cyprus-Amax in 1995 to a depth of 255 feet along the schist-granite contact. A 30-foot zone from 65 to 95 feet averaged 0.03 opt AU (gold) and was associated with elevated molybdenum and high arsenic values.

Fundamental Considerations

Teryl's goals are to uncover further gold deposits in the Fairbanks district.

Among Teryl's other prospective holding 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 should give fresh impetus to Teryl shares, already up 50% from the recent reaction low.

Technical Considerations

We expect to see gold at $ 500 during the coming months.

The up-trend from the reaction-low of 30 cents is well established, and the high around 80 cents reached at the beginning of this year is our initial target. Volume, however is only about 30,000 shares-per-day on the average, so substantial price swings in both directions are likely.

Our recommendation for both companies: SPECULATIVE BUY!

Peter Zihlmann


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

October 25, 2004

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.