TLR

Teslin River Resources Corp. (TSX VENTURE:TLR) ("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:GFI)(NYSE:GFI)(NASDAQ:GFI)(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.


ON BEHALF OF TESLIN RIVER RESOURCES CORP.

John Icke, Executive Chairman and Interim President and CEO

Forward-Looking Statements

Statements in this release that are forward-looking statements, are subject to
various risks and uncertainties concerning the specific factors identified in
the Company's periodic filings with Canadian Securities Regulators. These
factors include the inherent risks involved in the exploration and development
of mineral properties, the uncertainties involved in interpreting drill results
and other exploration data, the potential for delays in exploration or
development activities, the geology, grade and continuity of mineral deposits,
the possibility that future exploration, development or mining results will not
be consistent with the Company's expectations, accidents, equipment breakdowns,
title matters, labor disputes or other unanticipated difficulties with or
interruptions in production and operations, fluctuating metal prices, the
possibility of project cost overruns or unanticipated costs and expenses,
uncertainties relating to the availability and costs of financing needed in the
future, the inherent uncertainty of production and cost estimates and the
potential for unexpected costs and expenses, commodity price fluctuations,
currency fluctuations, regulatory restrictions, including environmental
regulatory restrictions and liability, competition, loss of key employees, and
other related risks and uncertainties. The Company undertakes no obligation to
update forward-looking information except as required by applicable law. Such
forward-looking information represents management's best judgment based on
information currently available. No forward-looking statement can be guaranteed
and actual future results may vary materially. Accordingly, readers are advised
not to place undue reliance on forward-looking statements or information.

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