Telferscot Extends Letter of Intent with Auxico

TORONTO, Ontario, June 16, 2016 – Telferscot Resources Inc. (CSE:TFS) (“Telferscot” or the “Company”) has agreed to an extension to the previously announced letter of intent dated May 17, 2016 (the “LOI”) to acquire the issued and outstanding shares of Auxico Resources Canada Inc.(“Auxico”) (see press release dated May 17, 2016). Telferscot and Auxico have agreed to extend the time required to complete the due diligence and definitive agreement to June 30, 2016. All other terms of the LOI remain unchanged.