Telferscot Resources Announces Non-Brokered Private Placement and Commencement of Drilling

TORONTO, Ontario, October 28, 2011 – Telferscot Resources Inc. (CNSX:TFS) (“Telferscot” or the “Company”) is pleased to announce that it has completed a non-brokered private placement of 4 million common shares at a price of CAD$0.25 per share for gross proceeds of CAD$1,000,000. The Company reserves the right to issue up to 2,000,000 additional common shares for total proceeds from the offering of CAD$1,500,000. The Securities are legended and restricted from trading for four months.

Telferscot is also pleased to announce that it has commenced a 2,000 metre drilling program on its Kolwezi Copper Project in the Democratic Republic of Congo. The Company expects to complete this drilling program in the first quarter of 2012.