Telferscot Resources Announces Termination of Agreement

TORONTO, Ontario, January 5, 2017 – Telferscot Resources Inc. (CSE:TFS) (“Telferscot” or the “Company”) announces that as at December 31, 2016 a number of conditions precedent to the closing of the previously reported transaction with Auxico Resources Canada Inc. (“Auxico”) remained outstanding.

Accordingly, the agreement with Auxico has been terminated and pursuant to the terms of the transaction Telferscot is entitled to a break fee of $150,000.

Company management is now free to explore other opportunities and will begin investigating such opportunities immediately.