Timberline Resources Corporation (TSX VENTURE: TBR) (NYSE Amex:
TLR) ("Timberline" or the "Company") today announced consolidated
financial results for its fourth fiscal quarter and its fiscal year
ended September 30, 2010. A summary of selected financial results
is presented in the following table:
($US 000's, except earnings 3 Months Ending Year Ending
per share and gross margin %) September 30 September 30
2010 2009 2010 2009
----------------------- ---------------------
Revenue from continuing
operations $ 6,575 $ 4,419 $ 20,733 $ 13,242
Loss from continuing
operations (2,258) (1,521) (4,133) (7,130)
Loss from discontinued
operations (837) (81) (1,618) (179)
Consolidated net loss (3,095) (1,602) (5,751) (7,309)
Consolidated net loss per
share, basic and diluted (0.06) (0.04) (0.13) (0.22)
Net income (loss) from
Timberline Drilling Inc. 308 405 1,710 (1,132)
Mineral exploration expenses 1,686 119 2,221 493
Working capital 2,827 169 2,827 169
Timberline Drilling Inc. gross
margin % 18% 22% 21% 8%
Timberline's contract drilling subsidiary, Timberline Drilling,
Incorporated ("Timberline Drilling") reported revenues of $6.58
million and net income of $0.31 million for the fourth quarter. For
the fiscal year ended September 30, 2010, Timberline Drilling
reported revenues of $20.73 million and net income of $1.71
million. Timberline Drilling's annual performance improved
dramatically over 2009, with a 57% increase in revenue and a $2.84
million improvement in net income. These results are primarily due
to increased rig utilization and management's continued focus on
enhancing customer service while effectively streamlining
operations and managing costs.
Timberline's corporate office and exploration division reported
a net loss of $2.57 million for the quarter ended September 30,
2010 and $5.84 million for the year ended September 30, 2010.
Included in these amounts are exploration expenditures of $1.69
million and $2.22 million, respectively. The Company's exploration
expenditures increased dramatically in 2010 primarily due to its
extensive, ongoing resource definition drill program at its South
Eureka Property in Nevada and further surface exploration at its
Butte Highlands Joint Venture property in Montana.
As previously announced, in September the Company discontinued
their drilling services operation in Mexico which was operated by
their wholly-owned Mexican subsidiary, World Wide Exploration, S.A.
de C.V. ("WWE"). The Company's consolidated results include a loss
from discontinued operations of $0.84 million and $1.62 million for
the quarter and year ended September 30, 2010.
Timberline Executive Chairman Paul Dircksen commented, "We are
pleased to have achieved significant milestones this year. Our
acquisition of the South Eureka Property in the Nevada's Battle
Mountain - Eureka gold trend, which includes the Lookout Mountain
Project, added an advanced-stage exploration project and other
earlier stage exploration opportunities to our portfolio. We have
commenced a significant and focused exploration campaign at South
Eureka, and we expect to announce an updated gold resource and to
begin a preliminary economic assessment in the first quarter of
2011. In addition, our Butte Highlands Joint Venture in Montana
completed all surface facilities and advanced the underground ramp
to the top of the expected mineralization, and we continue to
progress with the remaining underground mine development and
permitting activities. Underground definition drilling has just
begun, and we remain on track for gold production to begin in Q3/Q4
2011."
Mr. Dircksen added, "Timberline Drilling continues to
demonstrate solid performance with nearly $2 million in net income
in FY2010 and a solid gross margin of 21%. Having extended our
drilling contract with Newmont into 2014 and adding other clients
with long-term mining projects, our drilling subsidiary is
generating more and more value for the company. Our future looks
bright as we advance our projects while continuing to evaluate
other opportunities to bring additional value to our
shareholders."
About Timberline Resources
Timberline is a U.S.-based exploration/development company with
a focus on advanced-stage precious metals properties. The Company's
management team has a solid track record of achievement in building
successful companies and discovering, exploring, and developing
economic mineral deposits. Currently, Timberline is executing an
aggressive exploration program at its South Eureka Property, a
large drill-tested and highly prospective property in Nevada's
Battle Mountain - Eureka gold trend. In addition, Timberline has
two other business units. The Company has a 50%
carried-to-production interest at the Butte Highlands Joint Venture
which is currently in development and targeted to begin gold
production in 2011, where the Company has also undertaken
additional surface drilling to test the extent of the mineralized
zone. Timberline also has a wholly-owned subsidiary, Timberline
Drilling, which provides cash flow to the Company from its
underground and surface drilling operations at operating mines and
advanced development and exploration projects.
Timberline is listed on the NYSE Amex where it trades under the
symbol "TLR" and on the TSX Venture Exchange where it trades under
the symbol "TBR".
Statements contained herein that are not based upon current or
historical fact are forward-looking in nature. Such forward-looking
statements reflect the Company's expectations about its future
operating results, performance and opportunities that involve
substantial risks and uncertainties. These statements include but
are not limited to statements regarding the timing of the Company's
continued drill program at Butte Highlands, the timing of assay
results from such drilling program being released, the Company's
50/50 joint venture with Highland Mining LLC, the development and
production of the Company's Butte Highlands project and South
Eureka project, the targeted production date for the Butte
Highlands project, targeted dates for the South Eureka technical
report and PEA, results of the Company's drilling subsidiaries,
possible growth of the Company and the Company's expected
operations. When used herein, the words "anticipate," "believe,"
"estimate," "upcoming," "plan," "intend" and "expect" and similar
expressions, as they relate to Timberline Resources Corporation, or
its management, are intended to identify such forward-looking
statements. These forward-looking statements are based on
information currently available to the Company and are subject to a
number of risks, uncertainties, and other factors that could cause
the Company's actual results, performance, prospects, and
opportunities to differ materially from those expressed in, or
implied by, these forward-looking statements. Factors that could
cause or contribute to such differences include, but are not
limited to, such factors, including risk factors, discussed in the
Company's Annual Report on Form 10-K for the year ended September
30, 2009. Except as required by Federal Securities law, the Company
does not undertake any obligation to release publicly any revisions
to any forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Timberline Resources Corporation Paul Dircksen
Executive Chairman 208.664.4859 Timberline Resources Corporation
Randal Hardy CEO 208.664.4859
Timberline Resources (QB) (USOTC:TLRS)
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