Timberline Reports Butte Highlands Update
21 12월 2010 - 10:45PM
Marketwired
Timberline Resources Corporation (TSX VENTURE: TBR)(NYSE Amex: TLR)
("Timberline" or the "Company") today reported updated information
regarding development of the underground gold deposit at Butte
Highlands, Montana based on a recent report from its joint venture
partner, Highland Mining, LLC ("Highland"), an affiliate of Small
Mine Development LLC.
Specifically, Timberline has been advised that due to the
requirement to undertake a comprehensive hydrological study to
address water discharge as part of the permitting process, likely
timing for the receipt of the Hard Rock Operating Permit, which is
necessary to commence production activities, has been delayed from
Q3 2011 to Q4 2011. As such, the commencement of commercial gold
production, previously expected in Q3/Q4 2011, is now targeted
during late Q4 2011 to early Q1 2012. Mining of a 10,000 ton bulk
sample authorized by the current exploration permit is expected to
be completed during Q3 2011.
Timberline has also been advised that development costs for the
mine at Butte Highlands, which are funded to production entirely by
Highland, may now approach $24 million, as compared to the $17
million previously reported. The time frame for the repayment of
the development costs to Highland, and cash flow to Timberline, is
impacted by this potential increase quite apart from other usual
factors affecting mine production, including actual tonnage and
grade mined, gold prices, and costs of production.
Paul Dircksen, Executive Chairman of Timberline said, "The Butte
Highlands Project is proceeding as contemplated in spite of this
permitting-related delay and potential increased development costs.
We are confident that our processes for discharging water will meet
regulatory requirements, and that our permit will be issued. The
Butte Highlands Joint Venture represents an example of moving one
of our advanced projects toward production with an experienced
partner, and we will be continuing exploration work on site to
further define and potentially expand the extent of
mineralization."
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 late 2011 or early 2012, 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 from 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, 2010. 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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