Timberline Resources Corporation (TSX VENTURE:TBR)(NYSE
Amex:TLR)(NYSE MKT:TLR) ("Timberline" or the "Company") announces
that it has entered into two Exploration and Option to Purchase
Agreements with Daycon Minerals Corporation ("Daycon"), a private
Canadian corporation, for its Snowstorm Project including its
Snowshoe Lease (collectively, the "Snowstorm Project ") and its six
stratabound copper-silver prospects in Montana (the "Montana
Prospects").
Timberline has determined that both the Snowstorm Project and
the Montana Prospects are non-core projects for the company.
Accordingly, the Company believes that vending the property
packages in return for equity and potential cash best optimizes
Timberline's investment.
The past-producing Snowstorm Mine, which is adjacent to the
Lucky Friday Mine operated by Hecla near the town of Mullan, Idaho,
produced for six years in the early 1900s with a reported 800,000
tons grading 4% copper and 6.0 opt silver, making it one of the
highest grade stratabound copper-silver operations in the area.
Since that time, limited and sporadic work was undertaken at the
Snowstorm Mine until Timberline undertook a program of acquiring
additional claims and a limited drill exploration program in 2007,
which culminated in Timberline acquiring control of the project
from Hecla Mining Company. The Snowstorm Project encompasses 53
patented claims and 39 unpatented claims, covering an area of 577
hectares.
The Montana Prospects, being six separate stratabound
copper-silver properties known as Clear Peak, Copper Rock, East
Bull, Lucky Luke, Minton Pass and Standard Creek, are all 100%
owned by Timberline. The group totals 227 unpatented claims
covering an area of 1,945 hectares, and are grassroots properties
which were acquired by Timberline during 2004 through 2008. Limited
mapping and surface sampling by the company has been carried out to
date.
Daycon Minerals Corporation is headquartered in Toronto, has an
experienced team of management, directors and advisors from the
mining industry, and is focused on assembling and financing
stratabound copper-silver properties in Idaho and Montana. Daycon
has added Paul Dircksen to its Advisory Committee.
Paul Dircksen, Timberline's Chief Executive Officer, said, "We
are devoting full time attention and funds to our advanced stage
Lookout Mountain and Butte Highlands Projects. We are a gold
exploration company with two major projects and a pipeline of
earlier stage gold projects, all in the western US. Daycon, with
its other projects, will focus on stratabound copper-silver as its
primary corporate direction. We understand that the plan for Daycon
is to seek financing with a view to a potential listing in Canada
as early as later this year, and we recognise the opportunity to be
part of that story. We know and respect the Daycon team and look
forward to a long strategic relationship."
Mr. Dircksen continued, "The package that Daycon has acquired
from Timberline is a very exciting and robust group of claims with
great potential. The Snowstorm Project, a past producing mine,
itself has multiple targets - some of which are untested - and
taken with the grassroots Montana Prospects, are a truly unique
compilation. We understand that Daycon also controls the Niagara
Project and Lost Creek (Copper Creek) Prospect on option from
another mining company, such that the Daycon commitment to and
focus on Revett Formation copper-silver projects is clearly
evident."
David Poynton, President of Daycon, added, "We are very pleased
to have concluded this arrangement with Timberline. We will
continue to focus on building our story and project pipeline as we
develop and roll-out the Daycon model. Timberline's past work and
data inventory has been of great advantage, and we intend to
quickly review and re-evaluate Snowstorm based on current mining
approaches and methodologies. Having Paul join our Advisory
Committee is of great value, and we look forward to our strategic
relationship with Timberline, and our other local partners, as we
advance Daycon."
Under the terms of the transaction for the Snowstorm
Project:
-- Daycon has a five year option to acquire Timberline's 100% interest,
subject only to a Royalty Agreement over certain of the claims with
Hecla Mining Company, and a Lease Agreement with Snowshoe Mining Company
with royalty over those claims;
-- Daycon issued to Timberline 200,000 common shares on June 6, 2012.
300,000 common shares are to be issued on August 15, 2012, and 500,000
common shares are to be issued on each of June 1, 2013 and 2014, for a
total potential share issuance to Timberline of 1.5 million Daycon
common shares;
-- Commencing June 1, 2014, Daycon must expend a minimum of US$250,000 per
annum in qualifying exploration expenditures;
-- In order to exercise the option, Daycon must pay to Timberline US$1.5
million;
-- Daycon is liable to make all payments to keep the properties in good
standing, including annual claim fees and advance royalties, and must
complete minimum work expenditures required under the Lease Agreement.
Under the terms of the transaction for the Montana
Prospects:
-- Daycon has a five year option to acquire Timberline's 100% interest;
-- Daycon issued to Timberline 300,000 common shares on June 6, 2012.
300,000 common shares are to be issued on August 15, 2012, and 25,000
common shares are to be issued on each of June 1, 2013 and 2014 for each
of the six Prospects retained, for a total potential share issue to
Timberline of 900,000 Daycon common shares;
-- Commencing June 1, 2014, Daycon must expend a minimum of US$200,000 per
annum in qualifying exploration expenditures on the overall package of
Prospects;
-- In order to exercise the option on any one of the Prospects, Daycon must
pay to Timberline US$250,000, for a total potential cash payment to
Timberline of US$1.5 million;
-- Daycon is liable to make all payments to keep the properties in good
standing, being annual claim fees and completing minimum work
expenditures required under the Lease Agreement; and
-- A 3% royalty is payable to Timberline on each Prospect which Daycon opts
to acquire, but Daycon has the right to buy the royalty down to 2% on
any one Prospect acquired on payment of US$1 million.
The offered securities have not been and will not be registered
under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act"), or applicable state securities laws, and
may not be offered or sold in the United States absent registration
under such laws or pursuant to an exemption from registration
therefrom. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale
of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
Steven Osterberg, Ph.D., P.G., Timberline's Vice-President of
Exploration, is a Qualified Person as defined by National
Instrument 43-101 and has reviewed and approved the technical
contents of this release.
About Timberline Resources
Timberline Resources Corporation is exploring and developing
advanced-stage gold properties in the western United States.
Timberline is working on a transaction to increase its ownership
stake in its Butte Highlands Joint Venture in Montana where gold
production is targeted to commence later this year. Timberline's
exploration is primarily focused on the goldfields of Nevada, where
it is advancing its flagship Lookout Mountain Project toward a
production decision while exploring a pipeline of quality
earlier-stage projects at its South Eureka Property and elsewhere.
Timberline management has a proven track record of discovering
economic mineral deposits and developing them into profitable
mines.
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".
Forward-Looking Statements
Statements contained herein that are not based upon current or
historical fact are forward-looking in nature and constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. 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 exploration and
drill program at South Eureka and Lookout Mountain, the timing of
assay results from such drilling program being released, the
Company's ability to expand the South Eureka resource, purchase of
the Butte Highlands JV, LLC membership interests (including the
expected timing of such purchase), the timing or results of the
Company's drill programs at Butte Highlands, including the timing
of obtaining necessary permits, the development and production of
the Company's Butte Highlands project and projects on its South
Eureka property, the potential life of the mine at the Butte
Highlands project, the targeted production date for the Butte
Highlands project, targeted date for production at South Eureka,
the potential for a heap-leach mine at South Eureka, targeted dates
for the South Eureka technical report and economic scoping study,
and possible growth of the Company and the Company's expected
operations, including potential development of an open pit
extraction and run-of-mine heap leach processing and operation at
South Eureka. When used herein, the words "anticipate," "believe,"
"estimate," "upcoming," "plan," "target", "intend" and "expect" and
similar expressions, as they relate to Timberline Resources
Corporation, its subsidiaries, 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, whether or not the
Company completes the purchase of the Butte Highlands JV, LLC
membership interests, risks related to the timing and completion of
the drilling programs at Butte Highlands and South Eureka, risks
and uncertainties related to mineral estimates, risks related to
the inherently dangerous activity of mining, and other such
factors, including risk factors discussed in the Company's Annual
Report on Form 10-K for the year ended September 30, 2011. 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 Corp. Paul Dircksen CEO
208.664.4859 Daycon Minerals Corporation David Poynton President
& CEO 416.849.3432
Timberline Resources (QB) (USOTC:TLRS)
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Timberline Resources (QB) (USOTC:TLRS)
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