Timberline Announces Third Quarter 2012 Financial Results
07 8월 2012 - 9:00PM
Marketwired
Timberline Resources Corporation (TSX VENTURE:TBR)(NYSE
MKT:TLR)(NYSE Amex:TLR) ("Timberline" or the "Company") today
announced consolidated financial results for its third fiscal
quarter ended June 30, 2012. A summary of selected financial
results is presented in the following table:
($US 000's, except earnings per Quarter Ended June Nine Months Ended
share) 30, June 30,
2012 2011 2012 2011
------------------- -------------------
Loss from continuing operations $ (1,765) $ (890) $ (4,532) $ (4,676)
Income from discontinued operations - 1,418 2,122 2,486
Consolidated net income (loss) (1,765) 528 (2,410) (2,190)
Consolidated net income (loss) per
share, basic and diluted (0.03) 0.01 (0.04) (0.04)
Mineral exploration expenses 1,155 481 2,664 2,766
Working capital 4,671 350 4,671 350
Timberline reported a consolidated net loss of $1.77 million for
the quarter ended June 30, 2012, including exploration expenditures
of $1.16 million. The Company's exploration expenditures during the
quarter were related primarily to its ongoing exploration drill
program, permitting activities, and metallurgical studies at the
South Eureka Property in Nevada.
As previously announced, in November 2011 Timberline closed the
sale of its Timberline Drilling, Inc. ("TDI") subsidiary. The
results of TDI are reported in the Company's financial statements
under discontinued operations. The Company's consolidated results
include income from discontinued operations of $2.12 million and
$2.49 million for the nine months ended June 30, 2012 and 2011,
respectively. The income from discontinued operations for the nine
months ended June 30, 2012 includes a gain on the sale of TDI of
$1.64 million.
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 from 50% to 100% in its Butte Highlands Joint Venture in
Montana where gold production is targeted to commence in mid-2013.
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 MKT 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 Corporation Paul Dircksen CEO
208.664.4859
Timberline Resources (QB) (USOTC:TLRS)
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