Timberline Receives Draft Hard Rock Operating Permit for Butte Highlands Gold Project
10 12월 2012 - 10:00PM
Marketwired
Timberline Resources Corporation (TSX VENTURE:TBR)(NYSE
MKT:TLR)(NYSE Amex:TLR) ("Timberline" or the "Company") is pleased
to announce today that it has received a draft Hard Rock Operating
Permit for its Butte Highlands Gold Project from the Montana
Department of Environmental Quality (MDEQ). The Company also
received a Compliance Determination setting forth the MDEQ's
determination that the completed application for the operating
permit complies with the substantive requirements of Montana's
Metal Mine Reclamation Act.
The draft Hard Rock Operating Permit and the Compliance
Determination may be viewed on the Company's web site at
http://timberline-resources.com/main.php?page=196.
Timberline CEO Paul Dircksen commented, "This permit is a
critical milestone for Timberline and our joint-venture partner.
The regulators have been fastidious about our permit application,
and we have provided thorough responses to each of their inquiries
and comments. Our JV partner continues to fully fund the permitting
and development at Butte Highlands, and they are actively involved
and working closely with us to expedite the remaining permits and
complete project development. The receipt of this draft permit and
positive compliance determination from the MDEQ provides clear
evidence that we will receive the final Hard Rock Operating Permit
in mid-2013. We expect to commence gold production at Butte
Highlands shortly thereafter."
As noted in the draft permit, the final operating permit is
expected to be issued upon the completion of the MDEQ's review
pursuant to the Montana Environmental Policy Act and its
determination that the project bonding is sufficient. Based on
current projections, the Company expects that the reviews will be
completed and the final operating permit will be issued in
mid-2013. The Company expects to receive the water discharge permit
and road use permit related to the Butte Highlands Project prior to
the receipt of the final operating permit.
As announced previously, the initial mine plan at Butte
Highlands will target production of approximately 400 tons per day
for the first four years of operation with material direct shipped
to a nearby mill. In 2011, Timberline completed a 50,000-foot
(15,240-metre) underground drill program which returned intercepts
of up to 14.5 feet (4.4 metres) grading 6.77 ounces of gold per ton
(231.85 grams per metric tonne). The Company has also completed
over 4,500 feet (1.4 kilometres) of underground development and
completed construction of essentially all surface facilities for
the project. The Butte Highlands Joint Venture is located within a
favorable geologic domain that has hosted several multi-million
ounce gold deposits including Butte, Golden Sunlight, Montana
Tunnels, and Virginia City.
About Timberline Resources
Timberline Resources Corporation is exploring and developing
advanced-stage gold properties in the western United States.
Timberline holds a 50-percent carried interest ownership stake in
the 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 and results 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 and upgrade the South
Eureka resource, 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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