Timberline Announces First Quarter 2013 Financial Results
14 2월 2013 - 10:00PM
Marketwired
Timberline Resources Corporation (TSX VENTURE:TBR)(NYSE
Amex:TLR)(NYSE MKT:TLR) ("Timberline" or the "Company") today
announced consolidated financial results for its first fiscal
quarter ended December 31, 2012. A summary of selected financial
results is presented in the following table:
Quarter Ended
($US 000's, except earnings per share) December 31,
2012 2011
----------------------------------
Loss from continuing operations $ (1,201) $ (1,667)
Income from discontinued operations - 2,121
Consolidated net income (loss) (1,201) 454
Consolidated net income (loss) per share,
basic and diluted (0.02) 0.01
Mineral exploration expenses 806 1,056
Working capital 2,004 6,404
Timberline reported a consolidated net loss of $1.20 million for
the quarter ended December 31, 2012, including exploration
expenditures of $0.81 million. The Company's exploration
expenditures during the quarter were related primarily to the
recently completed drill program and ongoing metallurgical,
engineering, and environmental studies at the Lookout Mountain
Project on the Company's South Eureka Property in Nevada. As
previously reported, the drilling was primarily designed to upgrade
the existing resource and collect material for metallurgical test
work. Results are expected to demonstrate excellent continuity of
mineralization and metallurgical characteristics for low-cost,
heap-leach processing.
Timberline's President and CEO, Paul Dircksen, said, "We expect
to release an updated resource estimate for Lookout Mountain within
the next few weeks with much of the previous inferred resource
upgraded to the measured and indicated category(1)(2). Our results
at Lookout Mountain have continued to be encouraging and we intend
to incorporate the resource estimate into a Preliminary Economic
Assessment this spring. At Butte Highlands, the permitting process
continues to advance with the Montana Department of Environmental
Quality and we still expect to receive all permits for development
and to commence operations this year."
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 for
the quarter ended December 31, 2011. The income from discontinued
operations for the quarter ended December 31, 2011 includes a gain
on the sale of TDI of $1.64 million.
About Timberline Resources
Timberline Resources Corporation is exploring 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 201 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".
(1) Cautionary note to U.S. investors concerning estimates of measured and
indicated resources: This press release uses the terms "measured
resources", "indicated resources" and "measured & indicated resources."
We advise U.S. investors that while these terms are defined in and
required by Canadian regulations, these terms are not defined terms
under United States Securities and Exchange Commission ("SEC") Industry
Guide 7 and are normally not permitted to be used in reports and
registration statements filed with the SEC. The SEC normally only
permits issuers to report mineralization that does not constitute SEC
Industry Guide 7 compliant "reserves" as in-place tonnage and grade
without reference to unit measures. U.S. investors are cautioned not to
assume that any part or all of mineral deposits in these categories
will ever be converted into SEC Industry Guide 7 reserves.
(2) Cautionary note to U.S. investors concerning estimates of inferred
resources: This press uses the term "inferred resources". We advise
U.S. investors that while this term is defined in and required by
Canadian regulations, this term is not a defined term under SEC
Industry Guide 7 and is normally not permitted to be used in reports
and registration statements filed with the SEC. "Inferred resources"
have a great amount of uncertainty as to their existence, and great
uncertainty as to their economic and legal feasibility. It cannot be
assumed that all or any part of an inferred resource will ever be
upgraded to a higher category. The SEC normally only permits issuers to
report mineralization that does not constitute SEC Industry Guide 7
compliant "reserves" as in-place tonnage and grade without reference to
unit measures. U.S. investors are cautioned not to assume that any part
or all of an inferred resource exists or is economically or legally
minable.
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 intended use of any proceeds from the offering. 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, risks related to changes in the Company's business
resulting in changes in the use of proceeds, and other such
factors, including risk factors discussed in the Company's Annual
Report on Form 10-K for the year ended September 30, 2012. Except
as required by 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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