Timberline Announces Permitting Progress at Butte Highlands Gold Project
20 2월 2013 - 10:00PM
Marketwired
Timberline Resources Corporation (TSX VENTURE:TBR)(NYSE
Amex:TLR)(NYSE MKT:TLR) ("Timberline" or the "Company") announced
today that the Montana Department of Environmental Quality (MDEQ)
has selected HydroSolutions, Inc.as their independent environmental
specialist as part of MDEQ's review of the Butte Highlands Gold
Project pursuant to Montana Environmental Policy Act (MEPA)
requirements. The MDEQ has scheduled completion of the review
process and issuance of the final Hard Rock Operating Permit (HROP)
in August, 2013.
Timberline CEO Paul Dircksen commented, "Timberline and our
joint-venture partner are pleased with the selection of
HydroSolutions to assist the MDEQ through completion of the final
operating permit, and we are confident that their analysis will
support the permit timeline established by the MDEQ. The firm's
qualifications are well established to evaluate water-related
environmental management and development plans prepared by the
joint-venture. We are encouraged and optimistic that Timberline is
on track to participate in cash flow resulting from gold production
from the Butte Highlands Gold Project beginning later this
year."
HydroSolutions, Inc. is a Montana-based environmental consulting
firm with exceptional hydrology expertise. They have recent
experience in successful completion of similar MDEQ projects,
including a MEPA review and analysis for Barrick Gold's Golden
Sunlight mine. HydroSolutions will complete its analysis of the
proposed Butte Highlands Gold Project from previously-generated
baseline data for the draft HROP. Pursuant to the terms of the
Request for Proposal under which HydroSolutions was selected, the
environmental review is scheduled to be completed, reviewed, and
published consistent with the MDEQ's schedule, with the final HROP
being issued within eight months of the issuance of the draft HROP,
which occurred on December 7, 2012.
Timberline owns a 50-percent carried-to-production interest in
the Butte Highlands Joint Venture ("BHJV") which owns the Butte
Highlands Gold Project where gold production is expected to
commence later this year, following the issuance of the final HROP.
Timberline's joint venture partner will continue to fund all mine
development costs through to commercial production with
Timberline's share of those costs to be repaid from proceeds of
future mine production.
In anticipation of the permitting progress, BHJV has initiated
contractor selection for development of the site water treatment
plant and has advanced plans for additional underground drilling
and development towards a bulk sample anticipated to begin in
mid-year.
In addition to progress on the HROP, the Company also announced
that the MDEQ continues to process the water discharge permit and
the United States Forest Service is coordinating completion of the
permit for road use to allow ore haulage. Completion of these
permits is expected prior to receipt of the Final HROP.
As announced previously, the initial mine plan at the Butte
Highlands Gold Project 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 of gold 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 Gold Project 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 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, 2012. 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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