Timberline Resources Corporation (TSX VENTURE:TBR)(NYSE
MKT:TLR)(NYSE Amex:TLR) ("Timberline" or the "Company") announced
today that it has entered into a letter agreement to form a joint
venture (the "Agreement") with a private equity group for the
development of its Lookout Mountain Gold project, located on the
southern end of the Battle Mountain-Eureka Trend near Eureka,
Nevada.
The Agreement calls for the Company's partner, Idaho State Gold
Company II, LLC ("ISGC") to fund up to $20-million toward the
development, permitting, and construction of Lookout Mountain in
exchange for up to 50-percent of a newly-formed joint venture
company. ISGC will earn its percentage of ownership on a pro-rata
basis as funds are contributed to the joint venture company.
Timberline will contribute the claims that constitute the Lookout
Mountain project to the joint venture company in exchange for its
ownership position, and Timberline will manage the joint venture at
least until the issuance of an operating permit. The Agreement also
calls for the joint venture company to purchase up to $2 million of
the Company's common stock at a price of $0.25 per share, a
significant premium to the current market price.
Paul Dircksen, Timberline's President and CEO, stated, "We are
very pleased to form this joint venture to advance Lookout Mountain
toward a production decision. With the gold equity market in a
prolonged down cycle, this joint venture will allow us to continue
to fund and advance the project with a partner with which we
already have an excellent working relationship. ISGC is an
affiliate of ISRC Capital, our current partner at our Butte
Highlands Gold Project in Montana, where they have demonstrated
their commitment to financing viable gold projects into production.
We anticipate finalizing a definitive Joint Venture Operating
Agreement within the next few weeks and rapidly advancing Lookout
Mountain with this funding."
The Lookout Mountain project is located within Timberline's 23
square-mile South Eureka property which is strategically located
within the greater Eureka Mining District. The South Eureka
property is comprised of three extensive gold bearing structural
trends, with the Lookout Mountain project covering the western-most
trend. The central Oswego trend and the eastern-most Windfall trend
are not part of the joint venture. The Oswego and Windfall trends
host several areas that contain drill-indicated gold and are
prioritized for future exploration and drilling, including
Windfall, Oswego, New York Canyon, Hoosac, Hamburg Ridge, Paige
Corwin, and Secret Canyon target areas. Please see detailed maps at
http://timberline-resources.com/main.php?page=194 for site
locations.
The Company expects the next steps for advancing the Lookout
Mountain project to be additional metallurgical testing, including
column tests to better define gold recovery parameters, and a
Preliminary Economic Assessment ("PEA"). If the PEA indicates the
project has positive economics, then a Pre-Feasibility Study will
be immediately undertaken to include a Plan of Operations that is
necessary for inclusion with an application for an operating permit
to the Bureau of Land Management in Nevada. The Company expects
that those steps could be completed by early 2014.
Completion of a final version of the Agreement will be subject
to certain conditions, including receipt of all necessary
regulatory approvals and the approval of the TSX Venture Exchange
and the NYSE MKT.
Timberline has previously reported a gold resource estimate at
Lookout Mountain, which was prepared by Mine Development Associates
("MDA") of Reno, Nevada. The MDA resource estimates are summarized
below at the noted cut-off grades:
Lookout Mountain Gold Resource(2)(3)
Grams of
Ounces of Gold per
Resource Gold per Tonne
Category(1) Short Tons Metric Tonnes Ton (opt) (g/t) Gold Ounces
Measured 3,043,000 2,761,000 0.035 1.20 106,000
Indicated 25,897,000 23,493,000 0.016 0.55 402,000
---------- ------------- --------- --------- -----------
Measured &
Indicated 28,940,000 26,254,000 0.018 0.62 508,000
Inferred 11,709,000 10,622,000 0.012 0.41 141,000
Notes:
(1) 0.006 opt (0.21 g/t) cut-off applied to oxidized material to
capture mineralization potentially available to open pit
extraction and heap leach processing. 0.030 opt (1.03 g/t) cut-off
applied to unoxidized material to capture mineralization
potentially available to open pit extraction and lower heap leach
recoveries or sulfide processing.
(2) Rounding may cause apparent discrepancies.
(3) The effective date of the Lookout Mountain updated gold resources
is February 20, 2013.
The full MDA Resource Estimate with various cut-off grades can
be seen at http://timberline-resources.com/main.php?page=208.
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. He has verified the drill results and
other data disclosed in this news release, including sampling,
analytical and test data. Field work has been conducted under his
supervision. The Timberline sampling and analysis program included
an industry standard QA/QC program. After logging and cutting or
dividing the sample intervals in half, the samples were picked up
by Inspectorate America Corporation and taken to their ISO-9001
certified assay lab in Sparks, Nevada for analysis. The samples
were analyzed for gold using a standard 30g fire assay with an AA
finish. Samples returning a gold value in excess of 3 ppm were
re-analyzed using a 30g fire assay with a gravimetric finish.
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 major gold districts 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. The term "contained gold ounces" used
in this press release is not permitted under the rules of the SEC.
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. The
term "contained gold ounces" used in this press release is not
permitted under the rules of the SEC. 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 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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