Timberline Resources Closes First Tranche of Private Placement Financing

View in PDF – Coeur d’Alene, Idaho – February 17, 2017 – Timberline Resources Corporation (OTCQB: TLRS; TSX-V: TBR) (“Timberline” or the “Company”) has received conditional approval from the Toronto Venture Exchange for its private placement and has closed the first tranche of the previously announced non-brokered private placement (the “Offering”) by issuing 1,945,000 units (“Units”) for a total of US$486,250. A second tranche is expected to close by the end of February. The Offering, which was initially announced on January 13, 2017, consists of up to 5 million Units at a price of US$0.25 per Unit for a total of US$1,250,000, with an over-allotment option to increase the Offering by up to 20%. Each Unit consists of one share of common stock of the Company and one common share purchase warrant (each a “Warrant”) (together the “Securities”), with each Warrant exercisable to acquire an additional share of common stock of the Company at a price of US$0.40 per share until the warrant expiration date of January 31, 2020. The Company may accelerate the warrant expiration date if the price of the Company’s common stock closes at or above US$0.90 for twenty consecutive trading days. The Offering is being completed under Rule 506(c) of Regulation D promulgated by the SEC under the Securities Act of 1933, as amended (the “Securities Act”) solely to persons who qualify as accredited investors and in accordance with applicable Canadian securities laws. The terms of the Offering also include that the Company will use commercially reasonable efforts to prepare and file a registration statement under the Securities Act for resale of the shares of...

Timberline Announces First Quarter 2017 Financial Results

View in PDF – Coeur d’Alene, Idaho – February 14, 2017 – Timberline Resources Corporation (OTCQB: TLRS; TSX-V: TBR) (“Timberline” or the “Company”) today announced consolidated financial results for its first fiscal year 2017 quarter which ended December 31, 2016. A summary of selected financial results is presented in the following table: ($US 000’s, except earnings per share)   Quarter Ended December 31,   2016 2015 Consolidated net loss $(327) $(784) Consolidated net loss per share, basic and diluted (0.01) (0.06) Mineral exploration expenses 46 139 Working capital 121 (583) Timberline reported a consolidated net loss of $0.3 million for the quarter ended December 31, 2016, including exploration expenditures of $46 thousand. The Company’s exploration expenditures during the quarter continued to be curtailed to conserve cash. During the quarter ended December 31, 2016, the Company received $375 thousand from the refund of reclamation bond funds that are no longer required in Nevada. The Company has an ongoing metallurgical and geotechnical test program at the Talapoosa gold and silver project in Nevada from which it continues to receive positive results. The primary objective of the test program is to assess the potential to improve heap permeability and enhance gold and silver leach efficiency for the processing of the mineralized material at Talapoosa. The Company expects, subject to raising sufficient capital, to continue to advance the Talapoosa project toward a feasibility study and further development. Timberline’s President and CEO, Steve Osterberg, commented, “We are pleased to see recent strengthening in the precious metal commodities and equities markets. As noted in our press release on January 31, the results of our ongoing...

Timberline Announces Positive Metallurgical Test Results From Its Talapoosa Gold Project

View in PDF – Coeur d’Alene, Idaho – January 31, 2017 – Timberline Resources Corporation (OTCQB: TLRS; TSX-V: TBR) (“Timberline” or the “Company”) announced today positive preliminary results from on-going metallurgical testing being performed on mineralized material at its Talapoosa gold project in Lyon County, Nevada.  The testing is designed to confirm the predicted gold and silver recoveries and assess leaching efficiency in the processing of the mineralized material as identified in the Company’s Preliminary Economic Assessment (“PEA”) issued in May 2015.  In addition, the testing supports the work of previous operators and will guide planning for additional testing planned in advance of engineering design. The positive Talapoosa PEA that was completed and released on April 27, 2015 by WSP Canada envisioned the project as an open-pit, gold-silver, heap-leach operation (“Preliminary Economic Assessment on the Talapoosa Project, Nevada, effective April 27, 2015).   PEA results included: Estimated average annual production of 55,000 oz of gold and 679,000 oz of silver for 11 years LOM all-in sustaining costs of $599/oz gold (net of silver by-product at $16/oz silver price) After-tax NPV5% of $136 million and 39% IRR at $1,150/oz gold price and $16/oz silver price Low initial capital requirement of $51 million. Timberline’s President and CEO Steven Osterberg commented, “The metallurgical testing was designed to confirm, and potentially enhance, gold and silver recoveries estimated in the PEA, which result in very attractive project economics.  The testing also provides data to support processes that de-risk the operating plan and confirm the potential to increase recoveries by alternate processing methods.” Permeability Testing Metallurgical testing is on-going on four drill core composite samples duplicating...

Timberline Resources Announces Private Placement Offering

View in PDF – Coeur d’Alene, Idaho – January 13, 2017 – Timberline Resources Corporation (OTCQB: TLRS; TSX-V: TBR) (“Timberline” or the “Company”) announced today that it has initiated a US$1,250,000 private placement offering of Units of the Company at a price of US$0.25 per Unit, with an over-allotment option to increase the offering by up to 20%, solely to persons who qualify as accredited investors (the “Offering”) under Rule 506(c) of Regulation D promulgated by the SEC under the Securities Act of 1933, as amended (the “Securities Act”). Each Unit will consist of one share of common stock of the Company and one common share purchase warrant (each a “Warrant”), with each Warrant exercisable to acquire an additional share of common stock of the Company at a price of US$0.40 per share until the warrant expiration date of January 31, 2020.  The Company may accelerate the warrant expiration date if the price of the Company’s common stock closes at or above US$0.90 for twenty consecutive trading days. The terms of the Offering also include that the Company will use commercially reasonable efforts to prepare and file a registration statement under the Securities Act for resale of the shares of common stock and the shares of common stock underlying the Warrants to the extent allowed by the Securities and Exchange Commission. The Company intends to use the net proceeds of the Offering for working capital, costs associated with property and claim maintenance, and exploration expenses. The securities offered in the Offering have not been registered under the Securities Act or the securities laws of any state of the United...

Timberline Resources Announces 2016 Financial Results

View in PDF – Coeur d’Alene, Idaho – December 20, 2016 – Timberline Resources Corporation (OTCQB: TLRS; TSX-V: TBR) (“Timberline” or the “Company”) announced consolidated financial results for its fourth fiscal quarter and its fiscal year ended September 30, 2016. The Company reported cash of $82,275 as of September 30, 2016 and a consolidated net loss of $1.1 million for the fourth quarter and $2.76 million for the fiscal year, including exploration expenditures of $0.41 million and $0.59 million, respectively. A summary of selected financial results is presented in the following table: ($US 000’s, except earnings per share)                         3 Months Ending September 30               Year Ending September 30 ……………………………………………………………          2016                             2015                   2016                            2015 Consolidated net loss                                                                $(1,097)                     $(1,389)             $(2,757)                     $(4,372) Consolidated net loss per share, basic and diluted              (0.05)                         (0.12)            ...

Timberline Provides Talapoosa Project Update

View in PDF – Coeur d’Alene, Idaho – December 7, 2016 – Timberline Resources Corporation (OTCQB: TLRS; TSX-V: TBR) (“Timberline” or the “Company”) provides a project update on Talapoosa including a current assessment of resource expansion opportunities, geochemical sampling results, and progress in the on-going metallurgical and geotechnical test work on the Talapoosa gold project in Lyon County, Nevada. The Talapoosa resource consists of 1,012,802 ounces (oz) of gold at an average grade of 1.11 grams per tonne (“g/t”) gold and 13,649,358 oz of silver at an average grade of 14.97 g/t silver in the Measured & Indicated Resources (“M&I”) categories, with an additional 233,532 oz of gold at 0.72 g/t gold and 2,172,766 oz of silver at 6.65 g/t silver in the Inferred Resource category (See “Technical Report and Resource Estimate on the Talapoosa Project, Nevada”, effective March 24, 2015).  A positive Preliminary Economic Assessment (“PEA”) was completed and released on April 27, 2015 by WSP Canada which envisioned the project as an open-pit gold heap leach operation (“Preliminary Economic Assessment on the Talapoosa Project, Nevada, effective April 27, 2015). Resource Expansion Opportunities The Company announced a positive review of assay data from historic drill holes in areas northwest and southeast of, and contiguous to, the Talapoosa resource area as defined in the PEA (Figure 1).  Results from historic drilling identifies these areas as high priority drill targets for resource expansion as first noted in the NI 43-101 “Technical Report of the Talapoosa Project, Lyon County, Nevada, U.S.A.” effective September 17, 2010 and filed on SEDAR on  October 12, 2010. Figure 1.  Resource Expansion Target Areas and Historic...