TALAPOOSA, NV PROJECT
Several historic resource estimates were completed along with detailed engineering and metallurgical studies culminating in the 1990’s when Miramar Mining Corporation (Miramar) was granted the necessary permits to go to production. Miramar cited a historic (pre NI43-101) measured and indicated resource of 42.7 Mt containing 1.06 million ounces of gold and 14.5 million ounces of silver. In spite of having necessary permits and having completed considerable feasibility-level engineering studies, Miramar did not proceed with development of the project in 1997 due to the low gold price at the time.
Timberline has completed a Preliminary Economic Assessment (PEA) on the current, NI43-101 resource, based on historic engineering and permitting work. The Company contracted a team of expert consultants comprising Qualified Person professional engineers and scientists with previous history on the project. The Company was able to complete its PEA in May 21, 2015 by capitalizing on extensive historic engineering and permitting work.
Miramar’s historic permits included a positive Bureau of Land Management (BLM) Record of Decision (ROD) on an Environmental Impact Statement for the project’s Plan of Operation. Key State permits granted to Miramar included the State of Nevada Reclamation Permit, and State of Nevada Water Pollution Control Permit. Pending a positive PEA, Timberline anticipates initiating updates to these key permits in the second half of 2015 concurrent with completion of a Pre-Feasibility Study on the project.