Timberline Resources Announces 2013 Financial Results
COEUR D'ALENE, IDAHO--(Marketwired - Dec 20, 2013) - Timberline Resources Corp. (NYSE MKT:TLR)(TSX VENTURE:TBR) ("Timberline" or the "Company") today announced consolidated financial results for its fourth fiscal quarter and its fiscal year ended September 30, 2013.
The Company's consolidated net loss of $1.28 million for the fourth quarter and $3.72 million for the fiscal year includes exploration expenditures of $0.47 million and $1.95 million, respectively.
The Butte Highlands Gold Project, where the Company is advancing permitting and continuing development, is completely funded by its JV partner. Timberline's exploration was limited due to difficult market conditions and focused on the Lookout Mountain project in Nevada where expenditures were primarily related to permitting activities.
A summary of selected financial results is presented in the following table:
($US 000's, except earnings per share) | 3 Months Ending September 30 | Year Ending September 30 | ||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||
| Loss from continuing operations | $ | (1,277 | ) | $ | (2,639 | ) | $ | (3,725 | ) | $ | (7,172 | ) |
| Income from discontinued operations | - | - | - | 2,122 | ||||||||
| Consolidated net loss | (1,277 | ) | (2,639 | ) | (3,725 | ) | (5,050 | ) | ||||
| Consolidated net loss per share, basic and diluted | (0.02 | ) | (0.04 | ) | (0.06 | ) | (0.08 | ) | ||||
| Mineral exploration expenses | 465 | 2,283 | 1,945 | 4,948 | ||||||||
| Working capital | 438 | 2,135 | 438 | 2,135 | ||||||||
Timberline's President and CEO, Paul Dircksen, commented, "During 2013 we were able to advance our projects while reducing expenditures. With Butte Highlands funded by our joint venture partner, permitting has steadily advanced. We received a draft operating permit from the Montana Department of Environmental Quality (MDEQ), and they also completed their Draft Environmental Impact Statement ("Draft EIS") relative to the operating permit application. Receipt of the Draft EIS was a significant milestone in the process to obtaining the final operating permit. It is anticipated that the MDEQ will issue the final operating permit in early 2014. The U.S. Forest Service (USFS) completed site investigations and continues preparation of an Environmental Assessment, which is anticipated to be completed in 2014. Once the final operating permit is granted by the MDEQ and the Plan of Operations is approved by the USFS, we expect BHJV to transition from exploration to gold mining operations."
About Timberline Resources
Timberline Resources Corp. 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. 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 that are developed 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".
The Company's JV partner at Butte Highlands has decided to advance the project into production without first establishing mineral resources supported by an independent technical report or completing a feasibility study. A production decision without the benefit of a technical report independently establishing mineral resources or reserves and any feasibility study demonstrating economic and technical viability creates increased uncertainty and heightens economic and technical risks of failure.
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 timing and results of the Company's metallurgical testing at Lookout Mountain, the Company's ability to expand and upgrade the South Eureka resource, the timing or results of the Company's exploration and development plans and programs at Butte Highlands, including the timing of obtaining necessary permits, the development of and production at 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, and possible growth of the Company and the Company's expected operations, including potential development of an open pit extraction and 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 Corp., 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, the Company not timely receiving necessary regulatory approval for the issuance of the shares of common stock, 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, 2013. 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.