Timberline Resources Announces 2013 Financial Results
20 Diciembre 2013 - 7:00AM
Marketwired
Timberline Resources Announces 2013 Financial Results
COEUR D'ALENE, IDAHO--(Marketwired - Dec 20, 2013) - Timberline
Resources Corporation (NYSEMKT: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 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. 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 NYSEMKT 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 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, 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.
Timberline Resources Corp.Paul DircksenCEO208.664.4859
Timberline Resources (TSXV:TBR)
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