Timberline Announces Second Quarter 2014 Financial Results
May 15 2014 - 7:00AM
Marketwired
Timberline Announces Second Quarter 2014 Financial Results
COEUR D'ALENE, IDAHO--(Marketwired - May 15, 2014) - Timberline
Resources Corporation (NYSEMKT:TLR)(TSX-VENTURE:TBR) ("Timberline"
or the "Company") today announced consolidated financial results
for its second fiscal quarter ended March 31, 2014. A summary of
selected financial results is presented in the following table:
($US 000's, except earnings per share) |
Quarter Ended March 31, |
|
|
2014 |
|
2013 |
|
Consolidated net (loss) |
$ |
(678 |
) |
$ |
(652 |
) |
Consolidated net loss per share, basic and diluted |
|
(0.01 |
) |
|
(0.01 |
) |
Mineral exploration expenses |
|
89 |
|
|
341 |
|
Working capital |
|
(460 |
) |
|
1,249 |
|
Timberline reported a consolidated net loss of $678 thousand for
the quarter ended March 31, 2014, including exploration
expenditures of $89 thousand. The Company's working capital at
March 31, 2014 was negative due to the short term note payable in
the amount of $500,000 from Wolfpack Gold ("Wolfpack") that is
expected to be forgiven upon completion of the acquisition of
Wolfpack. The Company's exploration expenditures during the quarter
were primarily related to ongoing metallurgical, economic, and
environmental baseline data collection and analysis at the Lookout
Mountain Project on the Company's South Eureka Property in Nevada.
Results are expected to support future permit applications, and
preliminary economic analysis for low-cost, heap-leach processing.
Limited expenditures were related to field geologic investigation
of earlier stage properties in Nevada.
Timberline's President and CEO, Paul Dircksen, said, "We are
pleased that we have been able to maintain progress on our flagship
project, albeit at a much slower pace than we would like. Once we
complete the acquisition of Wolfpack, we expect to have funding
that will allow us to advance more quickly at Lookout Mountain and
other priority projects."
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's leadership 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".
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.
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 Company's permitting and development of its Lookout
Mountain project, including a future preliminary economic analysis
and permit applications, the completion of the acquisition of
Wolfpack Gold, and potential future financing transactions. 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, risks related to risks related to its exploration
projects, risks related to potential future transactions, risks
related to the Company continuing as a going concern, 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.
Timberline Resources CorporationPaul DircksenCEO208.664.4859
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