Timberline Announces Hard Rock Operating Permit Update for Butte Highlands Gold Project
17 Febbraio 2014 - 2:45PM
Marketwired
Timberline Announces Hard Rock Operating Permit Update for Butte
Highlands Gold Project
COEUR D'ALENE, IDAHO--(Marketwired - Feb 17, 2014) - Timberline
Resources Corporation (NYSEMKT:TLR)(TSX-VENTURE:TBR) ("Timberline"
or the "Company") announced today that the Montana Department of
Environmental Quality ("MDEQ") has provided an updated schedule
anticipated for completion of the Final Environmental Impact
Statement ("Final EIS") for the Butte Highlands Joint Venture
("BHJV")'s proposed underground gold mine in the Highland Mountains
south of Butte, Montana. The Final EIS is a critical remaining step
toward receipt of a Final Hard Rock Operating Permit (HROP) for the
Project. The Company also announced recently received assay results
from drilling completed in preparation for advancement of mining to
the proposed bulk sample area.
The MDEQ has provided the Company a revised estimate that
completion of the Final EIS will be before the end of March. The
agency currently continues evaluation and response to public
comments provided following release of the Draft EIS in October,
2013. Two weeks after release of the Final EIS, the MDEQ will
prepare a Record of Decision document after which the project bond
can be issued. The Final HROP would be signed by the Director of
the MDEQ immediately thereafter allowing commencement of
production.
Timberline also announced additional results from underground
drill holes completed in 2013. Hole BHUG13-003 was drilled to
confirm continuity of mineralization within the main zone in the
proposed bulk sample area. The hole also intercepted the lower,
footwall zone where assays confirm significant mineralization.
Assay highlights include:
Drill Hole |
From (feet) |
Length (feet) |
Gold (opt)* |
From (metres) |
Length (metres) |
Gold (g/t)** |
Zone |
BHUG11-003 |
182.1 |
22.3 |
0.32 |
55.50 |
6.80 |
10.96 |
Bulk Sample Area |
BHUG11-003 |
255.0 |
20.4 |
0.19 |
77.72 |
6.22 |
6.50 |
Lower Footwall |
including |
262.4 |
13.0 |
0.28 |
79.98 |
3.96 |
9.59 |
*ounces/ton, **grams/tonne |
On-going development activities under the existing exploration
license continue at the site and are now focused on completion of a
new dewatering well which will be important to initiating mining.
The well has been drilled and is currently being prepared for pump
installation.
Timberline President and CEO, Paul Dircksen, commented, "We look
forward to completion of the Final EIS as a major milestone in
permitting of the Butte Highlands Project. Steady progress
continues toward reaching production on this important project for
the Company."
Timberline owns a 50-percent carried-to-production interest in
BHJV, which owns the Butte Highlands Gold Project where mining is
expected to commence following the issuance of the HROP and the
U.S. Forest Service approval of a road-use plan of operations for
material haulage. Timberline's joint venture partner is funding all
mine development costs through to commercial production with
Timberline's share of those costs to be repaid from proceeds of
future mine production.
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".
Cautionary Note
The Company clarifies that BHJV has decided to advance the Butte
Highlands Gold Project into production without first establishing
NI 43-101 compliant 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 associated with the Butte Highlands Project.
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 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, risks related to 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 CorporationPaul DircksenCEO208.664.4859
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