In the same category

Timberline Resources Corporation

Published : February 17th, 2009

Announces First Quarter Financial Results and Provides Corporate Update

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

 

 

  Timberline Announces First Quarter Financial Results and

Provides Corporate Update

  

February 17, 2009 - Coeur d'Alene - Timberline Resources Corporation (NYSE Alternext US: TLR) ("Timberline") today announced consolidated financial results for its first quarter of fiscal year 2009, which ended on December 31, 2008, along with a corporate update. Timberline's contract drilling subsidiaries, Timberline Drilling, Incorporated ("Timberline Drilling") and World Wide Exploration, S.A. de C.V. ("World Wide"), reported combined gross revenues of $4.69-million for the quarter, compared to $6.44-million in the same period last year, and a combined pre-tax net loss of $1.62-million, compared to a loss of $0.31-million in the same period last year.

 

Timberline Drilling's U.S. operations generated revenues of $2.43-million, a gross loss of $0.66-million, and a pre-tax net loss of $1.74-million. The sharp decrease in revenue and the increased losses at Timberline Drilling relative to last year were primarily due to a reduction of operating drill rigs as industry-wide exploration activity effectively shut down last fall in response to market turmoil, weak commodity markets, and the lack of available credit.

 

World Wide's Mexican operations generated revenues of $2.26-million, a gross profit of $0.45-million, and a pre-tax net profit of $0.12-million. World Wide generated approximately 50-percent more revenue than in the same period last year, while maintaining nominal profitability in a very difficult market due to an increase of active drill rigs and because it was not impacted by the industry-wide slowdown until very late in the calendar year.

 

Timberline's corporate office and exploration division reported a net loss of $3.08-million for the quarter, which included $0.81-million in non-cash charges, $0.27-million in exploration expenditures, $1.48-million in general and administrative costs (of which $0.92-million was related to legal, accounting, and financial advisory costs associated with the proposed acquisition of Small Mine Development, LLC, ("SMD")), and $0.52-million in interest expenses (primarily related to the $8-million bridge loan that was retired during the quarter). Overall, Timberline reported a net loss of $4.74-million compared to a loss of $1.99-million in the same period last year.

 

Timberline CEO Randal Hardy commented, "The write off of costs associated with our cancelled acquisition of SMD and a major restructuring of our drilling operations took place during the quarter, as evidenced by our results. We believe that the worst is now behind us. Also during the quarter, we further implemented our business model by agreeing to form a Joint Venture with SMD to develop our Butte Highlands Gold Project. We acquired Butte Highlands in 2007 and drilled the property in 2008 to confirm and expand the expected mineralization. As part of the JV agreement, SMD will fund the development of the underground mine, including the ongoing hydrogeologic study, permitting, resource delineation, and an exploration decline that is expected to begin this summer.

 

Mr. Hardy continued, "Our preliminary results for January 2009 are very encouraging, even though January is typically among the slowest months of the year for contract drilling. In Nevada, we currently have seven underground drills and one surface drill operating, all at producing gold projects. Two to four additional drills are expected to begin operating this spring. In Mexico, we now have just four drills operating, but expect that number to increase later this spring. We are optimistic that our cost cutting efforts, improved efficiencies, and recently-improved contractual terms will positively impact our operational results going forward. In addition to the ongoing optimization of our drilling operations, we are actively evaluating other opportunities. We have analyzed and continue to assess two producing properties, a processing facility, and other projects in the U.S. and Mexico with underground mining potential for acquisition or joint venture purposes." 

 

Timberline Executive Chairman John Swallow added, "Permitting and mine planning continue at our Butte Highlands Gold Project as we, along with our partners at SMD, advance toward anticipated development later this year and production in 2010. With the current economic and monetary environment, we believe that our gold-production focus is well supported by market fundamentals and that Butte Highlands has the potential to deliver exceptional returns to our shareholders. Our goal is to provide shareholders a return on their investment that includes share price appreciation and cash dividend payments when cash flows from our operations are sufficient to permit it. This was a key component in the development of our cash flow business model, and I continue to advocate its benefit to shareholders."

 

Timberline's Quarterly Report was filed with the SEC on Form 10-Q on February 17, 2009. It can be viewed in its entirety on the SEC website which can be accessed from the "Investors" page of the Timberline website at www.timberline-resources.com.

 

Timberline Resources Corporation has taken the complementary businesses of mining services and mineral exploration and combined them into a unique, forward-thinking investment vehicle that provides investors exposure to both the "picks and shovels" and "blue sky" aspects of the mining industry. Timberline has contract drilling subsidiaries in the western United States and Mexico and an exploration division focused on district-scale gold projects with the potential for near-term, low-cost development. The Company is forming a 50/50 joint venture with Small Mine Development, LLC at Timberline's 100-percent owned, royalty-free Butte Highlands Gold Project which is scheduled for development beginning in 2009. Timberline is listed on the NYSE Alternext US and trades under the symbol "TLR".

 

Statements contained herein that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties, including but not limited to the Company's 50/50 joint venture with SMD, the development and production of the Company's Butte Highlands project, and the Company's expected operations in 2009. When used herein, the words "anticipate," "believe," "estimate," "plan," "intend" and "expect" and similar expressions, as they relate to Timberline Resources Corporation, 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, such factors, including risk factors, discussed in the Company's Annual Report on Form 10-KSB for the year ended September 30, 2008.  Except as required by the Federal Securities law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements.

 

Contact Information:

John Swallow, Chairman
Phone: 208.664.4859

 

 

 

 

 

 

 



 


powered by
phplist v 2.10.2, � tincan ltd . <

Timberline Resources Corporation

DEVELOPMENT STAGE
CODE : TLR
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Timberline Res. is a gold exploration company based in United states of america.

Timberline Res. holds various exploration projects in USA.

Its main assets in development are SOUTH EUREKA and LOOKOUT MOUNTAIN in USA and its main exploration properties are SOUTH RATTO RIDGE, SECRET CANYON, ICBM, EAST BULL, LUCKY LUKE, MINTON PASS, STANDARD CREEK, SANTA ROSA CALIFORNIA, WINDFALL-HOOSAC and BUTTE HIGHLANDS in USA.

Timberline Res. is listed in United States of America. Its market capitalisation is US$ 3.2 millions as of today (€ 2.9 millions).

Its stock quote reached its highest recent level on August 26, 2011 at US$ 9.96, and its lowest recent point on December 21, 2018 at US$ 0.05.

Timberline Res. has 36 027 819 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Annual reports of Timberline Resources Corporation
Annual report 2007
Financings of Timberline Resources Corporation
3/3/2011(Lookout Mountain)Closes $5-Million Offering, Fast-Track Exploration to Contin...
2/28/2011Announces US$5 Million Offering of Common Stock
Nominations of Timberline Resources Corporation
10/3/2009Appoints Executive Chairman and Nears Completion of 2009 Sur...
Financials of Timberline Resources Corporation
8/10/2010Announces Third Quarter 2010 Financial Results
8/15/2009Third Quarter Financial Results, Consolidated Profit, Contin...
5/14/2009Announces Second Quarter Financial Results, Provides Operati...
2/17/2009Announces First Quarter Financial Results and Provides Corpo...
Project news of Timberline Resources Corporation
1/26/20168:24 am Timberline Resources provides corporate update, will...
4/20/20158:35 am Timberline Resources announces positive drill result...
4/6/2011Drills 10.2 metres of 56.5 g/t Gold (33.6 Feet of 1.65 opt) ...
3/23/2011(Lookout Mountain)Completes Successful Drill Program at Lookout Mountain
5/6/2010(Butte Highlands)Submits Operating Permit Application for Butte Highlands Joi...
4/7/2010(Butte Highlands)Advances Toward Underground Drilling at Butte Highlands
11/18/2009(Butte Highlands)Announces Positive Metallurgical Test Results From Its Butte...
9/25/2009(Butte Highlands)Provides Economic Update on Butte Highlands Gold Project, An...
8/25/2009(Butte Highlands)Receives Permit to Begin Development at its Butte Highlands ...
8/14/2009(South Doughstick)Reports Independent NI 43-101 Uranium Resources on South Do...
1/12/2009(Butte Highlands)Receives Positive Hydrogeologic Test Results at Its Butte Hi...
Corporate news of Timberline Resources Corporation
7/11/2016Timberline Resources Adds Finance and Development Expertise ...
6/14/2016Timberline Resources Closes Second Tranche of Equity Financi...
5/31/2016Timberline Resources Closes First Tranche of Equity Financin...
5/27/2016Timberline Resources Announces Increase to Private Placement
5/16/2016Timberline Announces Second Quarter 2016 Financial Results
5/11/2016Timberline Resources Announces Private Placement Offering of...
5/2/2016Timberline Resources Announces Resignation of Director
2/1/2016New Jersey Mining Company Completes Purchase of 50-Percent I...
1/26/2016Timberline Resources Announces Asset Sale and Provides Corpo...
1/26/2016Timberline Resources Receives Audit Opinion with Going Conce...
1/26/2016New Jersey Mining Company Signs Binding Letter of Intent to ...
1/19/20163:17 am Timberline Resources confirms audit opinion with 'Go...
1/16/2016Timberline Resources Receives Audit Opinion With Going Conce...
1/13/20168:03 am Timberline Resources appoints Steven Osterberg as ne...
10/12/2015Timberline Announces Positive Final Decision by US Forest Se...
9/23/2015Timberline Resources Announces Closing of Non-Brokered Priva...
9/15/2015Timberline Announces Non-Binding Letter Agreement for Acquis...
8/10/201510-Q for Timberline Resources Corp.
8/7/2015Timberline Announces Third Quarter 2015 Financial Results
5/16/201510-Q for Timberline Resources Corp.
4/20/2015Timberline Completes Successful Eureka Drill Program
4/1/2015Timberline Closes Transaction to Acquire Talapoosa Project O...
3/18/2015Timberline Announces Positive Decision on Butte Highlands Mi...
3/17/2015Timberline Acquires Option For 100% of Talapoosa Project in ...
2/16/2015Timberline Announces First Quarter 2015 Financial Results
2/13/2015Timberline Announces First Quarter 2015 Financial Results
2/13/201510-Q for Timberline Resources Corp.
2/12/2015Timberline Resources Announces New Board Appointment
1/27/2015Timberline Announces Authorization for Construction and Oper...
1/14/2015Timberline Resources Drilling Identifies New Zone of Gold Mi...
12/29/2014Timberline Resources Announces 2014 Financial Results
12/23/2014Timberline Resources Announces 2014 Financial Results
12/22/2014Timberline Announces Release of Final EIS for Butte Highland...
12/19/2014Timberline Resources Enhances Management Team with New Chief...
12/18/2014Timberline Resources Commences Drilling at Eureka
11/25/2014Timberline Resources Receives NYSE MKT Compliance Letter
10/24/2014Timberline Announces Terms of Reverse Stock Split
10/20/2014Timberline Releases Schedule for Publication of Final Enviro...
4/20/2011(Butte Highlands)Reports Additional High-Grade Intercepts from Underground Dr...
8/4/2010Commences Drill Program at South Eureka Project in Nevada
7/26/2010Joins Russell Microcap Index
6/25/2010Announces Extension of Due Date on Convertible Loan
6/1/2010Shareholders Approve Acquisition of Staccato Gold Resources
5/24/2010Staccato Securityholders Approve Acquisition by Timberline R...
5/5/2010Updates Progress on its Acquisition of Staccato Gold Resourc...
3/23/2010Agrees to Acquire Staccato Gold with Potential Near-Term Nev...
3/8/2010Advances Underground Development at Butte Highlands
5/1/2008Approved for Listing On the American Stock Exchange
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
AMEX (TLR)
0.090+12.50%
AMEX
US$ 0.090
02/08 15:59 0.010
12.5%
Prev close Open
0.080 0.130
Low High
0.090 0.130
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.090 -%
Volume 1 month var.
1,400 -%
24hGold TrendPower© : -6
Produces
Develops Gold
Explores for Copper - Gold - Lead - Silver
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 10/18/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
201950.00%0.130.06
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.12-0.77%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.38+0.85%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 3.37+2.43%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.58-1.69%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.70+0.75%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 7.35+3.09%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.26-11.86%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.35+4.48%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.08+3.48%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 65.55+1.69%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :