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Timberline Resources reports gains, losses

| August 11, 2010 9:00 PM

Timberline Resources Corp. (NYSE Amex:TLR) (TSX-V:TBR) on Tuesday reported mixed results for its third fiscal quarter that ended June 30.

Timberline's contract drilling subsidiaries, Timberline Drilling Inc. and World Wide Exploration, S.A. de C.V. reported combined revenues of $6.44 million and a combined net income of $260,000 for the third quarter, marking the fifth consecutive quarter of positive combined net income for Timberline's contract drilling subsidiaries. Timberline's corporate office and exploration division reported net expenditures of $1.08 million for the quarter ended June 30, 2010.

Timberline reported a consolidated net loss of $810,000 compared to consolidated net income of $240,000 in the third fiscal quarter of 2009. The net loss for the third fiscal quarter of 2010 includes expenses of $210,000 related to the acquisition of Staccato Gold Resources during the quarter. The net income for the third fiscal quarter of 2009 included a one-time recovery of previously expensed professional fees of $530,000.

"In June we successfully closed on our acquisition of Staccato Gold Resources," Timberline chief executive officer Randal Hardy said. "As a result, we gained control of the 23-square mile South Eureka property in Nevada's Battle Mountain-Eureka gold trend with a previously-reported resource in excess of 800,000 ounces of gold and significant exploration potential."

Hardy said the company is making good progress at its Butte Highlands Gold Project joint venture in western Montana.

Timberline's quarterly report on Form 10-Q is expected to be filed with the SEC this week. Once filed, it can be viewed in its entirety on the SEC Web site which can be accessed from the "Investors" page of the Timberline Web site at www.timberline-resources.com.