Thursday, March 28, 2024
46.0°F

Movers & Shakers May 6, 2010

| May 6, 2010 9:00 PM

Farmers markets resume

Saturday is the opening day for the Kootenai County Farmers' Market. It will run 8 a.m. to 1 p.m. at the corner of U.S. 95 and Prairie Avenue.

New to the market this year: Food Stamps, "Friends of the Market" and reusable market shopping bags.

Wednesday, May 12, is the opening day for the Downtown Farmers' Market at Fifth and Sherman. Hours will be 4 to 7 p.m. Food Stamps, "Friends of the Market" and reusable market shopping bags will also be at the downtown market

Information: 772-2290. www.kootenaicountyfarmersmarket.com

Timberline schedules acquisition vote

Timberline Resources Corp. said Wednesday its acquisition of Staccato Gold Resources Ltd. continues to proceed as announced on March 23 and has now moved into the shareholder approval phase.

Timberline's definitive proxy statement has been filed with the Securities and Exchange Commission (SEC) in the United States and will be mailed to shareholders this week. The special meeting of Timberline shareholders to vote on the proposed acquisition of Staccato and related proposals will be held at the Timberline office at First and Lakeside in Coeur d'Alene on May 28. The related Staccato information circular has also been completed and has been mailed to Staccato shareholders. Staccato's special meeting of shareholders to vote on the proposed acquisition by Timberline will be held in Vancouver, British Columbia on May 21.

The boards of directors of both Timberline and Staccato have unanimously approved this transaction and have recommended that shareholders approve the acquisition. The expected primary benefits for Timberline shareholders include:

• Low cost acquisition of a significant mineralized material base with near-term gold production potential at the Lookout Mountain project

• Large, drill-tested, highly prospective project portfolio on Nevada's Battle Mountain - Eureka gold trend

• Cash infusion of approximately $5 million, net of transaction costs, for exploration and development, primarily at the Lookout Mountain project

• Growth of strategic assets in Nevada while maintaining an attractive share structure.

Staccato shareholder benefits include:

• Significant premium to the recent Staccato market price and a fresh start toward realization of shareholder value

n Involvement in anticipated near-term gold production at the Butte Highlands Gold Project joint venture where Timberline owns a 50 percent carried-to-production interest

• Investment in a company with the capability and strategic alliances to explore, drill, permit, develop, and produce - and the corporate strength to advance its projects

• Ownership of two core drilling subsidiaries with positive cash flow to provide economical drilling for exploration and development

• Attractive corporate vehicle and share structure to accommodate additional acquisitions and growth.

Timberline Executive Chairman and Vice President of Exploration, Paul Dircksen, commented, "We are pleased with the results of our extensive due diligence from legal and technical perspectives. We believe that Timberline's acquisition of Staccato is being well received in the market and by the shareholders of both companies. We expect that this transaction will enhance shareholder value, and we are excited to accelerate development of the projects on the South Eureka property."

If you have a new, relocated or expanded business, or announcement of events, promotions or awards, The Press wants to let our readers know. The service is free and items run Tuesday through Saturday. To get the word on the street on your movers and shakers, call city editor Bill Buley at 664-8176 Ext. 2016 or e-mail bbuley@cdapress.com.