Timberline Completes Sale of Its Contract Drilling Unit and Retires All Debt

- November 16th, 2011

Timberline Resources Corporation (TSX VENTURE:TBR)(NYSE Amex:TLR) announced today that it has closed the sale of its wholly-owned contract drilling subsidiary, Timberline Drilling, Inc.

As quoted in the press release:

 Timberline Resources Corporation (TSX VENTURE:TBR)(NYSE Amex:TLR) announced today that it has closed the sale of its wholly-owned contract drilling subsidiary, Timberline Drilling, Inc.

As quoted in the press release:

The sale is valued at over $14.5 million, subject to working capital adjustments. Timberline received $8 million in cash plus an additional $2 million in cash from the existing working capital of TDI.

Timberline Resources Corporation, President and CEO, Paul Dircksen, said:

“We are pleased to close the sale of TDI so that we can concentrate on advancing our properties, expanding our gold resource base at South Eureka, and achieving production at Butte Highlands. The shareholder value that can be realized through our core business is extremely compelling and is now our sole focus. With near-term cash flow expected from Butte Highlands, we are well-positioned to take advantage of elevated gold prices.”

Click here to read the Timberline Resources Corporation (TSXV:TBR) press releaseSee this press release on Marketwire
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