The Conversation (0)
Timberline Resources Corporation (CVE:TBR,AMEX:TLR) reports consolidated financial results for its second fiscal quarter ended March 31, 2011 and its presentation at New York Hard Assets Investment Conference.
The press release is quoted as saying:
Timberline’s contract drilling subsidiary, Timberline Drilling Incorporated, reported revenues of $7.44 million and net income of $1.22 million in the second quarter. Increased drill rig utilization led to a 45-percent revenue increase from the prior year, and improved average daily production rates and higher revenues per foot drilled contributed to a 125-percent increase in net income compared to the prior year.
Timberline’s President and CEO, Paul Dircksen says:
These results demonstrate our commitment to continuing our aggressive exploration at South Eureka, including developing the foundation to fast-track the Lookout Mountain Project toward possible development. We have confirmed a substantial resource at Lookout Mountain with significant room for growth as we continue to drill along strike to the North and South of the resource area. Our resource and metallurgical test results indicate that Lookout Mountain may be a project that is amenable to low-cost, run-of-mine heap leach processing with a modest capital expense.”
“We also continue to identify high-grade intervals with our ore-delineation underground drill program at Butte Highlands, where development is completely funded by our partner and where gold production is targeted for early Q1 2012. On the contract drilling side, our second quarter marked a return to profitability after a small expected loss primarily due to holiday shut downs in the first quarter. We expect to continue to generate significant cash flows and net income from Timberline Drilling throughout the remainder of the fiscal year.”