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Timberline Resources Corporation (CVE:TBR,NYSE:TLR) reports consolidated financial results for its third fiscal quarter ended June 30, 2011.
The press release is quoted as saying:
Highlights for the third quarter include:
- Record net income of $1.42 million from Timberline’s contract drilling subsidiary, Timberline Drilling Incorporated, on revenues of $8.62 million (a 123-percent increase in net income year over year). Increased drill rig utilization and improved daily production rates contributed to these outstanding results.
- Record consolidated net income of $0.53 million, net of a $0.89 million loss by Timberline’s exploration division and corporate office, including exploration expenditures of $0.48 million and non-cash expenses of $0.02 million.
- Consistently excellent results from underground drilling at Butte Highlands, including the highest-grade gold assay ever reported at the project, 14.5 feet grading 6.77 ounces of gold per ton (4.4 metres of 232 grams per tonne), along with many other ore-grade intercepts. Timberline holds a 50-percent carried-to-production interest at Butte Highlands where production is slated to commence early in 2012.
- The resumption of exploration, including a 30,000 foot drill program, at Timberline’s district-scale South Eureka property along Nevada’s prolific Battle Mountain / Eureka trend. South Eureka includes the Lookout Mountain project which includes significant NI 43-101 compliant sediment- hosted gold mineralization, most of which is amenable to low-cost, heap-leach recovery.
Timberline’s Chairman and CEO, Paul Dircksen says:
“We are very pleased with both our financial and exploration success during the quarter and year to date. Timberline Drilling is operating profitably, providing cash to offset our exploration expenditures. We remain excited about the district-scale potential at South Eureka and look forward to reporting results from the two active drill rigs on the property. We also continue making steady progress toward the extraction of our bulk sample at Butte Highlands while advancing the operating permit process and our plans for anticipated gold production in early 2012. With near-term gold production, vast exploration upside, and strong operating results from our drilling subsidiary, we believe we are exceptionally well positioned for today’s robust gold market.”
Click here to access the entire news release.
Click here to access Timberline’s company profile.(TSXV:TBR,NYSE:TLR)