Timberline Resources Corporation (CVE:TBR,AMEX:TLR) reports that it has closed its $5-million offering of common stock.
The press release is quoted as saying:
Proceeds from the financing will be used to continue the Company’s aggressive exploration program at its Lookout Mountain Gold Project on the prolific Battle Mountain-Eureka Trend of central Nevada.
Timberline’s Executive Chairman, Paul Dircksen says:
“Our recent work at Lookout Mountain strongly supports our belief in the potential for near-term development of a low capital, low operating cost, open pit, heap-leach gold mine. This financing will allow us to maintain momentum with continued resource expansion drilling, along with exploration drilling at other priority targets at South Eureka. We expect to release an updated NI 43-101 gold resource for Lookout Mountain within the next two weeks, as soon as current metallurgical tests are sufficiently complete, and we are also beginning work on a Preliminary Economic Assessment (PEA) of the project. With anticipated gold production by early Q1 2012 at Butte Highlands, where development is completely funded by our JV partner, we believe that Timberline is exceptionally well-positioned for the ongoing bull market in gold.”