MKTW) Timberline Reports Permitting Progress at Butte Highlands Gold Project
01/29/2014 08:30 AM Timberline Reports Permitting Progress at Butte Highlands Gold Project
COEUR D'ALENE, IDAHO--(Marketwired - Jan 29, 2014) - Timberline Resources Corporation (NYSE MKT:TLR)(TSX VENTURE:TBR) ("Timberline" or the "Company") announced today that ongoing permitting activities at its Butte Highlands Gold Project have yielded positive results and provide encouragement that final permits may soon be granted.
The Company has received a letter constituting the approval of the Butte-Silver Bow Public Works Department for the construction of certain improvements on roads to be used for haulage of mineralized material from its Butte Highlands Project, an underground gold mine being developed just south of Butte, Montana. The improvements receiving the county's approval include the replacement of a bridge and a culvert, reconstruction of an intersection, and the erection of traffic control signage. The bridge replacement project consists of the installation of new, concrete bridge abutments and the placement of a new pre-stressed concrete bridge deck.
Timberline President and CEO Paul Dircksen commented, "We appreciate the support of Butte-Silver Bow for this project that is expected to provide significant economic benefits and job growth to Butte and Silver Bow County. We look forward to continued close engagement with the city and county as the project advances through final permitting."
The Montana Department of Environmental Quality ("MDEQ") is in the process of completing the Final Environmental Impact Statement ("Final EIS") for the project. While the timeline for the delivery of the Final EIS, the Record of Decision ("ROD"), and the Final Hard Rock Operating Permit ("Final HROP") is in the hands of the MDEQ, our current expectation is that the Final EIS should be published in February with the ROD and the Final HROP being issued approximately three weeks thereafter.
The United States Forest Service ("USFS") continues to work on the road use permit to haul material from the mine site to public roadways. The Company and its JV partner are following up on some significant developments that may positively impact the permitting process of the intended haul route.
All of the site activities continue to be carried out under the authorization of the exploration license previously granted to our joint venture company, Butte Highlands JV, LLC ("BHJV"), which is operating the project.
Timberline owns a 50-percent carried-to-production interest in BHJV, which owns the Butte Highlands Gold Project where mining is expected to commence following the issuance of the final hard rock operating permit and the U.S. Forest Service approval of a road-use plan of operations for material haulage. Timberline's joint venture partner is funding all mine development costs through to commercial production with Timberline's share of those costs to be repaid from proceeds of future mine production.
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