08/06/14
Coeur d'Alene, Idaho - August 6, 2014 - Timberline Resources Corporation (NYSE MKT: TLR; TSX-V: TBR)("Timberline" or the "Company") today announced consolidated financial results for its third fiscal quarter ended June 30, 2014. A summary of selected financial results is presented in the following table:
| ($US 000's, except earnings per share) | | | Quarter Ended June 30, | | | | | | 2014 | 2013 | | Consolidated net (loss) | | | | $(656) | $(594) | | Consolidated net loss per share, basic and diluted | | | | (0.01) | (0.01) | | Mineral exploration expenses | | | | 158 | 333 | | Working capital | | | | (1,129) | 520 |
Timberline reported a consolidated net loss of $656 thousand for the quarter ended June 30, 2014, including exploration expenditures of $158 thousand. The Company's working capital at June 30, 2014 was negative due to the short term note payable in the amount of $1,000,000 from Wolfpack Gold ("Wolfpack") that is expected to be cancelled upon completion of the acquisition of Wolfpack Gold (Nevada) Inc. ("Wolfpack US"). The Company's exploration expenditures during the quarter were primarily related to ongoing metallurgical testing and analysis at the Lookout Mountain Project on the Company's South Eureka Property in Nevada and geologic mapping and analysis at other Nevada properties. Results are expected to support future permit applications, drill targets, and a preliminary economic analysis for low-cost, heap-leach processing. Professional fees were significantly higher in the quarter ended June 30, 2014 due to increased legal activity related to the Wolfpack transaction.
Timberline's President and CEO, Paul Dircksen, said, "Our focus this quarter was primarily on geologic evaluations and the advancement of our acquisition of Wolfpack US. We are pleased with the progress we have made and the opportunities we see for the development of our assets in Nevada. The completion of the acquisition of Wolfpack, which is expected shortly, provides funding to allow us to advance more quickly at Lookout Mountain and other priority projects."
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