Timberline Resources Announces New Chief Executive Officer and Provides Corporate Update
COEUR D'ALENE, IDAHO--(Marketwired - Jan 13, 2016) - Timberline Resources Corporation NYSE MKT:TLR)(TSX VENTURE:TBR) ("Timberline" or the "Company") today announced the appointment of Steven Osterberg as Timberline's new President and Chief Executive Officer (CEO) and Director effective January 21, 2016. Mr. Osterberg will succeed Kiran Patankar as the CEO as of the effective date.
Mr. Osterberg's 25 years of mining industry experience includes small, mid-sized, and major mining companies, and mining engineering consulting firms. He has served the past 4 years as Timberline's Vice President of Exploration where he managed technical services of the Company including the successful advance of the company's Talapoosa Project through a positive Preliminary Economic Assessment. In addition, he successfully directed the Butte Highlands Project to positive EIS and EA results staging the project to be one of the first newly permitted full-scale metal mines in Montana in over 25 years. Prior to joining Timberline, Mr. Osterberg developed an unusually diverse experience base working as a mining consultant at Tetra Tech and Knight Piesold, and within the discovery group of BHP Minerals. He earned his Ph.D. and M.S. degrees in geology from the University of Minnesota and his B.S. from the University of Wisconsin-Oshkosh.
Timberline's Chairman of the Board, William M. Sheriff, said, "We are pleased with Steve's new role leading the management team at Timberline. His successful history at Timberline, together with his diverse professional experience and intimate knowledge of our precious metals projects, will provide continuity within the company and allow a smooth transition in management moving forward. We appreciate Kiran's service and contributions to the Company and wish him well in his future endeavors."
As the company transitions forward under new leadership, discussions continue on strategic alternatives between the Company and various parties to finance continued advancement of the Company's core projects and for general working capital purposes. During this ongoing period of difficult market conditions, the Company continues operating under significant cost-control measures, including consolidation of facilities, and staff and salary reductions. In addition, cost-saving consideration is being given to all reasonable measures including monetization of non-core assets, and review of the Company's current Exchange listings.
The structure of any future transaction remains to be determined, and the consummation of any transaction remains subject to completion of due diligence, execution of definitive agreements, Board and regulatory approvals, and other customary closing conditions. There is no certainty that any specific transaction will be completed. |
