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.
About Timberline Resources
Timberline Resources Corporation is focused on advancing district-scale gold exploration and development projects in Nevada, including its Talapoosa project in Lyon County where the Company has completed and disclosed a positive preliminary economic assessment. Timberline also controls the 23 square-mile Eureka project lying on the Battle Mountain-Eureka gold trend. At Eureka, the Company continues to advance its Lookout Mountain and Windfall project areas. Exploration potential occurs within three separate structural trends defined by distinct geochemical gold anomalies. Timberline also owns the Seven Troughs property in northern Nevada, known to be one of the state’s highest grade, former producers, as well as a 50% carried-to-production interest in the Butte Highlands high-grade underground gold project in Montana.
Timberline is listed on the NYSE MKT where it trades under the symbol “TLR” and on the TSX Venture Exchange where it trades under the symbol “TBR”.
Mr. Steven Osterberg, Ph.D., P.G., Timberline’s Vice-President of Exploration, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved disclosure of the technical contents of this news release.
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the appointment of Dr. Osterberg to the Company’s Board of Directors, continuity within the Company to allow a smooth transition in management, the Company’s discussions on strategic alternatives and financing, cost-control measures, monetization of non-core assets, and review of exchange listings. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target”, “intend” and “expect” and similar expressions, as they relate to Timberline Resources Corporation, its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, risks related to changes in the Company’s business resulting in changes in the use of proceeds, and other such factors, including risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended September 30, 2014. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.