This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Timberline Updates Progress On Its Acquisition Of Staccato Gold Resources

COEUR D'ALENE, Idaho, May 5, 2010 (GLOBE NEWSWIRE) -- Timberline Resources Corporation (NYSE Amex:TLR) ("Timberline") is pleased to provide an update on its acquisition of Staccato Gold Resources Ltd. (Staccato). The transaction continues to proceed as previously announced on March 23, 2010 and has now moved into the shareholder approval phase.

Timberline's definitive proxy statement has been filed with the Securities and Exchange Commission (SEC) in the United States and will be mailed to shareholders this week. The special meeting of Timberline shareholders to vote on the proposed acquisition of Staccato and related proposals will be held at the Timberline office in Coeur d'Alene, Idaho on May 28, 2010. The related Staccato information circular has also been completed and has been mailed to Staccato shareholders. Staccato's special meeting of shareholders to vote on the proposed acquisition by Timberline will be held in Vancouver, BC on May 21, 2010.

As previously announced, the Boards of Directors of both Timberline and Staccato have unanimously approved this transaction and have recommended that shareholders approve the acquisition. The expected primary benefits for Timberline shareholders include:
  • Low cost acquisition of a significant mineralized material base with near-term gold production potential at the Lookout Mountain project
  • Large, drill-tested, highly prospective project portfolio on Nevada's Battle Mountain - Eureka gold trend
  • Cash infusion of approximately $5 million, net of transaction costs, for exploration and development, primarily at the Lookout Mountain project
  • Growth of strategic assets in Nevada while maintaining an attractive share structure.

Staccato shareholder benefits include:
  • Significant premium to the recent Staccato market price and a fresh start toward realization of shareholder value
  • Involvement in anticipated near-term gold production at the Butte Highlands Gold Project joint venture where Timberline owns a 50% carried-to-production interest
  • Investment in a company with the capability and strategic alliances to explore, drill, permit, develop, and produce – and the corporate strength to advance its projects
  • Ownership of two core drilling subsidiaries with positive cash flow to provide economical drilling for exploration and development
  • Attractive corporate vehicle and share structure to accommodate additional acquisitions and growth.

Timberline Executive Chairman and Vice President of Exploration, Paul Dircksen, commented, "We are pleased with the results of our extensive due diligence from legal and technical perspectives. We believe that Timberline's acquisition of Staccato is being well received in the market and by the shareholders of both companies. We expect that this transaction will enhance shareholder value, and we are excited to accelerate development of the projects on the South Eureka property."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
TLR $0.30 0.00%
AAPL $110.37 0.00%
FB $88.15 0.00%
GOOG $606.25 0.00%
TSLA $245.57 0.00%

Markets

Chart of I:DJI
DOW 16,374.76 +23.38 0.14%
S&P 500 1,951.13 +2.27 0.12%
NASDAQ 4,733.4970 -16.4820 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs