Court Approves Plan Of Arrangement For Timberline's Acquisition Of Staccato Gold Resources
COEUR D'ALENE, Idaho, May 26, 2010 (GLOBE NEWSWIRE) -- Timberline Resources Corporation (NYSE Amex:TLR) ("Timberline") announced today that Staccato Gold Resources Ltd. (TSX-V:CAT) ("Staccato") has obtained the Final Order from the Supreme Court of British Columbia approving the proposed acquisition of Staccato by Timberline.
Timberline's shareholders will vote on the proposed plan of arrangement at their special meeting of shareholders to be held on May 28, 2010. Timberline and Staccato expect to obtain all requisite approvals and meet all closing conditions, and they remain on track to close the transaction on or about June 2, 2010.
Assuming Timberline receives the requisite shareholder approval for the acquisition on May 28, 2010, Staccato will voluntarily halt trading of its common shares on the TSX Venture Exchange on Friday, May 28, 2010 until the Closing Date, and Timberline's shares of common stock will resume trading on the TSX Venture Exchange in substitution for Staccato's common shares on June 3, 2010 under the symbol "TBR".With the completion of this Arrangement, Timberline will acquire Staccato's South Eureka property which includes a drill-tested exploration portfolio and the advanced-stage Lookout Mountain project, located along Nevada's Battle Mountain/ Eureka trend, and approximately $5 million in cash. The South Eureka property is comprised of several projects included within one of the largest exploration land packages in the Battle Mountain/ Eureka Trend - approximately 15,000 acres. The property has identified exploration potential evidenced by historic workings and gold anomalies throughout the district. The flagship Lookout Mountain project features a defined section of mineralized material within a large scale structural corridor and numerous high-priority targets to test. Timberline's Butte Highlands Gold Project is funded to production by its joint venture partner; therefore, Timberline intends to focus its exploration efforts at Staccato's Lookout Mountain project. About Timberline Resources Corporation Timberline is a diversified gold company with three complementary business units: a mine in development with anticipated gold production, an active exploration division, and two contract core drilling subsidiaries. Timberline is focused on the evaluation and the acquisition of advanced-stage exploration opportunities, with the potential for near-term development and production. Timberline formed a 50/50 joint venture with Highland Mining, LLC, an affiliate of Small Mine Development, at its royalty-free Butte Highlands Gold Project which commenced development in the summer of 2009 and has gold production targeted in 2011. The Management team has experience, depth, and a solid track record of achievement in building successful companies and discovering economic ore bodies. Timberline is listed on the NYSE Amex and trades under the symbol "TLR".
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV