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COEUR D'ALENE, Idaho, June 3, 2010 (GLOBE NEWSWIRE) --
Timberline Resources Corporation (NYSE Amex:TLR) ("Timberline") is pleased to announce that it has closed on its acquisition of Staccato Gold Resources Ltd. ("Staccato") by way of a plan of arrangement.
As previously announced, the acquisition, by way of a plan of arrangement (the "Arrangement"), was overwhelmingly approved by the shareholders of Timberline and Staccato, and the Final Order from the Supreme Court of British Columbia was issued approving the proposed acquisition of Staccato by Timberline.
Timberline's shares of common stock will commence trading on the TSX Venture Exchange in substitution for Staccato's common shares on June 3, 2010 under the symbol "TBR".
Randal Hardy, Timberline's CEO, commented, "We are very happy to have met all the closing conditions and to have closed on the acquisition of Staccato. We appreciate the support of our shareholders, and we welcome the Staccato shareholders, as we continue to explore opportunities to increase shareholder value. We are excited to start working on the Lookout Mountain project, as well as several of the other exploration opportunities on the South Eureka property in the Battle Mountain / Eureka gold trend. In addition, we are progressing well at our Butte Highlands Gold Project, which is still on target with our objective to achieve production in 2011, and Timberline Drilling is doing very well as our team continues to optimize the operations and find opportunities to leverage our expertise in both underground and surface core drilling."
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 with a large, drill-tested, highly prospective project portfolio in Nevada's Battle Mountain - Eureka gold trend, and two contract core drilling subsidiaries in the U.S. and Mexico providing revenues and cash flow to the company. 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 where it trades under the symbol "TLR" and on the TSX Venture Exchange where it trades under the symbol "TBR".