Timberline Announces Timberline Drilling Contract Extension And Provides Update On Drilling Services
COEUR D'ALENE, Idaho, June 14, 2010 (GLOBE NEWSWIRE) -- Timberline Resources Corporation (NYSE Amex:TLR) (TSX-V:TBR) ("Timberline") is pleased to announce that its contract core drilling subsidiary, Timberline Drilling, has entered into a three-year extension to its existing underground and surface drilling contract with its largest customer. Timberline Drilling's contract now extends into 2014 which provides revenue stability and aids in the retention of quality staff and drillers by providing steady work for the company and its employees.
Timberline Drilling has also secured three contracts with junior exploration companies for drill programs beginning over the next several months, and one supplementary contract has been secured for deep-hole drilling in Nevada for the company's largest customer. Timberline Drilling will also soon commence underground resource definition drilling and surface exploration drilling at Timberline's Butte Highlands Gold Project in Montana. Additionally, the company is mobilizing a surface drill to complete an exploration drill program at Timberline's newly-acquired South Eureka property in Nevada. Timberline Drilling currently has 12 drills operating and expects to have an additional 5 drills operating within the next several weeks. The company's drill fleet includes several drills that can be used for surface or underground drilling.
Timberline's CEO, Randal Hardy, commented, "Since the economic crisis of 2008, Timberline Drilling has undergone a major transformation and has successfully focused on safely improving our operating productivity and reducing operating and administrative costs. This has allowed us to be profitable and to generate positive cash flow in each of the past four quarters. During this time period, three of the quarters were record periods in terms of earnings for Timberline Drilling. The outlook for the remainder of 2010 remains positive, and we remain focused on safety, serving our clients, and generating significant earnings and cash flow."Mr. Hardy continued, "I'm very proud of our team at Timberline Drilling. They have done an outstanding job enhancing our productivity in a safe manner, lowering costs, and delivering superior service to our clients. We continue to improve our safety record, and we have operated in challenging, difficult environments for nearly two years without a lost time accident. The efforts of our team have made Timberline Drilling a leader in core drilling services in the western United States."
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