Timberline Issues Corporate Update
The South Eureka Property encompasses some 15,000 acres and hosts multiple sediment-hosted gold targets in the Battle Mountain/Eureka gold trend, four of which have already been identified by the Company as additional project areas. Before the end of 2010, it is expected that additional targeted drilling will be undertaken to begin testing of other exploration targets and known areas of mineralization.
Butte Highlands Joint Venture, Montana
Timberline is being carried to production and is a 50% joint venture partner in the Butte Highlands Joint Venture, which is located in a prolific gold mining region in southwest Montana known for its world-class deposits. The current status is continued underground development, with underground definition drilling to begin within the next few weeks. For the remainder of 2010 and early 2011, work is to continue on up to 6,700 feet of underground ramps, 60,000 feet of underground core and RC drilling, and a 10,000-ton bulk sample, all of which is being funded by the Company's joint venture partner. Drill results are expected to be released in early 2011.
The required application has been submitted for a Hard Rock Operating permit, and work is continuing on the other associated permits required for the operation. No material permitting obstacles are expected as the project advances toward targeted production. Surface facilities and infrastructure required for development and production are already in place under the Company's exploration permit which has been in place since August 2009.Butte Highlands is targeted to produce gold commencing in Q3/Q4 2011, with the Company's share expected to be approximately 30,000 ounces per annum over the projected mine life. All mine plan information is based on Company internal analysis such that detailed figures are non 43-101 compliant. As part of the current program of work, the Company intends to prepare and file a NI 43-101 Report by the end of June, 2011.
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