COEUR D'ALENE, IDAHO--(Marketwired - Aug 11, 2016) - Timberline Resources Corporation (TLRS)(TSX VENTURE:TBR) ("Timberline" or the "Company") today announced consolidated financial results for its third fiscal year 2016 quarter which ended June 30, 2016. A summary of selected financial results is presented in the following table:
| ($US 000's, except earnings per share) | Quarter Ended June 30, | |||
| 2016 | 2015 | |||
| Consolidated net loss | $(463 | ) | $(682 | ) |
| Consolidated net loss per share, basic and diluted | (0.03 | ) | (0.06 | ) |
| Mineral exploration expenses | 34 | 292 | ||
| Working capital | 741 | 393 | ||
Timberline reported a consolidated net loss of $0.5 million for the quarter ended June 30, 2016, including exploration expenditures of $34 thousand. The Company's exploration expenditures during the quarter continued to be curtailed; however, in June, the Company tripled the original amount of our non-brokered private placement and closed a $1.5 million equity financing which allowed us to initiate a metallurgical and geotechnical test program at Talapoosa in July 2016. The test program was designed to assess the potential to improve heap permeability and enhance gold and silver leach efficiency for the processing of the mineralized material at the Talapoosa gold and silver project in Lyon County, Nevada.
Timberline's President and CEO, Steve Osterberg, commented, "We are pleased to see continued strength in the gold market and the significant support for our financing in May and June. In July, we moved quickly to commence metallurgical and geotechnical testing at Talapoosa in order to further advance the project. We look forward to continuing the advancement and development of our assets."
About Timberline Resources
Timberline Resources Corporation is focused on advancing district-scale gold exploration and development projects in Nevada, including its Talapoosa project in Lyon County where the Company has completed and disclosed a positive preliminary economic assessment. Timberline also controls the 23 square-mile Eureka project lying on the Battle Mountain-Eureka gold trend. At Eureka, the Company continues to advance its Lookout Mountain and Windfall project areas. Exploration potential occurs within three separate structural-stratigraphic trends defined by distinct geochemical gold anomalies. Timberline also owns the Seven Troughs property in northern Nevada, known to be one of the state's highest grade, former producers.
Timberline is listed on the OTCQB where it trades under the symbol "TLRS" and on the TSX Venture Exchange where it trades under the symbol "TBR".