Staccato Securityholders Approve Acquisition by Timberline Resources
25 May 2010 - 3:48AM
Timberline Resources Corporation (NYSE Amex:TLR)
("Timberline") is pleased to announce that
Staccato Gold
Resources Ltd. (TSX-V:CAT) ("Staccato") has received
approval from its securityholders for the proposed plan of
arrangement pursuant to which Timberline will acquire all the
issued and outstanding common shares of Staccato.
At the special meeting of Staccato securityholders held on
Friday, May 21, 2010, 98.1 per cent of the securities that were
voted favored the arrangement resolution, approving the proposed
plan of arrangement transaction. The plan of arrangement was more
fully described in Timberline's press release dated March 23, 2010.
Timberline and Staccato expect to obtain all requisite approvals
and remain on track to complete the transaction in early June,
2010. 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 also announced that it has received conditional
acceptance for the listing of its common shares on the TSX Venture
Exchange in Toronto. Upon final acceptance, which is subject
to shareholder and court approval of the plan of arrangement, the
common shares of Timberline Resources Corporation will be listed on
the TSX Venture Exchange in substitution for common shares of
Staccato.
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 the near term. 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".
Statements contained herein that are not based upon current or
historical fact are forward-looking in nature. Such forward-looking
statements reflect the Company's expectations about its future
operating results, performance and opportunities that involve
substantial risks and uncertainties, including but not limited to
the Company's 50/50 joint venture with Highland Mining LLC, the
development and production of the Company's Butte Highlands
project, and the Company's expected operations. When used herein,
the words "anticipate," "believe," "estimate," "upcoming," "plan,"
"intend" and "expect" and similar expressions, as they relate to
Timberline Resources Corporation, or its management, are intended
to identify such forward-looking statements. These forward-looking
statements are based on information currently available to the
Company and are subject to a number of risks, uncertainties, and
other factors that could cause the Company's actual results,
performance, prospects, and opportunities to differ materially from
those expressed in, or implied by, these forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to, such factors,
including risk factors, discussed in the Company's Annual Report on
Form 10-K for the year ended September 30, 2009. Except as
required by Federal Securities law, the Company does not undertake
any obligation to release publicly any revisions to any
forward-looking statements.
CONTACT: Timberline Resources Corporation
Randal Hardy, CEO
208.664.4859
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