Court Approves Plan of Arrangement for Timberline's Acquisition of Staccato Gold Resources
26 May 2010 - 9:45PM
Timberline Resources Corporation (NYSE Amex:TLR)
("Timberline") announced today that
Staccato Gold Resources
Ltd. (TSX-V:CAT) ("Staccato") has obtained the Final Order
from the Supreme Court of British Columbia approving the proposed
acquisition of Staccato by Timberline.
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 and Staccato expect to obtain all
requisite approvals and meet all closing conditions, and they
remain on track to close the transaction on or about June 2,
2010.
Assuming Timberline receives the requisite shareholder approval
for the acquisition on May 28, 2010, Staccato will voluntarily halt
trading of its common shares on the TSX Venture Exchange on Friday,
May 28, 2010 until the Closing Date, and Timberline's shares of
common stock will resume trading on the TSX Venture Exchange in
substitution for Staccato's common shares on June 3, 2010 under the
symbol "TBR".
With the completion of this Arrangement, Timberline will acquire
Staccato's South Eureka property which includes a drill-tested
exploration portfolio and the advanced-stage Lookout Mountain
project, located along Nevada's Battle Mountain/ Eureka trend, and
approximately $5 million in cash.
The South Eureka property is comprised of several projects
included within one of the largest exploration land packages in the
Battle Mountain/ Eureka Trend - approximately 15,000 acres.
The property has identified exploration potential evidenced by
historic workings and gold anomalies throughout the district.
The flagship Lookout Mountain project features a defined section of
mineralized material within a large scale structural corridor and
numerous high-priority targets to test. Timberline's Butte
Highlands Gold Project is funded to production by its joint venture
partner; therefore, Timberline intends to focus its exploration
efforts at Staccato's Lookout Mountain project.
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 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 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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