SPOKANE, Wash., March 8, 2005 (PRIMEZONE) -- Timberline Resources Corporation (Pink Sheets:TBLC) announced today that it has received net proceeds of $195,000 from existing investors who exercised warrants during a limited period in which the warrants were re-priced at $0.40 per share. Funds from the warrant re-pricing will be used for general corporate purposes.
An additional 409,500 warrants, with an exercise price of $0.80 per share, remain exercisable until May 31, 2005. Timberline currently has 6.4 million shares outstanding.
The Company also announced that audited financial statements for the fiscal year ended September 30, 2004, have been posted on the Company's website at www.timberline-resources.com.
Timberline Resources Corporation is a Spokane-based junior mineral exploration company focused on the cost-effective acquisition, exploration, and development of promising mineral properties in the western United States. The Company has acquired an interest in eleven mineral properties in Idaho, Nevada and Montana, and has finalized exploration agreements with Hecla Mining Company for the Snowstorm copper-silver project in Idaho's Silver Valley, and with Sterling Mining Company for four copper-silver prospects located in western Montana.
At the Snowstorm, the Company is currently consolidating its land position and will be conducting further geologic mapping and sampling in preparation for a drill program during the upcoming field season. At Timberline's Olympic Mine project in Mineral County, Nevada, additional mapping and sampling is currently underway to further define drill targets within the large mineralized system found on the property.
Timberline's common stock is quoted on the OTC Market under the symbol "TBLC".
Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on beliefs of management as well as assumptions made by and information currently available to management. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results.