SPOKANE, Wash., Nov. 16, 2005 (PRIMEZONE) -- Timberline Resources Corporation (Pink Sheets:TBLC) announced today that it has completed its initial diamond drill program at the Snowstorm Project in north Idaho's "Silver Valley". In completing the program, Timberline has satisfied its required project funding of $250,000 to earn a 49-percent participating interest in Snowstorm from Hecla Mining Company (NYSE:HL).
The program consisted of 10 holes totaling 4,104 feet, drilled at nine widely-spaced sites along the projected mineralized horizon at depths ranging from 149 to 712 feet. The program was designed as an initial evaluation of the potential for copper-silver mineralization in the upper unit of Revett Formation quartzite within the large project area. In executing the program, Timberline instituted NI 43-101 compliant protocols with drill core photographed, logged and sawed by qualified contractors. Drilling was conducted by M2 Exploration of Coeur d'Alene, Idaho. Assaying is being conducted by Chris Christopherson Inc. of Kellogg, Idaho. Complete results will be released following their interpretation and analysis by Timberline.
Timberline is now compiling a technical report on the Phase I exploration program at Snowstorm, along with a Phase II exploration proposal, for submission to Hecla as required by the earn-in agreement. Following delivery of these items, Hecla will have thirty days to elect to either maintain its 51-percent participating interest or withdraw from the venture and retain a 4-percent net smelter returns (NSR) royalty on any future production from the project.
This press release has been reviewed and approved by Paul Dircksen, a Timberline Director and Qualified Person as defined by NI 43-101.
Timberline Resources Corporation is a mineral exploration company focused on the cost-effective acquisition and exploration of promising mineral properties in the western United States. Timberline's flagship property is the Snowstorm Project in north Idaho's "Silver Valley", where it can earn a 49-percent interest from Hecla Mining Company in a bulk-tonnage stratabound copper-silver target, potentially similar to well-known deposits in western Montana. Timberline has less than 7.3 million shares outstanding and its 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.