COEUR D'ALENE, Idaho, March 11, 2008 (PRIME NEWSWIRE) -- Timberline Resources Corporation (OTCBB:TBLC) today announced an agreement to initiate a management transition at its contract drilling subsidiary, Kettle Drilling, Inc. ("Kettle"). Within the next two months, it is anticipated that Doug Kettle and David Deeds will step down from their positions as President and CEO of Kettle, respectively, to pursue other business opportunities. Mr. Kettle and Mr. Deeds were the owners of Kettle at the time of its sale to Timberline in March 2006 and have maintained their executive positions since that time.
Timberline Executive Chairman John Swallow stated, "During this transition and upon completion of the agreement, we look forward to a smooth and orderly changeover and expect our drilling operations to proceed as normal and without interruption. On behalf of the Board of Directors, I would like to recognize Mr. Kettle and Mr. Deeds for their service to the Company and wish them the best in their future endeavors."
Timberline Resources Corporation is a unique, growth-oriented company that combines positive cash flow from its mine services division with "blue sky" upside from its mineral exploration division. Timberline common stock is quoted on the OTC Bulletin Board under the symbol "TBLC."
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. When used herein, the words "anticipate," "believe," "estimate," "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-KSB for the year ended September 30, 2007. Except as required by the Federal Securities law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements.