Timberline Resources (TSX-V:TBR, StockForum), a Coeur d'Alene, Idaho-based company engaged in mineral exploration and development of advanced-stage gold properties in the western United States, released quarter and year-end results with consolidated net losses for both the quarter and the year.
Timberline spent the year in a holding pattern due to difficult market conditions and therefore constrained their exploration in 2013 to gear efforts, in the form of permitting activities, toward the Lookout Mountain Project located in Nevada.
According to the news release, permitting and development continue at the company's Butte Highlands Gold Project, but operations at the project are fully funded by Timberline's JV partner.
The quarter and year in review brought up Timberline's bottom line, but they still reported a consolidated net loss of $1.28 million for the quarter or $0.02 per share versus a consolidated net loss of $2.64 million or $0.04 per share reported in the matching 2012 quarter and a improved consolidated net loss of $3.73 million or $0.06 per share over a consolidated net loss of $7.17 million or $0.08 per share filed in 2012.
Paul Dircksen, president and CEO of Timberline, affirmed the company's recent direction, “During 2013 we were able to advance our projects while reducing expenditures.”
With the Butte Highlands Gold Project receiving a draft operating permit and the JV partner producing the draft Environmental Impact Statement, it is expected that Timberline will secure the final operating permit early 2014. Once that permit is granted, the company intends to convert operations from exploration to gold mining production.
Timberline was in the news recently when the company advanced metallurgical testing at Lookout Mountain.
Shares dropped 15.79% on the news to $0.16 per share.
Currently there are 55.6m outstanding shares with a market cap of $8.9 million.