COEUR D'ALENE, IDAHO -- (Marketwire) -- 03/28/13 -- Timberline Resources Corporation (TSX VENTURE: TBR)(NYSE Amex: TLR)(NYSE MKT: TLR) ("Timberline" or the "Company") announces that as a result of a review by the British Columbia Securities Commission ("BCSC"), the Company is issuing the following news release to clarify our disclosure. The issues identified by the BCSC involve disclosure made by the Company that is not compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The Company is retracting certain disclosure made in the Company's news releases, corporate presentations, fact sheets and on the Company's website as detailed further in this news release solely for the purpose of complying with NI 43-101's technical disclosure rules.
Butte Highlands Property, Montana
In certain news releases (including news releases dated April 6, 2011, January 12, 2012 and February 20, 2013); corporate presentations (including one dated June 2012), and other investor relations material (including a fact sheet dated March 2013 posted on the Company's website) with respect to the Butte Highlands Property, the Company disclosed mineral resources; used language implying the results of positive economic analysis; and disclosed resource/reserve estimates which triggered the requirement to file supporting NI 43-101 compliant technical reports. The Company has not filed any such technical reports and various quantity and grade disclosure of exploration targets, mineral resources, mineral reserves and analyses implying commercial viability are not supported by a compliant NI 43-101 technical report.
Also, in certain news releases (including news releases dated April 6, 2011, September 13, 2010, January 12, 2012 and April 10, 2012); corporate presentations (including one dated June 2012) and other investor relations material found on the Company's website (including a fact sheet dated March 2013) with respect to the Butte Highlands Property, the Company:
-- disclosed estimates of quantities and grades of mineralization that were not categorized in accordance with applicable NI 43-101 categories of mineral resources;-- implied the existence of mineral reserves which were not categorized in accordance with NI 43-101 categories and did not include required disclosure such as quantity and grade and key assumptions, parameters and methods for estimates;-- disclosed exploration targets without appropriate cautionary language and implied economic analysis to an exploration target which is not permissible under NI 43-101; and-- used the term "ore" implying technical feasibility and economic viability when quantities of minerals have not been categorized as mineral reserves in accordance with NI 43-101.
The Company retracts all previous quantity and grade estimates, expected production rates, and statements implying results of mineral reserves and economic analysis at its Butte Highlands Project as such previous disclosure is not in compliance with the requirements of NI 43-101 and should not be relied on until they are independently verified and supported by a NI 43-101 technical report.