Timberline Completes Talapoosa Option Payment

 

COEUR D'ALENE, ID - Timberline Resources Corporation reported that it paid the US$1 million cash payment to American Gold Capital US Inc. (AGC), a subsidiary of Gunpoint Exploration Ltd., in satisfaction of the cash option payment for its Talapoosa gold project in Lyon County, Nevada. The Company will also issue one million shares of the Company's common stock to AGC pending approval by the TSX-V. The cash and stock payments are made pursuant to the terms of the amended option agreement which permits the Company to acquire 100% of the Talapoosa gold project.

The original Option Agreement was amended in October, 2016 to extend the option exercise period until March 31, 2019, thereby allowing exploration and development related expenditures which are expected to further develop the Talapoosa gold project by increasing the gold resource and advancing the project to the feasibility stage.