COEUR D'ALENE, IDAHO, Jul 12, 2012 (MARKETWIRE via COMTEX) -- Timberline Resources CorporationCA:TBR 0.00% TLR -3.57% (nyse mkt:TLR) ("Timberline" or the "Company") announced today that the Company has received notification from the Montana Department of Environmental Quality (MDEQ) that its application for the required water discharge permit (MPDES Permit) for the Butte Highlands Joint Venture Gold Project is substantially complete. Timberline announced the submission of its initial application in late-March 2012, with subsequent amendments submitted in June.
Timberline CEO Paul Dircksen commented, "Since we assumed day-to-day project management earlier this year, we have made steady progress toward obtaining the water discharge and operating permits at Butte Highlands. This notification from the MDEQ increases our confidence that we will have the MPDES Permit by year-end. Meanwhile, we continue to acquire necessary information to support our Hard Rock Operating Permit application. We believe we are on-track to obtain final permits and to commence gold production at Butte Highlands by mid-2013.
The MDEQ requires all sources of water discharge, such as mine de-watering, to obtain and comply with an MPDES Permit. The goal of the Montana Pollutant Discharge Elimination System (MPDES) program is to control point source discharges of water such that quality in state surface waters is protected.
As announced previously, the initial mine plan at Butte Highlands will target production of approximately 400 to 500 tons per day for the first four years of operation with material direct shipped to a nearby mill. In 2011, Timberline completed a 50,000-foot (15,240-metre) underground drill program which returned intercepts of up to 14.5 feet (4.4 metres) grading 6.77 ounces of gold per ton (231.85 grams per metric tonne). The Company has also completed over 4,000 feet (1.2 kilometres) of underground development and completed construction of essentially all surface facilities for the project. The Butte Highlands Joint Venture is located within a favorable geologic domain that has hosted several multi-million ounce gold deposits including Butte, Golden Sunlight, Montana Tunnels, and Virginia City.
July 12, 2012 (Source: Marketwatch)
Disclosure: Timberline Resources is a Vulture Bargain Candidate of Interest (VBCI) and is our fully fledged Vulture Bargain #4. Members of the GGR team are actively accumulating shares of TLR and continue to hold a speculative long position in the company.