Timberline Announces Second Quarter 2016 Financial Results

COEUR D'ALENE, IDAHO--(Marketwired - May 16, 2016) - Timberline Resources Corporation (OTCQB:TLRS)(TSX VENTURE:TBR)("Timberline" or the "Company") today announced consolidated financial results for its second fiscal year 2016 quarter ended March 31, 2016. A summary of selected financial results is presented in the following table:

($US 000's, except earnings per share)	Quarter Ended March 31,
	2016		2015
Consolidated net loss	$(413	)	$(1,613	)
Consolidated net loss per share, basic and diluted	(0.03	)	(0.16	)
Mineral exploration expenses	7		498
Working capital	(276	)	950

Timberline reported a consolidated net loss of $0.4 million for the quarter ended March 31, 2016, including exploration expenditures of $7 thousand and a loss of $180,050 on the sale of the Company's 50% interest in the Butte Highlands Joint Venture. The Company's exploration expenditures during the quarter were almost completely curtailed due to the Company's financial condition. Most of Timberline's activities during this quarter were related to seeking financing transactions in order to meet the Company's obligations and advance its properties.

Timberline's President and CEO, Steve Osterberg, commented, "It is satisfying to see the price of gold and gold equities begin to strengthen. This quarter, the sale of our interest in the Butte Highlands joint venture and the accelerated return of certain restricted cash held for bonding at various exploration projects, along with the continuation of significant cost-saving measures, have provided us with sufficient operating cash. For future operating funds, as we announced on May 11, 2016, we have initiated a US$500,000 private placement offering of units of the Company at a price of US$0.15 per unit to persons who qualify as accredited investors. This financing, together with our solid asset base, augmented by our continued efforts to secure the return of additional excess bond funds and other potential transactions, is expected to provide Timberline investors with growing shareholder value as the market turns more positive for junior gold explorers such as Timberline."