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Timberline Files Positive PEA on Talapoosa Project in Western Nevada

Timberline Resources Corporation is pleased to announce the filing of a positive Preliminary Economic Assessment, disclosed in the Company's press release dated April 27, 2015, on the Company's Talapoosa project located in western Nevada.

The PEA was prepared by WSP Canada Inc., with technical contributions from Mineral Property Development, Inc., McClelland Laboratories, Inc., Enviroscientists Inc., and DOWL LLC.

The PEA report is available under the Company's profile at www.sedar.com and on Timberline's website at www.timberline-resources.com.

Kiran Patankar, Timberline's President and Chief Executive Officer, commented, "As we noted in our April 27th press release, the PEA development scenario demonstrates robust economics using conservative metals price assumptions and, importantly, fits within the scope of the previously permitted operation. With the filing of the PEA report, our stakeholders can now see the level of detailed analysis that capitalized on Talapoosa's extensive historic engineering and permitting work.

"Two key findings in the PEA further support the Project's low-risk profile. First, Talapoosa has current permits in place for open pit mining and heap leaching operations, including an approved BLM Plan of Operations and a Nevada Reclamation Permit that remain active for the life of the Project. Second, the results of 13 separate metallurgical testing programs conducted between 1981 and 2015 suggest that conventional heap leaching at a relatively fine crush size is the preferred approach for processing mineralized material from Talapoosa. Results from the recent and historic programs provided the basis for the estimated heap leach recoveries used in the PEA.

"The report recommends proceeding with a two-phased work program, including additional metallurgical testing and completion of a Pre-Feasibility Study, with an estimated total cost of US$3.6 million. Based on these positive PEA results, our key priority is to complete the recommended work program and deliver a Pre-Feasibility Study in Q1 2016."

PEA Highlights

  • After-tax NPV5% of $136 million and 39% IRR at $1,150/oz gold price and $16/oz silver price
  • Estimated average annual production of 55,000 oz of gold and 679,000 oz of silver for 11 years
  • LOM all-in sustaining costs of $599/oz gold (net of silver byproduct at $16/oz silver price)
  • Low initial capital requirement of $51 million required to achieve production

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