COEUR D'ALENE, Idaho, Sept. 14, 2007 (PRIME NEWSWIRE) -- Timberline Resources Corporation (OTCBB:TBLC) today announced an updated fourth quarter revenue forecast for its wholly-owned contract drilling subsidiary, Kettle Drilling, Inc. ("Kettle"). For the quarter ending in September 2007, Timberline expects to realize total consolidated revenues of more than $6.5-million, shattering its previous quarterly record by at least 35-percent. Timberline also expects its drilling operations to return to profitability this quarter, and to remain profitable for the foreseeable future. Kettle and its subsidiary, World Wide Exploration, S.A. de C.V. ("World Wide"), specialize in underground drilling services in support of active mining operations and advanced exploration projects.
Timberline CEO Randy Hardy stated, "Our rig count has increased sharply over the last several months and this aggressive growth will reflect in our financial performance, both in the current quarter and throughout fiscal 2008. We anticipate continued organic growth next year, particularly in Mexico, but at a moderated pace, allowing us to focus on cost controls, profitability, and sustainability. Looking ahead to 2008, without accounting for the impact of additional drill rigs or unforeseen operational disruptions, we expect to exceed $30-million in total revenue while achieving consistent profitability."
Kettle and World Wide have active contracts with Newmont Mining, Industrias Penoles, Teck Cominco, Hecla Mining, U.S. Gold, Yukon-Nevada Gold, SNS Silver Corp., Continuum Resources, and Andover Ventures.
Timberline Resources Corporation is a unique, growth-oriented company that combines positive cash flow from its ownership of Kettle Drilling, Inc. with "blue sky" upside from its mineral exploration division. Timberline common stock trades on the OTC Bulletin Board under the symbol "TBLC."
Statements contained herein that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. When used herein, the words "anticipate," "believe," "estimate," "plan," "intend" and "expect" and similar expressions, as they relate to Timberline Resources Corporation, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, such factors, including risk factors, discussed in the Company's Annual Report on Form 10-KSB, as amended, for the year ended September 30, 2006. Except as required by the Federal Securities law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements.