COEUR D'ALENE, IDAHO--(Marketwired - Feb. 24, 2017) - Timberline Resources Corporation
(OTCQB:TLRS)(TSX VENTURE:TBR) ("Timberline" or the "Company") has received approval from the Toronto Venture Exchange to
extend the final closing date of Timberline's non-brokered private placement (the "Offering") until March 29, 2017. As
announced on February 17, 2017, the Company has already closed the first tranche of the Offering by issuing 1,945,000 units
("Units") for a total of US$486,250.
The Offering, which was initially announced on January 13, 2017, consists of up to 5 million Units at a price of US$0.25 per
Unit for a total of US$1,250,000, with an over-allotment option to increase the Offering by up to 20%. Each Unit consists of
one share of common stock of the Company and one common share purchase warrant (each a "Warrant") (together the "Securities"),
with each Warrant exercisable to acquire an additional share of common stock of the Company at a price of US$0.40 per share until
the warrant expiration date of January 31, 2020. The Company may accelerate the warrant expiration date if the price of the
Company's common stock closes at or above US$0.90 for twenty consecutive trading days.
The Offering is being completed under Rule 506(c) of Regulation D promulgated by the SEC under the Securities Act of 1933, as
amended (the "Securities Act") solely to persons who qualify as accredited investors and in accordance with applicable Canadian
securities laws. The terms of the Offering also include that the Company will use commercially reasonable efforts to prepare
and file a registration statement under the Securities Act for resale of the shares of common stock and the shares of common
stock underlying the Warrants to the extent allowed by the Securities and Exchange Commission.
The Securities offered in the Offering have not been and may not be registered under the Securities Act or the securities laws
of any state of the United States and may not be offered or sold in the United States absent such registration or an applicable
exemption from such registration requirements. The Securities may be sold only to "accredited investors" (as defined in Rule
501(a) under Regulation D of the Securities Act), which for natural persons, are investors who meet certain minimum annual income
or net worth thresholds. The Securities are being offered in reliance on the exemption from the registration requirements of the
Securities Act provided by Rule 506(c) and the Company is not required to comply with specific disclosure requirements that apply
to registration under the Securities Act. The United States Securities and Exchange Commission has not passed upon the merits of
or given its approval to the Securities, the terms of the Offering, or the accuracy or completeness of any Offering
materials.
About Timberline Resources
Timberline Resources Corporation is focused on advancing district-scale gold exploration and development projects in Nevada,
including its Talapoosa project in Lyon County where the Company has completed and disclosed a positive preliminary economic
assessment. Timberline also controls the 23 square-mile Eureka project lying on the Battle Mountain-Eureka gold
trend. At Eureka, the Company continues to advance its Lookout Mountain and Windfall project areas. Exploration
potential occurs within three separate structural-stratigraphic trends defined by distinct geochemical gold
anomalies. Timberline also owns the Seven Troughs property in northern Nevada, known to be one of the state's highest grade,
former producers.
Timberline is listed on the OTCQB where it trades under the symbol "TLRS" and on the TSX Venture Exchange where it trades
under the symbol "TBR".
Forward-looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute
forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results,
performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited
to statements regarding the total amount to be raised, pricing, anticipated timing for the closing of additional tranches of the
financing and other terms of the Company's private placement offering of Common Stock, composition or terms of the Warrant,
completion of a second tranche of the Offering, exercise of over-allotment option, acceleration of the warrant expiration date,
the use of proceeds, filing or bringing effective a registration statement, payment of finder's fees or consulting fees,
advancement of projects, and exploration potential. When used herein, the words "anticipate," "believe," "estimate,"
"upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to Timberline Resources Corporation,
its subsidiaries, 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, risks related to changes in the Company's business resulting in changes in the use of proceeds,
and other such factors, including risk factors discussed in the Company's Annual Report on Form 10-K for the year ended September
30, 2016. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to any
forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.