Timberline Resources Corp.(TLR, TBR.V) announced Monday that its joint venture partner, Highland Mining, LLC has sold its 50-percent interest in Butte Highlands JV, LLC or "BHJV" to Montana State Gold Company, LLC or "MSGC", a privately-owned Montana limited liability company.
Timberline Resources stated that Highland Mining will continue to be Timberline's 50-percent joint venture partner at its Butte Highlands Gold Project, with MSGC funding development of the underground gold mine up to the commencement of commercial production. As a result of this sale, Timberline's previously-announced non-binding letter of intent to acquire Highland Mining's interest in BHJV has terminated.
Timberline noted that it will continue to own a 50-percent carried-to-production interest in BHJV, as it has since the inception of the joint venture to develop Butte Highlands.
MSGC has acquired Highland's loan in the amount of approximately $24-million for development costs incurred at Butte Highlands to-date and will fund all remaining mine development costs through to commercial production.
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