Timberline Resources Corporation (TBLC.OB), a mineral exploration company, announced that the company has signed a non-binding Letter of Intent to acquire Small Mine Development LLC, an underground mine contractor in the United States.
As a result, Timberline Resources Corporation has appointed the founder, the owner, and the general manager of Small Mine Development LLC, Ron Guill, to their board of directors last month. Timberline has also retained Jefferies & Company Inc as an acquisition advisor. Jefferies & Company provides clients with flexible, highly productive underground mining solutions while maintaining a commitment to mine safety.
Specifically, Small Mine Development LLC expects to reach a revenue figure of $100 million this year, attributable to the efforts of their miners at six working mine sites. Small Mine Development also serves such notable clients that include Barrick Gold and Newmont Mining.
The acquisition is still subject to negotiation and execution of binding definitive documents, satisfaction of certain conditions, and approval by the Timberline shareholders. This acquisition should finalize in early 2008.
Let us hear your thoughts below: