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Timberline Resources Corporation Message Board

  • rswalser rswalser Dec 12, 2009 6:52 PM Flag

    TLR tax lien

    While I agree TLR has potential that is only IF

    1. they find the deposit is commercially viable and

    2. They can get a permit to mine and

    3. The grade holds and

    4. They have sufficient cash to get through 1 to 3.

    I do worry about #4 with these guys as they have a large unpaid federal tax lien on all their equipment which would pretty much put them out of business if they are unable to keep up the payments. They would not have to increase their burn rate by much to court disaster before they ever get to actually mine an ounce.

    I own some of the company but investors should keep in mind this investment has more than a usual share of risk, even for a penny stock.

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    • Updates......??

    • Amigo, From TLR's statements they claim to know the approximate size of the deposits so isn't this really a no-brainer? What can go wrong other than the price of gold dropping to $250?

    • thats a 10,000 ton sample, not 10 ton!

    • Gorgol,

      TLR has to drive the decline first .... several thousand feet into the mountain to actually reach the deposit targets.

      From the decline, TLR will establish some underground drill stations to punch a few more holes from underground trying to further define the deposit.

      At that point TLR will take the sample.
      Amigo Mike

    • Any idea why it would take so long to obtain that sample?

      I admit I am not aware of what is involved in obtaining a 10 ton sample of ore. But q3 of 2010 seems a ways out (assumption : calender q3 as in next fall).

      Can anyone explain what is involved? Perhaps, there is some trial and error? eg : "bore and get sample". opps! nothing here, lets try another one. (repeat)

      gorg

    • they are hoping to get a 10,000 ton sample mined by 3rd qtr of 2010. I believe they then hope they can secure a permit for the mine by early to mid 2011 if the sample "proves" up the mine.

    • When do you think production will start?

    • Commodity,

      I don't have that info .... however I don't believe it to be a significant amount of money. Might be different if minerals are found in those new claims though.

      Amigo Mike

    • Hello rswalser: A federal tax lien? How much are the payments and when is the lien due? Could you give us on the board some more information and where to look for that information? It was my understanding that TLR would go to production with SMD providing the funding for further exploration and development.

      • 1 Reply to milehighguy58
      • Typical fear mongering BS plus just leaving out the most basic information.

        So you can read the 10K filed the other day. Of course this is OLD NEWS. Its been known since MAY.

        From the 10K:
        "We have been assessed penalties for payroll taxes at Timberline Drilling for the late payment of payroll taxes from the period of October 1, 2007 through May 15, 2008.

        We have received notice from the Internal Revenue Service (“IRS”) that Timberline Drilling has been assessed late filing penalties for payroll taxes not paid on a timely basis during the period from October 1, 2007 through May 15, 2008. We have confirmed that the IRS has now assessed all penalties for the late payment of payroll taxes for all quarterly periods prior to December 31, 2008 and no additional penalties will be assessed against Timberline Drilling relating to unpaid payroll taxes. We have made timely payments on all payroll taxes since May 15, 2008 and have been paying down the unpaid balance of penalties and interest by $50,000 per month from August 10, 2008 through February 2009 and $10,000 per month from April through November 2009, with monthly payments to continue until the outstanding balance is repaid.


        We have negotiated tacit approval to a payment plan with the IRS relating to the balance of approximately $420,000 in interest and penalties owed by Timberline Drilling on the late payment of payroll taxes. Currently, Timberline Drilling’s assets are subject to a tax lien until all interest and penalties assessed by the IRS are satisfied. If we fail to comply with the negotiated payment plan or are otherwise unable to pay the interest and penalties owed to the IRS, the IRS could force the sale of certain assets of Timberline Drilling to satisfy the interest and penalties due."

        The original liability was $1 million. However TLR sold 4 unused drill rigs for $1 million. Once the sale was completed, the IRS was paid.

        Did not Timberline just raise $3 million ???? Timberline could pay that off TOMORROW if they wanted.

        Thanks for the wonderful cautionary note.
        Amigo Mike

 
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