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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000912282-08-001810.txt : 20081224
<SEC-HEADER>0000912282-08-001810.hdr.sgml : 20081224
<ACCEPTANCE-DATETIME>20081224130807
ACCESSION NUMBER:		0000912282-08-001810
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20081219
FILED AS OF DATE:		20081224
DATE AS OF CHANGE:		20081224

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Guill Ronald W
		CENTRAL INDEX KEY:			0001421221

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34055
		FILM NUMBER:		081269895

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		208-388-0591

	MAIL ADDRESS:	
		STREET 1:		2250 EAST GOSSAMER LANE
		CITY:			BOISE
		STATE:			ID
		ZIP:			83706

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Timberline Resources Corp
		CENTRAL INDEX KEY:			0001288750
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				820291227
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	BUSINESS ADDRESS:	
		STREET 1:		101 EAST LAKESIDE AVENUE
		CITY:			COEUR D'ALENE
		STATE:			ID
		ZIP:			83814
		BUSINESS PHONE:		(208) 664-4859

	MAIL ADDRESS:	
		STREET 1:		101 EAST LAKESIDE AVENUE
		CITY:			COEUR D'ALENE
		STATE:			ID
		ZIP:			83814
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>timberline-guill4_120908ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-12-19</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001288750</issuerCik>
        <issuerName>Timberline Resources Corp</issuerName>
        <issuerTradingSymbol>TLR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001421221</rptOwnerCik>
            <rptOwnerName>Guill Ronald W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>967 E. PARK CENTER BLVD.</rptOwnerStreet1>
            <rptOwnerStreet2>PMB 396</rptOwnerStreet2>
            <rptOwnerCity>BOISE</rptOwnerCity>
            <rptOwnerState>ID</rptOwnerState>
            <rptOwnerZipCode>83706</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-12-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5555556</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>.90</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5556556</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Convertible Promissory Note</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-12-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3333333</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2010-10-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3333333</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3333333</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Small Mine Development, LLC</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The reporting person was issued a convertible promissory note for $5,000,000, automatically convertible into 5,555,556 common
 shares of the issuer at a price of $0.90 per share, provided that NYSE Alternext approval is obtained and all other
 contingencies for issuance of the stock are received and the stock is converted on or before December 31, 2008.</footnote>
        <footnote id="F2">The reporting person is the sole owner of Small Mine Development, LLC, the holder of a convertible note in the amount of
 $5,000,000, which can be converted into 3,333,333 common shares of the issuer at a price of $1.50 per share, through October
 31, 2010.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Ronald W. Guill</signatureName>
        <signatureDate>2008-12-24</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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