TIMBERLINE RESOURCES CORPORATION AND SUBSIDIARIES (AN EXPLORATION STAGE COMPANY) CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2011		Sep. 30, 2011
CURRENT ASSETS:
Cash and cash equivalents	$ 4,882,796		$ 1,827,896
Receivable from sale of discontinued operations	1,657,625
Prepaid expenses and other current assets	149,847		358,962
Current portion of deferred financing cost with related party, net			15,909
Assets held for sale - current			6,645,359
TOTAL CURRENT ASSETS	6,690,268		8,848,126
PROPERTY, MINERAL RIGHTS AND EQUIPMENT:
Property, mineral rights and equipment, net	12,653,025		12,619,092
TOTAL PROPERTY, MINERAL RIGHTS AND EQUIPMENT	12,653,025		12,619,092
OTHER ASSETS:
Notes receivable	1,350,000
Prepaid drilling services	1,100,000
Investment in joint venture	642,450		642,450
Restricted cash	438,336		438,336
Deposits and other assets	153,094		153,094
Available-for-sale equity security	596,000	[1]	536,400	[1]
Assets held for sale - non-current			8,740,068
TOTAL OTHER ASSETS	4,279,880		10,510,348
TOTAL ASSETS	23,623,173		31,977,566
CURRENT LIABILITIES:
Accounts payable	171,351		419,524
Accrued expenses	67,977		233,417
Accrued payroll, benefits and taxes	46,611		41,820
Accrued interest on convertible note payable to related party			41,667
Convertible note payable to related party			5,000,000
Liabilities held for sale - current			2,855,967
TOTAL CURRENT LIABILITIES	285,939		8,592,395
LONG-TERM LIABILITIES:
Asset retirement obligation	115,500		114,125
Liabilities held for sale - non-current			616,603
TOTAL LONG-TERM LIABILITIES	115,500		730,728
COMMITMENTS AND CONTINGENCIES		[2]		[2]
STOCKHOLDERS' EQUITY:
Common stock	61,224		61,189
Additional paid-in capital	55,371,083		55,317,568
Accumulated deficit	(31,678,445)		(33,210,747)
Accumulated deficit during the exploration stage	(1,078,128)
Accumulated other comprehensive income:
Unrealized gain on available-for-sale equity security	546,000		486,400
TOTAL STOCKHOLDERS' EQUITY	23,221,734		22,654,443
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 23,623,173		$ 31,977,566

[1] Cost $50,000

[2] Note 14