Timberline Resources (TLRS) 8-K Timberline Enters Agreement to Purchase Butte Highlands Gold Project

Exhibit 10.1

Exhibit B-1 to Asset Purchase Agreement

(Seller’s Schedule of Exceptions)

Section 5.6 – Seller has been advised that it may be liable under Environmental Laws for historical mining activities conducted on the mining claims comprising a portion of the Assets.  Such liabilities have been expressly assumed by Buyer pursuant to this Agreement.