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I read through the Spec sheet and that chip uses little or no power.   It would work fine with batteries. 


Your choice in battery will power 8 LED's for an hour.  Here is how you figure this out:


The spec sheet on the battery says it will supply 160mAh.  Which is mili amp hour.   A typical LED will consume 20 mA.   So if you take the 160 and divide by 20 you get 8 hours.   This means that the battery will supply power to one LED for 8 hours or 8 LED's for one hour.  


This is an over simplification.   The voltage on the battery will drop as it supplies power.   So the effective life will be less.  Most likely those 8 LED's will light up for thirty minutes or so.  


Now add in the chip you want, the low power 555 and it really won't make much difference.  The spec sheet says it consumes 1mA.  


A couple of things to remember:


555 chip:


[list type=decimal]

[*]Voltate in = voltage out.  Resistors will be needed on LED's

[*]Will only provide one blink rate

[/list]


4060:


[list type=decimal]

[*]multiple blink rates

[*]regulates voltage

[/list]


And both chips must have at least 5V to work.   So you will need two batteries in series to give enough voltage.


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