featured images – custom links

Look at the specified link within the featured-image in the last part of your snippet. You’ll have to update the_permalink() with your custom link, too:

<div class="featured-image">
    <a href="https://wordpress.stackexchange.com/questions/106791/<?php echo esc_url( $more_link ); ?>"><?php print_thumbnail( $thumb, $thumbnail["use_timthumb"], $title, $width, $height, '' ); ?></a>
</div> <!-- .featured-image -->