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Market: TSX-V
Sector: Gold Mining
Epic: .TMM
News: Latest news
Web Site: Timmins Gold Corp
Other Articles: 29-01-201010-12-200907-12-2009

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Monday March 15, 09:01China's growth boosting commodity prices

The latest economic figures from China have put pressure on the dollar and boosted a number of high-yielding currencies, including the Australian dollar and the South African rand.

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Timmins Gold Corp

Timmins Gold Corp

Timmins Gold Corp is engaged in the exploration and development of gold projects in Mexico. The company aspires to become a senior gold production and development company and has an aggressive development and acquisition plan to take the Company into production in late 2008. With a pre-feasibility report complete on its "flagship" San Francisco property in Sonora Mexico, Timmins is moving towards a minimum annual 80,000 ounces of gold production.

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Friday, January 29, 2010

Timmins Gold completes US$15 million financing with Sprott Asset Management

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Timmins Gold (TSX-V: TMM) has closed its financing with Sprott Asset Management (TSX: SII), for US$15 million in Senior Secured Notes. Timmins Gold will use the additional capital to pay US$3.5 million in existing debt and to pay for existing equipment and general working capital for operations at Timmins Gold's San Francisco gold project in Sonora, Mexico.


Timmins will repay the capital in 12 equal monthly instalments starting in August, 2010. Each payment shall be equal to the value at the time of payment of 1,667 ounces of gold (20,004 ounces total). Timmins Gold has also guaranteed a minimum rate of return of 15% per annum.  Sprott Asset Management will also receive 3 million warrants with an exercise price of C$0.80 per share which can be exercised over a period of 2 years.


Timmins Gold is currently ramping up to full commercial production at the mine, which is a past-producing open pit heap leach operation from which Timmins Gold has projected production at a rate in excess of 80,000 oz of gold per year. Initial capital costs of mine development are estimated at US$33.8 million, sustaining capital costs at US$12.7 million for total cash operating costs of US$412 per oz of gold.


The San Francisco gold mine is situated on a 42,000 hectare land package. The mine’s total resource currently stands at 5.35 Mt (million tonnes) grading at 0.91 g/t (grams per tonne) of gold for 157,000 ounces in the measured category, 22.65 Mt grading 0.78 g/t gold for a total 560,000 ounces in the indicated category for a total measured and indicated resource of 0.72 million ounces. The inferred resource amounts to 2.51 Mt grading 0.79 g/t of gold for 63,500 ounces.

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