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Additional Information
Market: TSX
Sector: Gold Mining
EPIC: TMM
Latest Price: 2.91  (-1.02% Descending)
52-week High: 3.34
52-week Low: 1.77
Market Cap: 402.35M
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Timmins Gold Corp
www.timminsgold.com

Timmins Gold Corp. is strategically positioned for continuous growth as a gold production and development company. Focused solely in Mexico, Timmins Gold has begun production at its wholly owned San Francisco Gold Mine in Sonora.

Timmins Gold’s objective is to expand the current reserves and the lifespan of the San Francisco Mine, advance its other gold exploration projects and make strategic acquisitions. The combination of production and advanced exploration positions Timmins Gold for future growth and increased shareholder value.

Full Timmins Gold Corp profile here
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Timmins Gold rallies after posting maiden quarterly results since first production at San Francisco mine

31st Aug 2010, 5:29 pm
Timmins Gold rallies after posting maiden quarterly results since first production at San Francisco mine

Shares in Timmins Gold (TSX-V:TMM) continued their recent impressive run today, climbing 4% to a new 52 week high of $1.96 per shares. The junior gold producer reported its maiden operating and financial results since turning from explorer to producer at its San Francisco gold mine.


For the three month period ended June 30th, the San Francisco mine operated at an average mining rate of 1.7 million tonnes per month and on average 10,059 tonnes of ore were placed on leach pads each day.  For the quarter, Timmins sold 11,299 ounces of gold and 6,696 ounces of silver which generated revenues of $14.3 million and a net profit before tax of $1.9 million. 


Operating costs (excluding depreciation) were US$13.30 per tonne placed on lead pads, or US$920 per ounce produced and sold, net of by products.  On first pass the cost per ounce may appear high, but it is common for mines to operate with higher costs during ramp up.  Looking ahead, Timmins expects cash costs per ounce to reduce to $520 per ounce by year end and average $420 per ounce over the life of the mine.


“During the first six months of this calendar year the Company has made a number of significant improvements to the operating performance and the operating life of the San Francisco Mine,” Timmins stated.


Achievements included a 25% increase in the mineral resources, improved grade control in the pit, and higher tonnes mined per day and placed on the leach pads.

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