On site at present, Timmins Gold's mining and crushing operations are continuing with the available Komatsu shovel and six Caterpillar 100 ton trucks until the full mining fleet arrives. Over 100,000 metric tonnes of ore have been stacked on the heap leach pads and gold leaching has begun.
Expert Comments:
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Philip Ker, PI Financial (2/18/15)
"Timmins Gold Corp. announced a 100% acquisition of Newstrike Capital Inc. for total proceeds equaling ~CA$140M. The acquisition target is Newstrike's flagship Ana Paula project. . .the Ana Paula acquisition is a bold move for Timmins and presents a significant growth scenario for the company that could yield ~170% growth to its production profile to in excess of 325 Koz/year." |
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Ovais Habib, Scotia Capital (2/18/15)
"Timmins Gold Corp. and Newstrike Capital Inc. have entered into a definitive agreement to combine the two companies. . .we see the potential for Ana Paula to contribute meaningfully to Timmins' production profile while helping to reduce per-ounce costs, and believe the company is paying a good price for Newstrike." |
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Joseph Fazzini, Dundee Capital Markets (2/17/15)
"With Timmins Gold Corp.'s San Francisco mine in steady state production and costs likely to rise modestly in the year ahead, future growth would inevitably come from the addition of new assets. Accordingly, the decision to acquire Caballo Blanco came as little surprise: The project offered a reasonable price tag (~$17M of stock and $10M cash) and given its similarities to San Francisco, Timmins was well positioned to leverage its past experiences to construct and commission the asset. . .we considered this to be a positive transaction for the company." |
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Derek Macpherson, M Partners (2/17/15)
"Timmins Gold Corp. has entered into a definitive agreement to acquire all the outstanding shares of Newstrike Capital Inc. . .the agreement implies an enterprise value of ~$131M. . .the deal adds another development asset to the company's portfolio." |
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Charlotte McLeod, Resource Investing News (2/17/15)
"Timmins Gold Corp. was back in full force Tuesday with the announcement that it will be acquiring Newstrike Capital Inc. A definitive agreement will see Newstrike shareholders receive 0.9 of a Timmins common share and CA$0.0001 in cash for each common share of Newstrike that they hold, which equates to CA$1.15/Newstrike common share. . .and indeed, the combined company sounds promising." |
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