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.
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2016-03-17 01:14:00 PM ET (MT Newswires) |
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09:14 AM EDT, 03/17/2016 (MT Newswires) -- Timmins Gold (TMM.TO) on Thursday reported wider net losses for the fourth quarter of 2015 as gold and silver revenues declined.
The company posted a Q4 net loss of $9.5 million or $0.04 per share, compared with a loss of $3.7 million or $0.02 per share in 2014.
Total revenues from gold and silver dropped to $25.3 million from $30.4 million in the prior year.
"In the fourth quarter, mining operations at San Francisco were negatively affected by greater than expected waste tonnes mined due to block model variability versus forecast," said interim CEO Mark Backens. "We have made adjustments to the model and operating plan and we have already seen a positive difference to date in Q1 2016."
"Due to the recent rise in gold prices, we are evaluating the possibility of mine life extension beyond 2016," Backens added. "In the meantime, we remain on track to achieve 2016 objectives which is to produce between 75,000 and 85,000 gold ounces at a cash cost of $750 to $850 per gold ounce."
For 2015, metals revenues were $109.2 million, compared to $154.1 million during fiscal 2014.
On Jan. 26, 2016, the company finalized an agreement with Sprott Resource Lending Partnership and Goldcorp to refinance a $10.2 million loan.
Timmins owns and operates the San Francisco open pit, heap leach gold mine in Sonora, which provides a base of operations, allowing the company to develop two economically robust growth projects with manageable capital requirements, the Ana Paula and Caballo Blanco gold projects.
TMM shares closed at $0.31 on Wednesday. |
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