Timmins Gold

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.

over 8 years ago

Reiterates 2016 Production Guidance

2016-05-13 08:04:00 AM ET (MT Newswires)

08:04 AM EDT, 05/13/2016 (MT Newswires) -- Timmins Gold (TMM.TO) Friday reported wider losses for Q1 2016 as revenues declined. But the company also said it remains on track to achieve its annual production guidance.

Losses were $10.7 million, or $0.03 per diluted share, compared to last year's $710,000, or nil per share. The Thomson Reuters forecast was for nil per share. The loss came after metal revenues fell year-over-year to $28.6 million from $29.5 million.

During the quarter, the company sold 24,667 ounces of gold and 14,671 ounces of silver compared to 24,155 and 15,309 respectively a year earlier. The company is confident it will achieve its 2016 guidance of 75,000 to 85,000 gold ounces with cash costs of approximately $750 to $850 per gold ounce sold.

Wednesday, Timmins entered into a definitive agreement with Candelaria Mining Corp. to sell 100% of its interest in the Caballo Blanco Gold Project in Veracruz, Mexico for cash consideration of US$12.5 million and the assumption of the US$5.0 million contingent payment.