Timmins Gold Reports Cash Flow From Operations of $11.5 Million for Q2 2016
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/11/16 -- Timmins Gold Corp. (TSX: TMM)(NYSE MKT: TGD) ("Timmins Gold" or the "Company") is pleased to report its financial results for the second quarter ended June 30, 2016 ("Q2 2016"). The comparative period is the second quarter ended June 30, 2015 ("Q2 2015"). All results are presented in United States dollars ("US Dollars") unless otherwise stated. Readers should refer to the Q2 2016 management discussion and analysis and condensed interim consolidated financial statements for complete information.
"Q2 2016 was a strong quarter operationally as we continue to see the benefits of the mine plan adopted late last year," stated Interim CEO Mark Backens. "Our cash costs for the quarter of $681 per ounce and all-in sustaining cash costs of $761 per ounce were particularly strong and were respectively 30% and 33% lower than the comparable period. We were able to eliminate all of our secured debt to Sprott Resource Lending Partnership ('Sprott'), Goldcorp Inc. ('Goldcorp') and the Lundin Group.
"We are raising production guidance for 2016 from 75,000 - 85,000 ounces to 90,000 - 100,000 ounces, and lowering our cash cost guidance to $750 to $800 per ounce. Due to the higher sustained gold price, we will be continuing operations at San Francisco past 2016. We are in the final stages of the engineering work to determine the optimum mine plan for continued operations. We expect to release full details before the end of this month."
Q2 2016 HIGHLIGHTS
Financial performance
Operating performance
Key developments
The cash proceeds received prior to the period end were used to settle secured debt.
SUMMARIZED FINANCIAL STATEMENTS AND OPERATING RESULTS
Reminder of Q2 2016 results conference call:
The Company's senior management will host a conference call Friday August 12, 2016 at 11am (ET) to discuss fiscal 2016. Participants may join the call by dialing 416-340-2220 or 866-225-2055 (Canada and U.S. toll-free number) or via webcast on link: .
A replay of the call will be available until August 17, 2016, by dialing 905-694-9451 or 800-408-3053 (Canada and U.S.). The passcode is 2825149. A live and archived audio webcast will also be available at .
About Timmins Gold
Timmins Gold is a Canadian gold mining company engaged in exploration, development and production exclusively in Mexico. Its principal assets include the producing San Francisco mine in Sonora, Mexico and the development stage Ana Paula project in Guerrero, Mexico. The Company also has a portfolio of other exploration properties, all of which are located in Mexico.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) nor the New York Stock Exchange MKT accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained herein may constitute forward-looking statements and are made pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. Forward-looking statements are statements which relate to future events including projected production (and estimated cash costs). Such statements include estimates, forecasts and statements as to management's expectations with respect to, among other things, receipt of the requisite approvals for business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, objectives and expectations, including with respect to liquidity, working capital management and to production, possible capital savings and estimates, and continuing operations at the San Francisco Mine.
In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans, "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law, the Company does not intend to update any forward-looking statements to conform these statements to actual results.
Contacts:
Timmins Gold Corp.
Mark Backens
Interim CEO and Director
604-682-4002
604-682-4003 (FAX)
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Datum: 12.08.2016 - 00:34 Uhr
Sprache: Deutsch
News-ID 488769
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contact information:
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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