Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
Timmins Gold Corp. (TSX:TMM) is pleased to report preliminary production results for the first quarter ended June 30, 2011. The Company sold 17,965 gold ounces during the quarter. This represents a 59% increase in gold sales over the first quarter of fiscal 2011. The Company produced 16,676 gold ounces and 9,089 silver ounces during the quarter.
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Category April - June 2011 April - June 2010 % Change
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Ore (Dry tonnes) 1,648,230 905,296 82%
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Average Grade (g/t Au) 0.762 0.7180 6%
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Waste Mined 4,239,138 4,077,568 4%
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Total Mined (tonnes) 5,887,368 4,982,864 18%
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Strip Ratio 2.57 4.50 - 43%
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Processed Ore 1,239,075 905,296 37%
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Average Grade Processed
Ore (g/t Au) 0.859 0.718 20%
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Gold ounces Recoverable 22,138 14,145 57%
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Gold ounces Sold 17,965 11,319 59%
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Days 91 91
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Average Ore Processed
(t/d) 13,616 9,948 37%
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Total Mined (t/d) 64,969 54,757 19%
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The Company’s production during the quarter was in line with expectations. During July, the Company tested the expansion of the crushing system to 18,000 tonnes of ore per day and since the beginning of August, the Company is quickly reaching this expected target level.
“We are very pleased with progress to date as we look forward to the benefit from the increased crushing capacity of 18,000 tonnes per day as it will allow the mine to operate at an annual production rate of 100,000 ounces of gold per year. We are also in the process of updating our NI 43-101 mineral resource and mineral reserve estimates which when completed will incorporate approximately 85,000 meters of drilling at the San Francisco mine since last July”, stated Bruce Bragagnolo, CEO of Timmins Gold Corp.
Caution Regarding Forward-Looking Statements
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. 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, Timmins Gold does not intend to update any forward-looking statements to conform these statements to actual results.
About Timmins Gold
Focused solely in Mexico, Timmins Gold Corp. is in commercial gold production at its wholly owned San Francisco gold mine in Sonora, Mexico. The mine is a past-producing open pit heap leach operation. Timmins Gold has forecast production at a rate in excess of 100,000 ounces of gold per year at a life of mine cash cost of approximately U.S. $489 per ounce. (Micon International NI 43-101F1 Technical Report dated November, 2010).
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
