Vancouver, British Columbia Timmins Gold Corp. ("Timmins Gold") is pleased to provide an update on operations at its wholly owned San Francisco open pit gold project located in northern Sonora, Mexico.
Timmins Gold has signed a 3.5 year mining contract with Peal de Mexico ("Peal") to provide both mining equipment and personnel for operations. Peal's mining fleet consisting of mostly brand new equipment, required to deliver ore and waste at an average rate of 45,000 tonnes per day, is undergoing mobilization and is scheduled to be on site by the end of November. On completion of mobilization, the major mining fleet will include two Komatsu PC 2000 shovels, one Caterpillar 992 loader, eleven Caterpillar 100 ton trucks and other ancillary equipment.
Peal is a world class mining contractor with headquarters in Spain and mining operations in various countries including Spain, Portugal and Mexico particularly in the State of Sonora where they have established important support infrastructure for open pit mining.
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.
The gold plant is operational and gold is currently being extracted from the pregnant solution. Timmins Gold expects to pour its first gold and silver dore bars in the coming weeks. During steady-state operation, each bar will be comprised of approximately 80% gold and 20% silver by content.
About Timmins Gold -- The San Francisco gold mine has been established on a 42,000 hectare land package that shows strong exploration potential and upon which a significant exploration program is soon to be commenced. In addition, Timmins Gold has over 30,000 hectares of prospective claims in the immediate area. Timmins Gold has assembled other properties in Mexico including the 45,000 hectare Tim claims in Zacatecas immediately adjacent to Goldcorp's Penasquito deposit, the Cocula project, and the high grade Tequila gold project in Jalisco.
Timmins Gold's goal is to utilize future cash flow to expand reserves and production at the San Francisco gold mine, advance its exploration projects and make strategic acquisitions.
Bruce Bragagnolo, LLB
Chief Executive Officer
Vancouver, BC, Canada
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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.