NYSE MKT: TGD • $0.48     TSX: TMM • $0.65     Gold: 1251.67

2012

Timmins Gold intersects new mineralized zone approximately 1 km to the east of the San Francisco pit


November 23, 2012

Timmins Gold Corp. (TSX: TMM, NYSE.MKT: TGD) is pleased to announce that its ongoing drill program continues to extend and expand the mineralization at the San Francisco Gold Mine, located in the State of Sonora, Mexico. The San Francisco Gold Mine is comprised of two pits, the larger San Francisco pit (SF Pit) and the La Chicharra Pit located approximately 1.5 km to the west. A total of 35,455 meters in 148 holes were drilled from July to the end of September, 2012. Timmins Gold is continuing with its ongoing drill program and currently has four reverse circulation rigs and one core drill rig working on site.

San Francisco East Zone Drill Results

Core drilling from July to September has led to the confirmation of a new mineralized zone extending as far as 1 km to the east of the existing limits of the SF Pit (East Zone). Highlights of the assays received from the 4,239 meters drilled in 9 holes at the East Zone include Hole TFD-128 which intersected numerous mineralized zones to a depth of 837 metres. Hole TFD-128 contained intercepts of 4.5 metres of 4.55 grams per tonne (gpt or g/t) gold and 7.5 meters of 2.19 gpt gold. Hole TFD-120 drilled in the same area contained intercepts of 3 metres of 5.86 gpt gold and 6 metres of 2.65 gpt gold. Hole TFD-123 contained intercepts of 3 metres of 3.57 gpt gold and 6 metres of 1.65 gpt gold. Hole TFD-124 contained intercepts of 3 metres of 2.08 gpt gold and 16.5 metres of 0.87 gpt gold. Hole TFD-125 contained intercepts of 6 metres of 1.59 gpt gold and 3 metres of 6.12 gpt gold.

Drilling in the East Zone was designed to test a magnetic high trend which passes through the San Francisco Pit. The magnetic high trend continues for a minimum of two kilometres to the east of Hole TFD-128. Lithologies intersected by the core holes include a conglomerate/breccia containing mineral zones at different elevations. Underlying the conglomerate/breccia is the metamorphic sequence with felsic and mafic gneisses, gabbro, granite and pegmatite. These are essentially the same lithologies found within the SF Pit.

San Francisco South

Limited drilling was performed south of the SF Pit. The drill was moved in September to La Chicharra to follow up on new mineralized zones discovered to the north of the La Chicharra Pit. Highlights of the assays received from the 5,522 meters drilled in 33 holes of reverse circulation drilling to the south of the SF Pit include 6.1 meters of 3 gpt gold in Hole TF-2042, 6.1 meters of 1.979 gpt gold in Hole TF-2043, and 12.19 meters of 1.93 gpt gold in Hole TF-2052.

La Chicharra Drill Results

Highlights of the assays received from the 25,585 meters drilled in 106 holes of reverse circulation drilling at the La Chicharra Pit include 4.57 meters of 15.53 gpt gold in Hole TF-1929, 7.62 meters of 1.19 gpt gold in Hole TF-1967, and 13.71 meters of 1.88 gpt gold in Hole TF-1970.

Results from the recent round of drilling at La Chicharra indicate that the mineralization extends both along strike of the current pit and also that there are at least two parallel mineralized structures immediately to the north of the current pit. The multiple shear zones encountered in and around the La Chicharra Pit give no indication that the limits of the mineralization have been reached.

The tables below highlight the better intercepts from the drilling from July to the end of September:
 

San Francisco East Zone

      Drill Intersections
Drill Hole Number Depth (m) Section Line From (m) To (m) True Width (m) Au g/t
TFD-120 326.2 480 E 115.50 121.50 6.00 2.648
    includes 117.00 120.00 3.00 4.360
    and 132.00 135.00 3.00 1.017
    and 142.50 145.50 3.00 5.860
    includes 144.00 145.50 1.50 10.910
    and 151.50 154.50 3.00 0.209
    and 157.50 160.50 3.00 0.385
    and 169.50 180.00 10.50 0.325
    and 201.00 207.00 6.00 0.182
    and 256.50 258.00 1.50 0.399
    and 262.50 276.00 13.50 0.877
    includes 264.00 265.50 1.50 4.018
    and 295.50 298.50 3.00 0.212
    and 300.00 301.50 1.50 0.195
    and 315.00 316.50 1.50 0.683
    and 325.50 326.20 0.70 0.176
TFD-123 473.2 400 E 15.00 16.50 1.50 0.127
    and 42.00 46.50 4.50 0.213
    and 54.00 55.50 1.50 0.179
    and 93.00 94.50 1.50 0.297
    and 109.50 112.50 3.00 3.570
    includes 109.50 111.00 1.50 6.985
    and 136.50 138.00 1.50 0.200
    and 153.00 163.50 10.50 0.390
    and 172.50 178.50 6.00 1.647
    includes 175.50 177.00 1.50 5.416
    and 192.00 195.00 3.00 0.603
    and 210.00 211.50 1.50 0.343
    and 216.00 219.00 3.00 0.407
    and 222.00 223.50 1.50 0.199
    and 226.50 228.00 1.50 0.206
    and 231.00 237.00 6.00 0.262
    and 313.50 316.50 3.00 0.717
    and 337.50 339.00 1.50 0.319
TFD-124 467.2 300 E 54.00 60.00 6.00 0.670
    and 72.00 79.50 7.50 0.773
    and 114.00 115.50 1.50 0.206
    and 132.00 135.00 3.00 0.189
    and 144.00 145.50 1.50 0.364
    and 160.50 166.50 6.00 0.265
    and 168.00 172.50 4.50 0.629
    and 180.00 183.00 3.00 0.591
    and 201.00 202.50 1.50 0.375
    and 211.50 213.00 1.50 0.391
    and 228.00 238.50 10.50 0.451
    and 258.00 261.00 3.00 2.081
    includes 258.00 259.50 1.50 3.892
    and 298.50 301.50 3.00 1.057
    and 316.50 318.00 1.50 0.519
    and 321.00 324.00 3.00 0.397
    and 342.00 343.50 1.50 1.073
    and 349.50 366.00 16.50 0.873
    includes 354.00 355.50 1.50 2.890
    includes 358.50 360.00 1.50 2.033
    and 369.00 370.50 1.50 0.268
    and 448.50 451.50 3.00 0.197
TFD-125 465.7 300 E 24.00 36.00 12.00 0.327
    and 48.00 54.00 6.00 1.594
    includes 49.50 51.00 1.50 3.364
    and 58.50 63.00 4.50 0.216
    and 66.00 72.00 6.00 0.300
    and 79.50 81.00 1.50 0.193
    and 178.50 180.00 1.50 0.369
    and 183.00 189.00 6.00 0.320
    and 196.50 198.00 1.50 0.533
    and 207.00 208.50 1.50 0.536
    and 222.00 225.00 3.00 0.816
    and 229.50 231.00 1.50 0.240
    and 246.00 258.00 12.00 0.389
    includes 256.50 258.00 1.50 2.232
    and 261.00 262.50 1.50 0.292
    and 331.50 334.50 3.00 0.438
    and 352.50 354.00 1.50 0.162
    and 364.50 367.50 3.00 0.216
    and 376.50 378.00 1.50 0.670
    and 387.00 388.50 1.50 2.522
    and 391.50 399.00 7.50 0.248
    and 408.00 411.00 3.00 0.195
    and 415.50 417.00 1.50 0.216
    and 424.50 426.00 1.50 0.372
    and 451.50 454.5 3.00 6.120
    includes 451.50 453.00 1.50 11.882
TFD-126 491.20 500 E 90.00 102.00 12.00 0.575
    and 109.50 117.00 7.50 0.297
    and 268.50 273.00 4.50 1.768
    includes 270.00 271.50 1.50 2.284
    and 310.50 312.00 1.50 1.925
    and 360.00 361.50 1.50 0.678
    and 367.50 372.00 4.50 0.281
    and 466.50 471.00 4.50 0.404
    and 478.50 484.50 6.00 0.838
    includes 483.00 484.50 1.50 2.300
TFD-128 980.35 300 E 24.00 48.00 24.00 1.102
    and 55.50 60.00 4.50 1.219
    includes 55.50 57.00 1.50 2.279
    and 66.00 72.00 6.00 0.202
    and 84.00 93.00 9.00 0.205
    and 145.50 150.00 4.50 4.549
    includes 145.50 147.00 1.50 2.311
    includes 148.50 150.00 1.50 11.167
    and 201.00 207.00 6.00 0.162
    and 235.50 256.50 21.00 0.289
    and 276.00 279.00 3.00 0.209
    and 348.00 355.50 7.50 2.129
    includes 348.00 349.50 1.50 8.350
    and 360.00 364.50 4.50 0.599
    and 367.50 369.00 1.50 0.319
    and 376.50 378.00 1.50 0.466
    and 381.00 382.50 1.50 2.023
    and 405.00 406.50 1.50 1.605
    and 433.50 436.50 3.00 0.389
    and 448.50 454.50 6.00 0.269
    and 459.00 463.50 4.50 1.300
    includes 462.00 463.50 1.50 2.112
    and 475.50 483.00 7.50 0.235
    and 519.00 523.50 4.50 0.218
    and 537.00 564.00 27.00 0.437
    and 567.00 571.50 4.50 0.405
    and 729.00 742.50 13.50 0.465
    and 769.50 784.50 15.00 0.631
    and 819.00 820.50 1.50 0.750
    and 850.50 853.50 3.00 0.987
    and 856.50 861.00 4.50 0.391
    and 865.50 873.00 7.50 0.374

 

Given the mesothermal (deep-seated) conditions of formation of the San Francisco mineralized system, management considers it not unreasonable that the system could reach very significant proportions, in addition to the open ended limits indicated by the present drilling, in terms of ultimate strike length and depth. The size of the gold mineralization zone, its presence within large shear zones and the continuous nature of the gold within these zones form the basis of management's belief that the ongoing drill program could also lead to a significant increase in the mineral resources at the San Francisco mine and could potentially also lead to the discovery of additional satellite deposits within Timmins Gold's existing land package. The orogenic nature of the deposit may provide the potential for the discovery of high grade feeders at depth.

Strict sampling and QA-QC protocol were followed to ensure the best practices in sampling and analysis of the drill samples. Duplicates, standards and blanks were inserted into the sampling stream at intervals of 25 samples. All assays were performed by Inspectorate Lab and a minimum of ten per cent of the original samples assayed by Inspectorate were sent to other independent labs for check assays. The check assays were cross-referenced and the results verified.

This press release was reviewed and prepared by Lawrence A. Dick, Ph.D., P.Geo, who is a consultant to the Company and is recognized as a Qualified Person under the guidelines of National Instrument 43-101 and by Miguel Soto, P. Geo., a director and the Vice-President of Exploration of the Company. For further information contact Timmins Gold Corp. at 604-682-4002 or go to the website at www.timminsgold.com.

On behalf of the Board:
Bruce Bragagnolo, LLB
Chief Executive Officer
604-638-8980
bruce@timminsgold.com

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) nor the NYSE MKT accepts responsibility for the adequacy or accuracy of this news release.

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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. Such statements include estimates, forecasts and statements as to management's expectations with respect to, among other things, business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, objectives and expectations, including with respect to production, exploration drilling, reserves and resources, exploitation activities and events or future operations. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when, and if, a project is actually developed.

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