Vancouver, BC - Timmins Gold Corp. (TSX: TMM, NYSE.MKT: TGD) (the "Company") is pleased to report its financial results for the third quarter ended September 30, 2013. The comparative period is the three months ended September 30, 2012. All results are presented in United States dollars ("US dollars") unless otherwise stated. Readers should refer to the Q3 2013 Management's Discussion and Analysis and condensed interim consolidated financial statements for complete information.
THIRD QUARTER HIGHLIGHTS
SUMMARIZED ANNUAL FINANCIAL STATEMENTS AND OPERATING RESULTS
|US dollars (thousands) unless otherwise indicated||
September 30, 2013
September 30, 2012
|Gold sold (oz)||28,637||25,153|
|Silver sold (oz)||16,228||13,857|
|Production costs, excluding depletion and depreciation||21,471||$17,235|
|Profit from operations||$9,261||$19,166|
|Earnings per share, basic and diluted||$0.03||$0.09|
|Cash flows from operations||$10,668||$15,425|
|Cash flows from operations before changes in non-cash working capital||$13,715||$22,532|
|Total cash, end of period||$14,391||$28,276|
|Total assets, end of period (1)||$260,886||$199,710|
|By-product cash costs per gold ounce||$738||$668|
|All-in sustaining cash cost per gold ounce||$898||$884|
|Average realized gold price per gold ounce||$1,329||$1,660|
(1) Previously disclosed total assets for the quarter ended September 30, 2012 were impacted by the adoption of IFRIC 20. The net impact of ($26,381) comprises a decrease to inventories of ($931,524) offset by an increase to mineral properties, plant and equipment of $905,143.
"Q3 was a record production quarter for the Company with 29,139 ounces of gold produced. We managed to generate some free cash flow during a quarter where he had significant capital expenditures. The expansion of the existing crushing circuit went very smoothly and we are currently seeing the benefit of the resultant increased throughput" stated Mr. Bruce Bragagnolo, CEO of Timmins Gold Corp. "At current gold prices, the Company remains self financed and expects to generate free cash flow for the remainder of the year. The new re/_modules/bCMS/content/forms/source/reserve estimate and mine plan are imminent."
Reminder of Q3 2013 results conference call:
The Company's senior management will host a conference call to discuss Q3 2013 financial results on October 30, 2013 at 10:00 am (ET). Participants may join the call by registering online through a link on the Timmins Gold website homepage www.timminsgold.com and entering the following passcode 845689 or following this link:
After entering your information, you will be given a passcode and pin that you will need to join the conference call on October 30. Participants may join the call by dialing toll free 1-888-789-9572 (Canada and U.S.) or 1-416-695-7806 (International) and entering their personal passcode and pin. A replay of the call will be available after the call until November 5, 2013, by dialing 1-800-408-3053 (Canada and U.S.) or 1-905-694-9451 (International) with the passcode 4685359. A live and archived audio webcast will also be available at www.timminsgold.com.
About Timmins Gold
Timmins Gold is in commercial gold production at its wholly owned San Francisco Gold Property in Sonora, Mexico. The mine is an open pit heap leach operation from which Timmins Gold has projected production of 118,000 ounces of gold in 2013.
On behalf of the Board:
Bruce Bragagnolo, LLB
Chief Executive Officer
For further information:
Alex P. Tsakumis
Vice President, Corporate Development
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. 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.
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 judgement 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.