March 9, 2017 Vancouver, BC - Timmins Gold Corp. (TSX: TMM, NYSE MKT: TGD) (“Timmins Gold” or the “Company”) reports its financial results for the fourth quarter (“Q4”) and year ended December 31, 2016 (“fiscal 2016”). Production results were previously released on January 11, 2017. All results are presented in United States dollars (“US Dollars”) unless otherwise stated. Readers should refer to the fiscal 2016 management discussion and analysis and audited consolidated financial statements available on the Company’s website or www.sedar.com for complete information.
The Company will host a conference call at 11:00am EST today, Thursday March 9th. Please see details at the bottom of this news release.
FISCAL 2016 HIGHLIGHTS
Commenting on the Company’s performance, Chief Executive Officer, Greg McCunn, said, “2016 was a solid year for the San Francisco mine, which generated sufficient cash flow to fund our work program at Ana Paula and solidify the balance sheet. We are investigating operational improvements to San Francisco which we expect to publish in a new life-of-mine plan in Q2. Mine performance in early 2017 continues to track above the existing life-of-mine plan and we are confident that guidance of 20,000 ounces produced for Q1 2017 and 70,000 to 75,000 ounces for the year will be achieved.”
Q4 and fiscal year 2016 results conference call and webcast:
|Date:||Thursday March 9, 2017|
|Time:||11:00 a.m. ET|
|Live:||1-855-427-9509 (Canada and U.S. toll free)|
|1-201-229-8822 (Outside North America)|
|Replay:||To be available on the Timmins Gold website at www.timminsgold.com.|
SUMMARIZED Q UARTER AND ANNUAL FINANCIAL STATEMENTS AND OPERATING RESULTS
|US dollars (thousands) except where noted||Q4 2016||Q4 2015||Fiscal 2016||Fiscal 2015|
|Gold ounces sold||26,012||22,785||100,480||93,196|
|Silver ounces sold||12,994||13,158||56,417||52,047|
|Metal revenues ($)||30,977||25,310||123,873||109,192|
|Production costs, excluding depreciation and depletion ($)||18,840||26,459||74,717||95,542|
|Earnings (loss) from operations ($)||6,927||(9,453)||37,356||(241,778)|
|Earnings (loss) ($)||5,957||(9,517)||31,783||(190,311)|
|Earnings (loss) per share, basic and diluted ($)||0.02||(0.14)||0.10||(0.77)|
|Cash flows from operating activities ($)||9,993||2,091||34,082||13,290|
|Total cash and cash equivalents, end of period (including restricted cash) ($)||33,877||11,499||33,877||11,499|
|Total assets, end of period ($)||170,843||152,837||170,843||152,837|
|Total cash costs per gold ounce on a by-product basis ($)||716||1,153||734||1,017|
|All-in sustaining cash cost per ounce gold ($)||910||1,289||853||1,144|
|Average realized gold price per gold ounce ($)||1,191||1,111||1,234||1,172|
Technical Information & Qualified Person Notes:
This news release was reviewed and approved by Taj Singh, M.Eng, P.Eng, Vice-President of Engineering and Project Development of the Company, who is recognized as a Qualified Person under the guidelines of National Instrument 43-101.
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.
Timmins Gold Corp.
CEO and Director
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: 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 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.