NYSE MKT: TGD • $0.48     TSX: TMM • $0.65     Gold: 1242.62


Timmins Gold Provides 2016 Results

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.


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.”

Financial performance

Operating performance

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)
Webcast: http://edge.media-server.com/m/p/wv9s4te2
Replay:  To be available on the Timmins Gold website at www.timminsgold.com.


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


  1. Non-GAAP Financial Measure - please refer to page 15 of the Company’s Management Discussion and Analysis for more information.

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.
Greg McCunn
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.