Jul 14 2016
Timmins Gold Corp. is pleased to report preliminary production results for the Company's second quarter ended June 30, 2016. The Company achieved production of 25,863 gold ounces for the quarter.
Three Months and Six Months Ended June 30, 2016
| |
2Q 2016 |
2Q 2015 |
1H 2016 |
1H 2015 |
| Ore Processed (Dry t) |
1,939,567 |
2,252,591 |
3,943,278 |
4,327,379 |
| Average Grade Processed (g/t Au) |
0.60 |
0.53 |
0.61 |
0.53 |
| Low Grade Stockpiled (t) |
0 |
47,446 |
3,966 |
159,652 |
| Average Grade Stockpiled (g/t Au) |
0.00 |
0.28 |
0.24 |
0.26 |
| Waste Mined (t) |
3,729,153 |
7,151,798 |
8,437,814 |
13,149,695 |
| Total Mined (t) |
5,577,828 |
9,270,013 |
12,285,809 |
17,354,241 |
| Strip Ratio |
2.02 |
3.38 |
2.19 |
3.13 |
| Gold Produced (oz) |
25,863 |
22,869 |
50,983 |
47,023 |
| Silver Produced (oz) |
14,884 |
13,041 |
29,555 |
28,350 |
| Gold Sold (oz) |
26,474 |
22,869 |
51,141 |
47,023 |
| Silver Sold (oz) |
14,884 |
13,041 |
29,555 |
28,350 |
| Days |
91 |
91 |
182 |
181 |
| Average Ore Processed (t/d) |
21,314 |
24,754 |
21,666 |
23,908 |
| Average Total Mined (t/d) |
61,295 |
101,868 |
67,504 |
95,880 |
| Realized Gold Price |
$1,232 |
$1,216 |
$1,201 |
$1,218 |
"We are very pleased with our operating performance during the quarter and year to date," stated Arturo Bonillas, President of the Company. "Gold ounces produced this quarter increased by 13% over the same period last year. Production for the quarter exceeded expectation due to the pit yielding more tonnes at a higher grade with a lower strip ratio than plan. We have successfully implemented multiple cost reductions this year (including mine-site G&A, mining and cyanide cost reduction), and we will continue to look to drive costs lower and increase operational efficiencies."
"The Company is evaluating various mine plans for the continuation of operations beyond 2016," stated Mark Backens, Interim CEO. "Given the current gold price the prospects to extend mine life at acceptable operating margins at San Francisco are good."
During the quarter the Company successfully repaid its secured debt to creditors Sprott Resource Lending Partnership and Goldcorp Inc. for $10.2 million and to the Lundin Group for C$2.0 million and thereby removing all security on our assets.