Key Points in Timmins news releaseAll key personnel including the mine manager, pit superintendent, gold plant superintendent and metallurgical lab superintendent have been hired.
As part of its program to implement the highest standard of social responsibility Timmins Gold has completed the agreement between the local community and the previous operator for the purchase of the land on which the mine is situated.
In July of 2008 Timmins Gold completed a private placement for net proceeds of $18.5 million. The proceeds from this private placement are providing the capital required for the purchase of the new equipment and the balance of the cost of the refurbishment of the primary crusher and the gold plant which were already on site. Timmins Gold is currently reviewing offers for additional capital and working capital requirements.
The San Francisco gold mine is located along the main Pan American highway approximately 150 km north of Hermosillo, in the Northern Mexican State of Sonora. It is a past producing open pit heap leach operation with a gold plant with a capacity in excess of 80,000 ounces of gold per year. The mine is the subject of a pre-feasibility study dated March 31, 2008 prepared by Micon International Limited which supports the economic viability of the mine.