The news means a writedown on mining assets this quarterWonder why the CEO has "ceased" as both as a CEO and director? Usually one stays on as a consultant. However it is obvious now that creating a new mine plan along with seeking more capital that current mining is unprofitable and the company is preparing the market for a significant loss
October 06, 2015 10:26 ET
Timmins Gold Corp. Announces Leadership Change
MONTREAL, QUEBEC--(Marketwired - Oct. 6, 2015) - Timmins Gold Corp. ("Timmins" or the "Company") (TSX:TMM)(NYSE MKT:TGD) reports today that Bruce Bragagnolo has ceased to be the Chief Executive Officer and a Director of Timmins, and that Mark Backens has been appointed as Interim Chief Executive Officer of the Company effective immediately. Arturo Bonillas will continue in his role as President of the Company and the Company's lead executive in Mexico.
Mr. Backens has over 30 years of broad based, global mining and finance experience gained while working for Wharf Resources, Placer Dome, Meridian Gold, Macquarie Bank NA and the Bank of Nova Scotia. His background includes exploration, mine engineering, mine operations, feasibility studies, mergers and acquisitions and capital markets. He holds a Bachelor of Science Degree in Geological Engineering from the South Dakota School of Mines and is a Professional Geologist. Mr. Backens joined the Board of Directors of Timmins as a result of the merger with Newstrike Capital Inc. completed in May 2015.
Mr. Anthony Hawkshaw, the Chair of the Finance Committee, will also provide consulting services to the Company in its efforts to improve its financial position and seek new capital for project developments.
Timmins would like to thank Mr. Bragagnolo for his contributions during his tenure as Chief Executive Officer and Director.
"The Board of Directors intends to work actively with Mr. Backens to implement a cash containment program and to strengthen the Company's balance sheet to position Timmins to capture significant returns with an improved gold market," said Mr. Coates.
In conjunction with the release of its third quarter financial results, Timmins intends to provide an updated mine plan which reflects the current market conditions. In accordance with International Financial Reporting Standards ("IFRS"), the Company is reviewing the carrying value of its assets and anticipates that it will incur a significant impairment charge in its quarterly financial results for the period ending September 30, 2015.