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Timmins Gold Corp T.TMM

"Timmins Gold Corp is engaged in acquiring, exploring, developing and operating mineral resource properties in Mexico. It owns and operates the San Francisco open pit and Ana Paula gold project in Guerrero and the Caballo Blanco gold project in Veracruz."


TSX:TMM - Post by User

Post by jeanelliso1on Nov 03, 2015 5:13am
148 Views
Post# 24252743

On the positive side > cash position of $10.4 million

On the positive side > cash position of $10.4 million
  • The Company's cash position of $10.4 million at September 30, 2015 improved in October 2015 by a C$6.0 million private placement of common shares and warrants with Goldcorp Inc. and by sales of 8,178 ounces of gold. The Company has a $10.2 million loan facility maturing on December 31, 2015, and the Company is negotiating with the lender to extend the maturity date over fiscal 2016.
  • The Company produced and sold 23,387 ounces of gold, compared to 26,671 during Q3 2014. The change from prior year is primarily due to the grade of the ore stacked during the preceding quarter (0.53 g/t during Q2 2015 versus 0.64 g/t during Q2 2014).
  • The Company's cash cost per ounce on a by-product basis was $1,026 (all-in sustaining cash cost per ounce on a by-product basis - $1,105), compared to $856 (all-in sustaining cash cost per ounce on a by-product basis - $994) during Q3 2014. This increase in cash costs is primarily driven by the higher amount of waste tonnes being costed to inventory due to the higher strip areas within the pit phases being mined during the current quarter.

SUMMARIZED FINANCIAL STATEMENTS AND OPERATING RESULTS

US dollars (thousands) except where noted Q3 2015 Q3 2014
Gold sold (oz) 23,387 26,671
Silver sold (oz) 10,539 18,800
Metal revenues $26,585 $34,235
Production costs, excluding depreciation and depletion $24,132 $23,142
(Loss) earnings from operations $(230,243 ) $3,914
(Loss) earnings $(180,713 ) $1,567
(Loss) earnings per share, basic and diluted $(0.63 ) $0.01
Cash flows (used in) provided by operating activities $(909 ) $4,819
Total cash and cash equivalents, end of period $10,431 $50,210
Total assets, end of period $147,697 $299,181
Total cash costs per gold ounce on a by-product basis $1,026 $856
All-in sustaining cash cost per ounce gold $1,105 $994
Average realized gold price per gold ounce $1,137 $1,284

Reminder of Q3 2015 results conference call:

The Company's senior management will host a conference call November 3, 2015 at 11:00 am (ET) to discuss the third quarter 2015. Participants may join the call by registering online through a link on the Timmins Gold website homepage www.timminsgold.com and entering the passcode 550368 or by following this link:

https://selfreg-inscriptionauto.confsolutions.ca/webportal/reg.html?Acc=0130510669&Conf=175861

After entering y


Read more at https://www.stockhouse.com/news/press-releases/2015/11/02/timmins-gold-reports-2015-third-quarter-results#xsDie2ik1OLtB6zt.99On
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