PI Financial Corp Updates Buy Recommendation on Timmins Gold - Video Posted on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - May 3, 2013) - PI Financial Corp has issued a corporate update on Timmins Gold (TSX: TMM) (NYSE MKT: TGD). Following results from the company's ongoing drill program at its San Francisco Mine in Sonora State, Mexico, analyst Philip Ker reiterated his buy recommendation, giving a $3.05 target price, a 25% premium to the $2.44 price the day the report was issued.
InvestmentPitch.com has produced a "video news alert" about Timmins Gold based on this research report. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Timmins" in the search box.
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The company announced gold intersect of 72 metres of 1.6 grams per tonne, 15 metres of 4.2 grams per tonne, and 14 metres of 3.2 grams per tonne at the San Francisco Pit.
The San Francisco Gold Mine, Timmins Gold's flagship property, is comprised of two pits, the larger San Francisco Pit and La Chicharra Pit, located approximately 1.5 kilometres to the west.
A total of 28,000 metres in 125 holes were drilled inside, beneath and directly around the San Francisco Pit.
Drilling was designed as infill drilling to both fill in voids in the block model and convert existing previously drilled inferred ounces into the measured and indicated categories.
Philip Ker stated, "We expect an increase of confidence of resources and reserves at San Francisco as a result of the abundant drilling completed since the last mine plan in November 2011"
The company produced 94,444 ounces of gold in 2012 from its open-pit heap leach operation. Presently, management is aggressively expanding its crushing circuit in order to bring throughput up to 30,000 tonnes per day, and begin targeting 125,000 to 130,000 ounces of gold production.
Philip Ker stated, "We expect Timmins to achieve over 30% growth to its production profile in 2013 and delivery of successful and expanding operational results remain the key catalyst going forward."
Timmins currently trades at $2.33, and with 144 million shares outstanding, the company is capitalized at $336 million.
For more information please visit the company's website www.timminsgold.com, or contact Alex Tsakumis, Vice President of Corporate Development at 604-638-8976 or email alex@timminsgold.com.
For more information about PI Financial or to obtain a copy of their research report, contact your nearest PI Financial office. Their branches are listed on their website at www.pifinancialcorp.com.
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