Posted in | Gold | Mining Business

Mesa Achieves Production of 25,863 Gold Ounces in Q2 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.

Source: http://www.timminsgold.com/

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