Preliminary production of Timmins Gold Corp registered 25,863 of gold ounces for the quarter. “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.