Timmins Gold Corp. Reports Production Results for the First Quarter Ended March 31, 2015
Apr 14 15
Timmins Gold Corp. reported production results for the first quarter ended March 31, 2015. For the period, the company achieved production of 24,374 gold equivalent ounces for the quarter. Ore Processed was 2,074,788 (Dry t) compared to 2,122,650 (Dryt). Average Grade Processed was 0.53(g/t Au) compared to 0.76 (g/t Au) a year ago. Low Grade Stockpiled was 112,206 (t) compared to 288,021 (t) a year ago. Average Grade Stockpiled was 0.26(g/t Au) compared to 0.26 (g/t Au) a year ago. Waste Mined was 5,997,897 (t) compared to 5,520,468 (t) a year ago. Gold Produced was 24,155 (oz) compared to 35,413 (oz) a year ago. Silver Produced was 15,309(oz) compared to 26,648 (oz) a year ago.
Timmins Gold Corp. Provides Capital Expenditure Guidance for 2015
Mar 10 15
Timmins Gold Corp. provided capital expenditure guidance for 2015. So budget for fiscal 2015 all CapEx, about $7 million; sustaining CapEx, $2.2 million; Sandvik payments, $1.3 million.
Timmins Gold Corp. Announces Unaudited Consolidated Earnings and Production Results for the Fourth Quarter and Full Year Ended December 31, 2014
Mar 10 15
Timmins Gold Corp. announced unaudited consolidated earnings and production results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported metal revenues of $30.400 million compared to $41.516 million a year ago. Loss from operations was $1.854 million compared to earnings from operations of $9.245 million a year ago. The Company had a loss of $3.7 million, compared to a loss of $4.7 million for the fourth quarter of 2013. Cash flows used in operating activities of $2.726 million compared to $15.243 million a year ago. The main drivers of this change over prior year are a decrease in ounces sold and average realized gold price for the current period resulting in a loss before income taxes of $3.2 million, compared to earnings before income taxes of $9.5 million during fourth quarter of 2013. During fourth quarter, $9.2 million was spent on exploration, sustaining capital, expansion programs and deferred stripping compared to $6.5 million spent in the previous year ago. Adjusted loss and total comprehensive loss was $1.893 million or $0.01 per share compared to adjusted income and total comprehensive income of $4.715 million or $0.03 per share a year ago.
For the full year, the company’s metal revenues were $154.1 million, compared to $160.6 million during fiscal 2013. This represents a 4.1% decrease over the prior year, primarily due to a lower average realized gold price partially offset by an increase in the total ounces of gold sold. Earnings from operations were $22.2 million, compared to $41.1 million during fiscal 2013. This represents a 46.1% decrease over the prior year. This difference was mainly due to the decreased revenues resulting from a lower average realized gold price and an increase in production costs resulting from an increased number of ounces sold decreased grade, record rainfall and higher diesel costs due to increased hauling distances. Earnings and total comprehensive income were $9.2 million or $0.06 per share, compared to $15.3 million or $0.11 per share during fiscal 2013. This represents a 40.1% and 43.6% decrease, respectively, over the prior year. This decrease was mainly the result of lower earnings from operations which was partially offset by a significant decrease in tax expense compared to the prior year. Cash flows provided by operating activities were $33.1 million or $0.20 per share, compared to $52.4 million or $0.36 per share during fiscal 2013. The main drivers of this change over prior year are the decrease in the average realized gold price partially offset by increased ounces sold for the year, resulting in earnings before income taxes of $19.9 million, compared to $40.2 million during fiscal 2013. Expenditures on mineral properties, plant and equipment, exploration and evaluation were $36.293 million compared to $52.572 million a year ago. Acquisition of exploration and evaluation property was $10.820 million. Adjusted income and total comprehensive income was $10.995 million or $0.07 per share compared to $30.288 million or $0.21 per share a year ago.
The company produced 25,007 gold ounces and 16,322 silver ounces during fourth quarter of 2014, compared to 34,164 gold ounces and 21,847 silver ounces during the same prior year period. The company mined a total of 8.4 million tonnes from the mine during fourth quarter of 2014, compared to 7.6 million tonnes during the same prior year period. Dry tonnes of ore mined were 1.9 million tonnes of ore during fourth quarter of 2014, compared to 2.3 million tonnes of ore during the same prior year period.
The company produced 120,023 gold ounces and 85,262 silver ounces during fiscal 2014, compared to 119,655 gold ounces and 68,512 silver ounces during fiscal 2013. The change from prior year is due to a planned decrease in processing grade offset by increased daily crushing throughput. The decrease in processing grade was mainly due to the record rainfall experienced during September 2014. Due to the increased processing capacity, although the processing grade decreased by 24.4%, production increased by 0.3%. The company mined a total of 32.8 million tonnes from the Mine during fiscal 2014, compared to 32.1 million tonnes during fiscal 2013. Dry tonnes of ore mined were 8.8 million tonnes of ore during fiscal 2014, compared to 8.7 million tonnes of ore during fiscal 2013.