2013-03-01 21:50:20 -
Vancouver, British Columbia, March 1, 2013 - Investment firm PI Financial has
updated their buy recommendation on Timmins Gold (TSX:TMM) (NYSE-MKT:TGD).
Following a visit to the San Francisco Mine in Sonora State, Mexico, analyst
Philip Ker reiterated his buy recommendation, maintaining his $3.90 target
price, a 73% premium to the $2.26 price the day the report was issued.
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San Francisco is Timmins Gold's flagship property and 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 annum, and begin
targeting 125,000 to 130,000 ounces of gold
Current reserves are estimated at 1,300,000 ounces and the company aims to
develop its past producing La Chicharra pit, which is located just 1.5
kilometres from the San Francisco mine.
Philip Ker stated, "We expect Timmins to achieve over 30% growth to its
production profile in 2013 and delivery of successful operational results remain
the key catalysts going forward."
Timmins currently trades at $2.35, and with 143 million shares outstanding, the
company is capitalized at $336 million.
For more information please visit the company's website www.timminsgold.com, or
contact the company's CEO, Bruce Bragagnolo at 604-638-8980 or email
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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Barry Morgan, CFO
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