Thursday 8th December 2016

Resource Clips


Posts tagged ‘Timmins Gold Corp (TMM)’

Quarterly records

October 9th, 2012

Gold producers with higher ounces for Q3

by Greg Klein

Next Page 1 | 2

With third quarter results rolling in, some miners are competing with each other to announce record-high gold ounces for their companies. Here’s a look at five companies that released Q3 production numbers on October 9.

Q3 marked a record 32,137 gold ounces for Avion Gold’s TSX:AVR Tabakoto open-pit and underground operation in Mali. That’s an increase from 28,640 ounces in Q2 and the third consecutive quarterly record. The company now expects to exceed its 2012 guidance of 95,000 to 102,000 ounces. Avion produced 91,200 ounces in 2011.

Gold producers with higher ounces for Q3

Liquid gold pours from Nevsun Resources’ Bisha Mine, which produced 98,000 ounces in Q3 2012.

Avion holds an 80% interest in Tabakoto. The company emphasizes that its southern Mali operation had uninterrupted production despite the sectarian violence centred in the country’s north following a March 22 military coup.

The company closed October 9 at $0.88, two cents above the day’s opening price. With a market cap of $390.71 million, Avion’s 52-week high and low are $2.31 and $0.41.

Another Q3 record-setter, St Andrew Goldfields TSX:SAS reported 25,742 gold ounces from three mines in Ontario’s Timmins Mining District. The Q2 total was 23,106 ounces. Q3’s breakdown comes to 13,147 ounces from the Holt underground mine, 5,408 ounces from the Holloway underground mine and 7,187 ounces from the Hislop open pit. All three share the Holt Mill.

Last month the company re-filed documents on Sedar to correct an overstatement of the inferred category for Holt and Holloway. The corrected estimate for Holt shows 1.09 million ounces measured and indicated, and 229,000 ounces inferred. The measured and indicated numbers include proven and probable reserves of 415,000 ounces. Holloway’s corrected estimate shows 110,000 ounces measured and indicated, and 452,000 inferred. M&I includes proven and probable reserves of 31,000 ounces. These figures correct an overstatement of 665,000 inferred ounces for Holt and 44,000 inferred ounces for Holloway.

Nevertheless the company maintains it’s on track to meet 2012 guidance totalling between 90,000 and 100,000 ounces for all three mines.

St Andrew opened October 9 at $0.47 and closed on $0.465. SAS has a market cap of $171.23 million, a 52-week high of $0.65 and a low of $0.305.

Next Page 1 | 2

Timmins reports Mexico San Francisco Gold Project Resource Estimate

March 14th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningTimmins Gold Corp TSX:TMM announced an updated NI 43-101 resource estimate for its San Francisco gold project in Sonora State, Mexico. From the project’s San Francisco and La Chicharra pits it has resources of 1.58 million ounces gold measured and indicated, and 1.35 million ounces inferred.

CEO Bruce Bragagnolo remarked, “This is another important milestone for the company as the updated resources continue to show that the San Francisco mine life will most certainly expand again beyond its current level. Based on the success of this drill program, the company has restarted the drill program at San Francisco and La Chicharra, and anticipates completing an additional 100,000 metres of drilling in this program.”

View Company Profile

Contact:
Bruce Bragagnolo
CEO
604.638.8980

by Ted Niles

Timmins reports Mexico Gold Assays including 5.13g/t over 38.1m

November 1st, 2011

Resource Clips - essential news on junior gold mining and junior silver miningTimmins Gold Corp TSX:TMM announced results from the San Francisco and La Chicharra open pits of its San Francisco Mine in Sonora State, Mexico. Assays include

1.38 g/t gold over 19.8 metres
1.03 g/t over 32 metres
27.75 g/t over 3.1 metres (including 55.27 g/t over 1.5 metres)
1.2 g/t over 29 metres
5.13 g/t over 38.1 metres (including 77.35 g/t over 1.5 metres)
3.78 g/t over 18.3 metres (including 36.77 g/t over 1.5 metres)
1.04 g/t over 32 metres
1.68 g/t over 42.7 metres
1.31 g/t over 29 metres
1.11 g/t over 38.1 metres
1.59 g/t over 39.6 metres
2.73 g/t over 18.3 metres
1.31 g/t over 24.4 metres
3.5 g/t over 13.7 metres
5.97 g/t over 9.1 metres
1 g/t over 100.1 metres
1.29 g/t over 29 metres

The San Francisco Mine has mineral reserves of 780,000 ounces gold and is targetted to produce in excess of 100,000 ounces in 2011. Timmins Gold expects to have an updated NI 43-101 technical report completed in early 2012.

View Company Profile

Contact:
Bruce Bragagnolo
CEO
604.638.8980

by Ted Niles

Small Cap, Big Plans

September 20th, 2011

Otterburn drills Palladium-Platinum in Finland

By Greg Klein

(UPDATE: Effective Sept. 26, 2011, Otterburn Ventures Inc will change its name to Finore Mining Inc. The company’s CNSX trading symbol will change from OTB to FIN.)

Nano-caps—companies with market caps often well below $75 million—”have the greatest potential for outsize performance,” according to Paul Zweng, a Portfolio Manager with Resource Venture Advisors. “You can literally generate 10-times returns with these tiny companies.” Needless to say, there is risk. “That is why you really need to understand the geology, the prospectivity and the management team,” he emphasizes. “Are these people who can husband their money and their resources carefully?”

Following Zweng’s advice, these would be the criteria to evaluate Otterburn Ventures’ recently optioned Läntinen Koillismaa Project (LK) in Finland. A palladium-platinum property with gold, copper and nickel, it’s further advanced than the projects Zweng referred to, despite Otterburn’s nano $14-million cap. LK already has a resource estimate, an experienced drill team, a highly regarded management team and, Otterburn President Steven Green says, plenty of blue-sky potential.

Otterburn drills Palladium-Platinum in Finland

Value for money was what brought Otterburn to Finland and LK. The company pulled out of a venture in Tanzania when drill results turned spotty. “We decided we’d better preserve our cash and look at properties elsewhere,” Green explains. “Shortly thereafter, the opportunity in Finland came up. After the Tanzanian experience, we really wanted to see the stability of the country and the stability of the mining environment. Then on top of that you’re looking for all the usual things related to a potential property—that it’s underfunded but doesn’t have any serious flaws, that politically and environmentally it looks like it has growable mineralization. That’s what attracted us to LK. I went over in mid-July, and what I found were four interesting properties. A good, small, knowledgeable staff was on site; they knew what they wanted to do and why they wanted to do it. It looks like there’s a lot of potential along strike and at depth. It has power, a lot of infrastructure. This is a country that is quite interested in mining. In fact, the local community could actually get involved in funding. There’s a nearby vanadium mine that they’re opening, and the community is actually investing in it. We thought we had a much more attractive place to do business.”

A February 2011 resource by Nortec Minerals estimates 60,332 ounces palladium, 19,492 ounces platinum, 6,497 ounces gold, 4,908 tonnes copper and 3,464 tonnes nickel indicated and 378,263 ounces palladium, 133,007 ounces platinum, 91,279 ounces gold, 63,153 tonnes copper and 40,534 tonnes nickel inferred. The estimate covers just two of LK’s four properties and suggests potential large-tonnage, open-pit mining.

A JV with Nortec came through last August, granting Otterburn the option to acquire up to an 80% interest in LK. The agreement has Otterburn earning the initial 49% by paying Nortec $4.5 million, issuing Nortec $2 million in shares and spending $5 million on the project. As for the additional 31%, Otterburn must pay Nortec $3 million, issue Nortec $1 million in shares and spend $5 million. Otterburn must also issue 400,000 common shares to Nortec and 1.85 million common shares to a third party as a finder’s fee.

Green says that even without the extra financing that Otterburn is now working on, the company has enough cash on hand for up to a year of drilling. The next program starts in November, despite LK’s location 65 kilometres south of the Arctic Circle.

“There are sections in all four properties which are on hard ground; they can be drilled any time of the year,” Green says. “There’s an all-weather highway right in the middle of it, power lines right through the middle of it and a rail head about 40 kilometres south. A two-hour drive along the highway takes you to the city of Oulu, which has the main airport and a seaport leading to the Baltic.”

It looks like we could turn this into a potential operating deposit which would give us revenue. We’re in a stable environment; we’ve got room to grow; and we’ve got a good team in place —Steven Green

Green explains that, apart from drilling, geophysics normally constitute the largest exploration expense, and this is an expense Otterburn won’t face for some time, thanks to the advance work done by Nortec.

As it explores the property further, Otterburn intends to apply for a listing on a more senior stock exchange.

Returning to Zweng’s criteria for a successful nano-cap—”the geology, the prospectivity and the management team”—it’s time to ask whether the company is led by “people who can husband their money and their resources carefully.”

A geologist with over 25 years’ experience, Green has worked for Freeport McMoRan, Noranda, Santa Fe Pacific Gold and Cambior. Most recently, he took charge of geological data for Fronteer’s US operations. With experience in Alaska and northern Canada, he’s undaunted by Finland’s Arctic.

CEO/Director Peter Hughes is co-founder of Pirie Hughes Consulting and has over 25 years of management experience in pharmaceuticals, alternative energy and mineral exploration.

Director David Eaton also acts as CEO/Executive Director of Jayden Resources and Managing Director of the Baron Group, a few highlights of his more than 20 years experience building junior resource companies.

Geological Adviser Lawrence Dick is noted for a number of significant discoveries and holds or has held senior positions with companies including Jayden Resources, Sprott Resource, Golden Fame Resources, Evolving Gold, Timmins Gold and Confederation Minerals.

As if he’s directly addressing Zweng’s criteria, Green sums up the LK Project this way: “We have an interesting platinum-palladium property with gold, copper and nickel. It looks like we could turn this into a potential operating deposit which would give us revenue. We’re in a stable environment; we’ve got room to grow; and we’ve got a good team in place.”

At press time Otterburn had $3.5 million in cash and 38.4 million shares at $0.34 for a $13.1 million market cap.

Disclaimer: Otterburn Ventures Inc is a client of OnPage Media.

Disclaimer: Jayden Resources Inc is a client of OnPage Media.

Timmins reports Mexico Assays including 0.57 g/t Gold over 68.6m

September 2nd, 2011

Resource Clips - essential news on junior gold mining and junior silver miningTimmins Gold Corp TSX:TMM announced results from La Chicharra Open Pit in Sonora State, Mexico. Highlights include 0.57 g/t gold over 68.6 metres, 0.82 g/t over 36.6 metres, 0.53 g/t over 54.9 metres, 0.91 g/t over 29 metres, 0.77 g/t over 30.5 metres and 0.79 g/t over 32 metres.

La Chicharra is two kilometres from the company’s producing San Francisco Open Pit Gold Mine. A 2010 preliminary feasibility study projects San Francisco will produce 100,000 gold ounces a year at a life-of-mine cost of $489 an ounce.

View Company Profile

Contact:
Bruce Bragagnolo
CEO
604.638.8980

by Greg Klein

Timmins reports Mexico Gold Assays including 5.08 gpt over 19.8m

March 18th, 2011

Timmins Gold Corp TSXV:TMM announced results from its San Francisco Gold Mine in Sonora State, Mexico. Assays include 6.98 g/t gold over 6.1 metres (including 12.23 g/t over 1.5 metres), 7.63 g/t over 1.5 metres, 2.04 g/t over 6.1 metres, 17.19 g/t over 3.1 metres (including 25.02 g/t over 1.5 metres), 1.09 g/t over 12.2 metres, 2.11 g/t over 4.6 metres, 23.39 g/t over 3.1 metres, 4.12 g/t over 10.7 metres (including 21.16 g/t over 1.5 metres), 1.33 g/t over 13.7 metres and 5.08 g/t over 19.8 metres (including 38.22 g/t over 1.5 metres).

The San Francisco Property has a mineral resource estimate of 716,800 ounces gold measured and indicated, and 63,500 ounces inferred.

View Company Profile

Contact:
Bruce Bragagnolo
CEO
604.638.8980

by Ted Niles

Timmins reports Mexico Gold Assays up to 14 g/t over 3.1m

February 18th, 2011

Timmins Gold Corp TSXV:TMM announced results from its Norma Property in Sonora State, Mexico. Assays include 14 g/t gold over 3.1 metres (including 27.9 g/t over 1.5 metres), 1.16 g/t gold and 36.4 g/t silver over 13.7 metres (including 3.21 g/t gold and 73 g/t silver over 4.6 metres), 1.02 g/t gold over 4.6 metres, and 0.81 g/t gold and 12.3 g/t silver over 13.4 metres (including 5.47 g/t gold and 33.9 g/t silver over 1.6 metres).

The Norma Property is located 20 kilometres northwest of Timmins’ San Francisco Mine and 40 kilometres southeast of Capital Gold Corporation‘s El Chanate Mine in northern Sonora State.

View Company Profile

Contact:
Bruce Bragagnolo
CEO
604.638.8980

Read More about Timmins Gold

by Ted Niles

Timmins reports Mexico Gold Assays up to 7.51 g/t over 10.7m

February 8th, 2011

Timmins Gold Corp TSXV:TMM announced assays from its San Francisco Gold Mine in Sonora State, Mexico. Results include 3.49 g/t gold over 7.6 metres, 1.15 g/t over 18.3 metres, 2.14 g/t over 12.2 metres, 1.58 g/t over 13.7 metres, 2.05 g/t over 15.2 metres, 3.69 g/t over 9.1 metres, 2.44 g/t over 10.7 metres, 1.46 g/t over 13.7 metres, 1.11 g/t over 15.2 metres, 1.19 g/t over 12.2 metres, 7.51 g/t over 10.7 metres, 1.46 g/t over 21.3 metres and 1.82 g/t over 16.8 metres.

In April 2010, Timmins commenced commercial production at its wholly owned San Francisco gold mine in Sonora, Mexico. Timmins Gold has projected production at a rate of approximately 100,000 ounces of gold per year at a life of mine cash cost of approximately $489 per ounce.

View Company Profile

Contact:
Bruce Bragagnolo
CEO
604.638.8980

Read More about Timmins Gold

by Ted Niles