The Gold Report
Notable Quotes
"ICG has closed a CA$2.5M flow-through placement." (12/24/15) Integra Gold Corp. - Thibaut Lepouttre, Caesars Report More >
"The exploration upside at MAG's Juanicipio project is substantial." (12/23/15) MAG Silver Corp. - Gwen Preston, Resource Maven More >
"AKG's management continues to deliver on its development milestones." (12/22/15) Asanko Gold Inc. - Nana Sangmuah, Clarus Securities More >
"We are initiating coverage on KDX with a Buy rating." (12/21/15) Klondex Mines Ltd. - Don Blyth, Paradigm Capital More >
"VIT's Eagle is a shovel-ready, fully permitted, prefinanced gold project." (12/17/15) Victoria Gold Corp. - Tom Hayes, Edison Investment Research More >
TMM: Q310 Results Again Demonstrate Improving Economics at San Francisco
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MARC JOHNSON, M Partners
(01/21/2011)
"Timmins' successfully achieved profitability in 2010 at its San Francisco heap-leach gold mine in Sonora, Mexico. The mine continues to ramp toward a production target of >100 Koz. Au per year. Timmins will focus in 2011 on an exploration program to significantly expand reserves and resources with a regional target of 3 Moz. Au within 3 km. of the San Francisco open pit. Timmins released yesterday production results for its third quarter of commercial production ended December 31, 2010, which again demonstrated improving economics at the San Francisco Mine. A total of 20,030 oz Au was sold which was a 28% increase from the previous quarter sales of 15,690 oz. Au. Further highlights include a production rate of 13,282 tpd (previously 11,986 tpd), an average head grade of 0.939 g/t Au (previously 0.817 g/t Au) and a higher strip ratio of 3.7:1 (previously 3.34:1). The production rate is expected to reach 18,000 tpd by July 2011 through the installation in H110 of an additional crusher, screen and carbon leach columns at a cost of $6.14M followed by $4.4M for leach pad expansions beginning in 2012. This excess capacity will be used to process low-grade material averaging 0.31 g/t Au that is currently being mined but stockpiled until later in the life of mine. The LOM cash costs are expected at $489.05/oz. Au and will support the production of over 100 Koz. Au/year." |
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