Timmins Gold Reports Record Profit From Operations of $19.3 million and Record Earnings Per Share of $0.10 for Q1 2013 Press Release: Timmins Gold Corp. – 3 hours ago
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 2013) - Timmins Gold Corp. (TMM.TO)(NYSE MKT:TGD) (the "Company") is pleased to report its financial results for the first quarter ended March 31, 2013. The comparative period is the three months ended March 31, 2012. All results are presented in United States dollars ("US Dollars") unless otherwise stated. Readers should refer to the 2013 management discussion and analysis and consolidated financial statements for complete information.
FIRST QUARTER HIGHLIGHTS
- Metal revenues were a record $45.9 million, compared to $35.7 million during the same prior year period. This represents a 29% increase over the prior year.
- Profit from operations was a record $19.3 million, compared to $13.0 million during the same prior year period. This represents a 48% increase over the prior year.
- Earnings were a record $14.3 million or $0.10 per share, compared to $5.6 million or $0.04 per share during the same prior year period. This represents a 155% and 150% increase, respectively, over the prior year.
- Cash flows from operations were $21.8 million or $0.15 per share, compared to $13.1 million or $0.09 per share during the same prior year period. This represents a 51% and 67% increase, respectively, over the prior year.
- Cash at March 31, 2013 was $26.9 million after investing $15.0 million in exploration and plant expansion during the quarter. Cash at March 31, 2012 was $18.4 million after investing $5.8 million in exploration and plant expansion.
- The Company produced a record 28,328 ounces of gold and sold a record 28,642 ounces of gold, compared to 21,532 and 21,235, respectively, during the same prior year period. This represents a 32% and 35% increase of ounces produced and sold, respectively, over the prior year.
- The Company's cash cost per ounce on a by-product basis was $703, compared to $715 during the same prior year period. This decrease in cash costs is due to cost reduction initiatives implemented in 2012 including a reduction in mining services cost and a reduction in the cost of chemicals, as well as higher grades realized in the current quarter.
- The drill program for the Gold Property continued in Q1 2013 with a total of 86,023 meters drilled:
- A total of 50,803 meters of drilling were completed in and around the San Francisco open pit gold mine ("the Mine");
- A total of 21,030 meters were drilled on the La Chicharra open pit gold mine ("La Chicharra") located two kilometers west of the Mine; and
- A total of 11,753 meters were drilled in exploration areas around the San Francisco and La Chicharra pits with an additional 2,437 meters of core drilling.
- Significant milestones:
- During March 2013, the Company produced and sold a record 12,457 and 15,396 ounces of gold, respectively, and processed a record average of 19,908 tonnes per day.