Timmins Gold Corp Edging Up After Mexico Production Update, Strong Showing This Week
Timmins Gold Corp (TMM.TO) has edged up in early trading - so far failing to match the the gains of yesterday, when it gained 15 cents or more than 6% - after announcing preliminary production statistics for its first year of commercial operations for the year ended March 31, 2011, from its wholly owned San Francisco open pit gold mine located in northern Sonora, Mexico.
TMM was trading around the $2.30 mark early on Monday.
Today, the company said it achieved a record quarter of daily production, averaging a total of 13,415 tonnes of ore processed per day for the three months ended March 31, 2011. A total of 18,755 ounces of gold was sold during the three months ended March 31, 2011 for a total of 65,774 ounces of gold sold for the year ended March 31, 2011.
The construction of a new crushing module is scheduled for completion in July, 2011 which will increase crushing capacity to 18,000 tonnes of ore processed per day. The increase in the crushing capacity will allow the ramp up to a targeted production of 100,000 gold ounces per year.
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