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Message: Announces Closing of First Tranche of Non-Brokered Private Placement
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Announces Closing of First Tranche of Non-Brokered Private Placement

posted on Mar 30, 2009 12:44PM
March 30, 2009
Timmins Gold Announces Closing of First Tranche of Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 30, 2009) - Timmins Gold Corp. (TSX VENTURE:TMM) announces the closing of the first tranche of the private placement announced March 2, 2009. Sprott Asset Management Inc. has purchased a total of 6,250,000 units for gross proceeds of $2,500,000. An 8% cash finder's fee is payable in connection with this closing.

The Company has amended the terms of the private placement. The new terms are that units will be issued at a price of $0.40 per unit. Each unit will consist of one common share and one half share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at an exercise price of $0.60 for a period of one year from closing of the private placement.

The proceeds from the private placement will be used towards completion of the construction of the Company's wholly owned San Francisco Gold Mine in Sonora, Mexico and for general working capital. All securities issued in connection with the private placement are subject to a hold period expiring four months and a day from their issuance.
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