Gold Production in Mexico
Targeting 2013 annual production of 118,000 ounces of gold
Message: Marc Johnson, M Partners(02/08/11)
Marc Johnson, M Partners(02/08/11)
| "Timmins released this morning results from 27,240m of drilling (214 holes) from its ongoing drill program that continues to extend and expand the strike length with mineralization at the San Francisco Mine. All holes were drilled to a maximum depth of 130m. . .These results demonstrate that higher grades than the existing resource are being consistently intersected along the outside margins of the existing pit limits in almost every direction. The mine continues to ramp toward a production target of >100 Koz. Au/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 will release details of its 2011 exploration program very soon. We anticipate this will Include stepouts further along the NW-SE trending shear zone toward the former-producing Chicharra open pit ~2 km. NW. . .These results support our view that drilling results could support a global resource of up to 3 Moz. Au by year-end and that the LOM average grade could be increased in future reserve estimates. We are maintaining our BUY recommendation and increasing our 12-month target price to $3.50/share from $3.20/share." |
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