Shane Nagle, National Bank Financial (11/23/12) "Timmins Gold Corp.'s drilling in the East zone from July to September has intersected an average of 4.8m grading 0.72 g/t. . .core results confirm similar lithologies to those found within the San Francisco pit along a magnetic trend that continues for at least 2 km to the east of the current pit. . .near-mine exploration potential continues to support our $4 target price and Outperform rating."

Brian Szeto, Stonecap Securities (11/22/12) "Timmins Gold Corp. has announced the results from new metallurgical test work for its 100%-owned San Francisco mine located in Sonora, Mexico. . .at San Francisco, the column testing results indicated an average gold extraction of 71%. . .we anticipate that the company will continue to assume recoveries of 68.6% in its new mine plan, which is expected to be announced in Q1/13. . .going forward, we would like to see stabilization in gold recoveries quarter over quarter. We believe that these latest results suggest that this is a definite possibility."