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08:04 AM EDT, 05/13/2016 (MT Newswires) -- Timmins Gold (TMM.TO) Friday reported wider losses for Q1 2016 as revenues declined. But the company also said it remains on track to achieve its annual production guidance.
Losses were $10.7 million, or $0.03 per diluted share, compared to last year's $710,000, or nil per share. The Thomson Reuters forecast was for nil per share. The loss came after metal revenues fell year-over-year to $28.6 million from $29.5 million.
During the quarter, the company sold 24,667 ounces of gold and 14,671 ounces of silver compared to 24,155 and 15,309 respectively a year earlier. The company is confident it will achieve its 2016 guidance of 75,000 to 85,000 gold ounces with cash costs of approximately $750 to $850 per gold ounce sold.
Wednesday, Timmins entered into a definitive agreement with Candelaria Mining Corp. to sell 100% of its interest in the Caballo Blanco Gold Project in Veracruz, Mexico for cash consideration of US$12.5 million and the assumption of the US$5.0 million contingent payment.
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