Thursday, 27 September 2012

Timmins Gold beefs up management team with addition of Taj Singh

Timmins Gold Corp. (TSE:TMM) beefed up its management team after recruiting professional engineer Taj Singh, the company said Thursday. 
Singh, a former mining analyst at Macquarie Capital Markets in Toronto, will now serve as vice president of business development.  
He has a bachelor of applied science and engineering from the University of Toronto, and also has more than 10 years of experience in the mining sector at Inco and CVRD/Vale. 
In addition, Singh's industry background also includes operations and development projects in Canada, Brazil, Indonesia and New Caledonia.   
Singh's appointment comes on the heels of the recent addition of Keith Peck, who was brought on as an independent member of the board of directors. 
Peck is chief executive and chairman of Lincoln Peck Financial, a financial advisory firm focused on the resource sector. 
He has over 27 years worth of investment banking experience. This includes vice president and director of RBC Dominion Securities. Peck holds a business of administration in economics.
"We are extremely pleased with the addition of Taj Singh to the team," Timmins Gold CEO Bruce Bragagnolo said in a statement.
"It's rare to find his combination of technical expertise and finance experience. Timmins Gold will benefit from his addition as we look to grow the company."
Last month, the gold miner announced fiscal second-quarter revenues went up 41 per cent thanks to record gold production. 
Timmins posted earnings of $6.2 million or four cents per share, compared with the year-ago profit of $5.7 million or four cents per share. Its quarter ended June 30.
Metal revenues were $38.2 million, up 41 per cent from $27 million during the same period a year earlier.  
The company produced a record 23,203 ounces of gold, up from the 16,676 gold ounces it had produced last year. It sold 23,499 gold ounces compared to 17,965 gold ounces sold previously. 
Gross margin narrowed to 47.3 per cent from 55.7 per cent, as the cost of sales edged higher.
Focused solely in Mexico, Timmins Gold is in commercial gold production at its wholly owned San Francisco gold mine in Sonora, Mexico. 
The mine is an open pit heap leach operation. Timmins has forecasted production at a rate in excess of 100,000 gold ounces per year.
Timmins stock closed Wednesday at $2.62. Shares of the gold miner have risen 34.36 per cent since January.

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