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Monday, 4 March 2013
PI Financial analyst reiterates “buy” rating for Timmins Gold after visit to San Francisco mine
Timmins Gold (TSE:TMM) (NYSE MKT:TGD) is expected to achieve “over 30-per-cent growth to its production profile in 2013 and delivery of successful operational results remain the key catalysts going forward”, according to analyst Philip Ker of PI Financial.
The analyst on Saturday reiterated its “buy” recommendation and maintained his $3.90 target price on Timmins Gold, a 73-per-cent premium to the $2.26 price the day the report was issued, following a visit to its flagship San Francisco mine in Sonora State, Mexico.
Timmins Gold said that following the research notes, InvestmentPitch.com produced a "video news alert" about the company.
The company’s San Francisco mine produced 94,444 ounces of gold in 2012 from its open-pit heap leach operation, and Timmins Gold said in a recent release that the company is presently “aggressively expanding” its crushing circuit in order to bring throughput up to 30,000 tonnes per year, and begin targeting 125,000 to 130,000 ounces of gold production.
Current reserves are estimated at 1.3 million ounces, and the company said it aims to develop its past producing La Chicharra pit, which is located just 1.5 kilometres from the San Francisco mine.