VANCOUVER – Timmins Gold (TSX:TMM) said Wednesday that revenues increased 95 per cent to $ 27 million in the first quarter as the gold producer increased net profit to $ 5.7 million.
That compared with a net loss of $ 1 million in the same period last year on revenues of $ 13.8 million.
Earnings per share diluted were four cents compared with a net loss of less than a penny per share in the same period last year, the company said in a news release.
Timmins Gold said it produced 16,676 ounces of gold in the quarter ended June 30, a 59 per cent increase, and sold 17,965 ounces of gold. That compared with gold produced and sold during Q1 2010 of 11,319 ounces.
Focused solely in Mexico, the company operates the wholly owned San Francisco gold mine in Sonora state. It has forecast production at a rate in excess of 100,000 ounces of gold per year at a life-of-mine cash cost of approximately US$ 489 per ounce.
Local news from metronews.ca/vancouver
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