Dino's Bar & Grill Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Dino's Bar & Grill

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Goose94 who wrote (16702)	5/12/2016 1:54:46 PM
From: Goose94	Read Replies (2) of 202936

Timmins Gold (TMM-T) May 12, '16 " is pleased to announce it has entered into a definitive agreement with Candelaria Mining (CXX-V) to sell 100% of its interest in the Caballo Blanco Gold Project ("Caballo Blanco") in Veracruz, Mexico for cash consideration of US$12.5 million and the assumption of the US$5.0 million contingent payment. Under the terms of the definitive agreement, Timmins will sell its interest in Caballo Blanco for aggregate consideration of: US$3.5 million in up-front execution payments (US$1.25 million received upon signing, US$2.25 million within 15 business days post signing; the execution payments are non-refundable if counterparty fails to close) US$6.5 million payment upon closing on or before June 24, 2016 US$2.5 million payment at the earlier occurrence of Candelaria receiving permits or June 24, 2017 Candelaria assumes the US$5.0M contingent payment obligation to Goldgroup Mining Inc. "The sale of the Caballo Blanco project for a total consideration of US$17.5 million is a significant event for Timmins Gold," stated Mark Backens, Interim CEO. "The cash proceeds from this sale will strengthen our balance sheet which will enable settlement of our secured debt." Completion of the transaction is subject to customary closing conditions, including approval of the regulatory authorities. About Timmins Gold The Company owns and operates the San Francisco open pit, heap leach gold mine in Sonora. The Company is also focusing on developing the Ana Paula gold project in the Guerrero Gold Belt. Timmins Gold Corp. Mark Backens Interim CEO and Director 604-682-4002 mark.backens@timminsgold.com www.timminsgold.com

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next