Timmins Gold Signs New Credit Facility Term Sheet
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 20, 2016) - Timmins Gold Corp. (TSX:TMM)(NYSE MKT:TGD) ("Timmins Gold" or the "Company") is pleased to announce that it has signed an indicative term sheet with Sprott Resource Lending Partnership ("Sprott") and Goldcorp Inc. ("Goldcorp"), which outlines the material terms of an amended and restated credit facility that is expected to replace the existing credit facility.
Under the amended and restated terms, Goldcorp would act as co-lender with Sprott in the credit facility and the maturity date of the facility would be extended to June 30, 2016. Additional details of the replacement credit facility will be provided on completion of the facility, which remains subject to the completion of due diligence, the execution of a definitive agreement and satisfaction of the conditions precedent that are customary for a transaction of this nature. Subject to the foregoing, the Company anticipates that the facility will be completed by the end of January 2016.
About Timmins Gold
Timmins Gold has a proven track record of delivering growth and value creation for its investors and is poised to become an emerging intermediate, Mexican-focused gold producer with a portfolio of high-quality production and growth assets all based in Mexico. The Company owns and operates the San Francisco open pit, heap leach gold mine in Sonora which provides a solid base of operations, allowing the Company to develop two economically robust growth projects with manageable capital requirements, the Ana Paula and Caballo Blanco gold projects.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) nor the New York Stock Exchange MKT accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained herein may constitute forward-looking statements and are made pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. Forward-looking statements are statements which relate to future events including projected production (and estimated cash costs). Such statements include estimates, forecasts and statements as to management's expectations with respect to, among other things, receipt of the requisite approvals for business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, objectives and expectations, including with respect to production (including production at Ana Paula and Caballo Blanco), possible capital savings and estimates of pre-production capital at Ana Paula, exploration drilling, reserves and resources, exploitation activities and events or future operations. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when, and if, a project is actually developed.
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