Timmins Gold Reports Financial Results for its Second Quarter Ended September 30, 2011

Revenue for Q2 2012 Increases 44% Over Q2 2011

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/09/11 -- Timmins Gold Corp. (TSX: TMM) (NYSE Amex: TGD) is pleased to report its second quarter ('Q2') ended September 30, 2011 financial results. All results are presented in United States dollars ('US Dollars' or 'USD') unless otherwise stated. The Company is changing its year end from March 31 to December 31, and will report Q3 results as year ended and nine months ended results to December 31, 2011.


Q2 2011 HIGHLIGHTS

--  Metal revenues in Q2 2012 were $28.2 million, compared to $19.6 million
    in Q2 2011. This represents a 44% increase over the prior year.

--  Profit from operations was $10.3 million in Q2 2012, compared to $7.9
    million in Q2 2011. This represents a 31% increase over the prior year.

--  Cash flows from operations increased to $7.3 million in Q2 2012,
    compared to cash flows from operations of $4.6 million in Q2 2011. This
    represents a 59% increase over the prior year.

--  The Company produced 17,287 ounces of gold and sold 16,917 ounces of
    gold during Q2 2012, compared to gold produced and sold during Q2 2011
    of 15,682 ounces. This represents a 10% increase in gold production over
    last year.

--  The Company's cash cost per ounce in Q2 2012 was $600 ($574 for the six
    months ended September 30, 2011), compared to a cash cost per ounce in
    Q2 2011 of $515 ($589 for the six months ended September 30, 2010).

--  In September 2011, the Company announced an updated NI 43-101 reserve
    and resource estimate for the San Francisco Gold Project. The new
    estimate contains 1,330,000 proven and probable reserve ounces,
    1,441,000 total measured and indicated resource ounces and 1,005,000
    inferred resource ounces. This represents 71%, 46% and 383% increases,
    respectively, over the previous estimate.

--  Completion of crushing facility expansion from 14,000 tonnes per day
    ('t/d') to 18,000 t/d.

--  In July 2011, the Company closed the issuance of 25,205,090 special
    warrants. In August 2011, these 25,205,090 special warrants were
    exercised. This was a non-dilutive event as no common shares of the
    Company were issued; the special warrants facilitated the sale of the
    Company's common shares held by a third party. The Company did not
    receive any proceeds from this transaction and did not issue any shares

SUMMARIZED INTERIM FINANCIAL STATEMENTS AND OPERATING RESULTS

                                         Quarter ended        Quarter ended
                                    September 30, 2011   September 30, 2010
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Gold ounces sold                                16,917               15,682
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Metal revenues                             $28,248,994          $19,562,230
Production costs, excluding
 depletion and depreciation                $10,155,428           $8,074,467
Profit from operations                     $10,333,849           $7,897,971
Net income (loss)                           $3,596,399            $(803,714)
Net income (loss) per share                      $0.03               $(0.01)
Net income (loss) per share,
 diluted                                         $0.03               $(0.01)
Cash flow from operations                   $7,262,371           $4,563,735
Total cash                                  $6,988,376           $3,848,555
Total assets                              $150,276,191          $98,552,179
Cash dividends declared                           $Nil                 $Nil
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Total cash costs per gold ounce                   $600                 $515
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Average realized gold price per
 ounce                                          $1,702               $1,227
---------------------------------------------------------------------------

'The Company is focused on continued operational improvements on a quarter over quarter basis. We have implemented several modifications to the mine as a result of the expansion to 18,000 tonnes per day of ore such as increasing the irrigation capacity and solution flow to the heap leach pads as a result of the expansion' stated Mr. Bruce Bragagnolo, CEO of Timmins Gold Corp. 'We expect to see the benefits of the modifications in this quarter, continuing in the first quarter of 2012 and beyond. The Company continues to focus on organic resource and reserve growth at San Francisco and La Chicharra, and has been drilling at a rate in excess of 20,000 metres per month. The Company continues to realize current gold prices while generating strong operating cash flow on a quarter over quarter basis to internally fund all corporate initiatives.'


About Timmins Gold

Focused solely in Mexico, Timmins Gold Corp. 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 Gold has forecast production at a rate in excess of 100,000 ounces of gold per year. (Micon International NI 43-101F1 Technical Report dated November, 2010).


Cautionary Note Regarding Mineral Reserve Estimates

Timmins is subject to the reporting requirements of the applicable Canadian securities laws, and as a result we report our mineral reserves according to Canadian standards. Canadian reporting requirements for disclosure of mineral properties are governed by National Instrument 43-101 Standards of Disclosure for Mineral Projects ('NI 43-101'). The definitions of NI 43-101 are adopted from those given by the Canadian Institute of Mining, Metallurgy and Petroleum. U.S. reporting requirements are governed by the SEC Industry Guide 7 ('Guide 7'). These reporting standards have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, but embody different approaches and definitions. For example, under Industry Guide 7, mineralization may not be classified as a 'reserve' unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. In particular, we report 'resources' in accordance with NI 43-101. While the terms 'Mineral Resource,' 'Measured Mineral Resource,' 'Indicated Mineral Resource' and 'Inferred Mineral Resource' are recognized and required by Canadian regulations, they are not defined terms under standards of the SEC and generally, U.S. companies are not permitted to report resources in documents filed with the SEC. As such, certain information contained in this press release concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the SEC. In addition, an 'Inferred Mineral Resource' has a great amount of uncertainty as to its existence and as to its economic and legal feasibility, and you cannot assume that all or any part of an 'Inferred Mineral Resource' will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. You are cautioned not to assume that all or any part of Measured or Indicated Resources will ever be converted into Mineral Reserves, and not to assume that all or any part of an 'Inferred Mineral Resource' exists, or is economically or legally mineable. In addition, the definitions of 'Proven Mineral Reserves' and 'Probable Mineral Reserves' under CIM standards differ in certain respects from the standards of the SEC.


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. Such statements include estimates, forecasts and statements as to management's expectations with respect to, among other things, business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, objectives and expectations, including with respect to production, 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.

In some cases, you can identify forward-looking statements by terminology such as 'may', 'should', 'expects', 'plans, 'anticipates', believes', 'estimates', 'predicts', 'potential', or 'continue' or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.

While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law, Timmins Gold does not intend to update any forward-looking statements to conform these statements to actual results.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this news release.



Contacts:

Timmins Gold Corp.
Bruce Bragagnolo, CEO and Director
604-638-8980
bruce@timminsgold.com
www.timminsgold.com