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Timmins Gold Announces Closing of C$6 million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 19, 2015) - Timmins Gold Corp. (TMM.TO) (NYSE MKT:TGD) ("Timmins Gold" or the "Company") is pleased to announce, further to its news release of September 18, 2015, the closing of a C$6.0 million non-brokered private placement by Goldcorp Inc. ("Goldcorp") consisting of 20 million units of Timmins Gold (the "Private Placement") at a price of C$0.30 per unit. Each unit consists of one share and one half of a warrant, each whole warrant (a "Warrant") being exercisable for one common share of Timmins Gold at a price of C$0.35 per share for a term of 24 months. The Warrants are subject to an accelerated exercise period of 10 days if the Company's closing share price meets or exceeds C$0.60 per share for a period of 20 consecutive trading days. The securities issuable under the private placement and any shares issuable on exercise of the Warrants will be subject to a hold period expiring 4 months and one day from closing. The use of proceeds of the Private Placement will be to pay for the cost of the removal of the plant from the El Sauzal Mine site.

The Company expects to close the acquisition of the complete process plant and select auxiliary equipment (the "Plant") used in the operation of Goldcorp's El Sauzal Mine in Chihuahua, Mexico ("the Plant Acquisition") from a Mexican subsidiary of Goldcorp later this month. The Plant is being acquired for future use at the Company's recently acquired Ana Paula project in Guerrero, Mexico.

Following the completion of the Plant Acquisition...