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Timmins Gold (TGD) Q3 2015 Results - Earnings Call Transcript


Good morning, ladies and gentlemen. Welcome to the Timmins Gold’s Third Quarter 2015 Operating Results and Financial Statements Conference Call.

I would now like to turn the meeting over to Mr. Mark Backens, Interim CEO. Please go ahead, sir.

Mark Backens - Interim CEO

Thanks John. Good morning and welcome ladies and gentlemen, and fellow shareholders. Thanks for taking the time to be with us this morning for our third quarter operating and financial results conference call. I am Mark Backens, Interim CEO of the Company. I have been involved with Timmins as a Director since April 2015. And with me here today and will also be participating on the call is our CFO, Darren Prins. In the course of this conference call, we may be making forward-looking statements; we claim Safe Harbor for any such statements.

Our immediate focus is to address the financial condition of the Company and to increase value for our shareholders. To that end, we are making all efforts to increase profitability of the mine operations and implement strict cost controls at the corporate level. With respect to the San Francisco Mine, we have made changes to our operating plans to maximize cash flow. These changes will result in the suspension of mining mid-point ‘16 with continued leaching operations to early 2017, following which the mine will be placed on care and maintenance. We expect to produce 20,000 ounces during the fourth quarter of this year and approximately 70,000 ounces next year. Cash costs for 2016 are anticipated to average between $700 and $750 per ounce; estimated 2016...