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Monday, 29th October 2007 (2979 views)

The acquisition of the past-producing San Francisco gold mine has been finalised by Timmins Gold, the company has announced.

A final payment of $2.5 million (£1.21 million) was made by the company to secure the full rights to the mine, which is located in Sonora, Mexico.

Resource estimates released at the mine in January identified 716,000 ounces of gold in the measured and indicated category, while a further 63,500 ounces of gold were noted in the inferred category.

The company reported that a gold plant with an annual production capacity of 80,000 ounces is onsite and it intends to resume production at the San Francisco mine by the second half of 2008.

Based in Ontario, Canada, Timmins Gold is currently working on exploring and developing a number of gold properties in Mexico.

To date, it has completed around 10,000 metres of drilling on the San Francisco property, where operations were ceased under previous ownership in 2001.

 

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