Timmins Gold Corp.

Timmins Gold Corp.

March 30, 2009 14:07 ET

Timmins Gold Announces Closing of First Tranche of Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 30, 2009) - Timmins Gold Corp. (TSX VENTURE:TMM) announces the closing of the first tranche of the private placement announced March 2, 2009. Sprott Asset Management Inc. has purchased a total of 6,250,000 units for gross proceeds of $2,500,000. An 8% cash finder's fee is payable in connection with this closing.

The Company has amended the terms of the private placement. The new terms are that units will be issued at a price of $0.40 per unit. Each unit will consist of one common share and one half share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at an exercise price of $0.60 for a period of one year from closing of the private placement.

The proceeds from the private placement will be used towards completion of the construction of the Company's wholly owned San Francisco Gold Mine in Sonora, Mexico and for general working capital. All securities issued in connection with the private placement are subject to a hold period expiring four months and a day from their issuance.

This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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