Timmins Gold Corp.
TSX : TMM
NYSE MKT : TGD
NYSE Amex : TGD

Timmins Gold Corp.

November 23, 2012 09:16 ET

Timmins Gold Intersects New Mineralized Zone Approximately 1 km to the East of the San Francisco Pit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2012) - Timmins Gold Corp. (TSX:TMM)(NYSE MKT:TGD)(NYSE Amex:TGD) is pleased to announce that its ongoing drill program continues to extend and expand the mineralization at the San Francisco Gold Mine, located in the State of Sonora, Mexico. The San Francisco Gold Mine is comprised of two pits, the larger San Francisco pit (SF Pit) and the La Chicharra Pit located approximately 1.5 km to the west. A total of 35,455 meters in 148 holes were drilled from July to the end of September, 2012. Timmins Gold is continuing with its ongoing drill program and currently has four reverse circulation rigs and one core drill rig working on site.

San Francisco East Zone Drill Results

Core drilling from July to September has led to the confirmation of a new mineralized zone extending as far as 1 km to the east of the existing limits of the SF Pit (East Zone). Highlights of the assays received from the 4,239 meters drilled in 9 holes at the East Zone include Hole TFD-128 which intersected numerous mineralized zones to a depth of 837 metres. Hole TFD-128 contained intercepts of 4.5 metres of 4.55 grams per tonne (gpt or g/t) gold and 7.5 meters of 2.19 gpt gold. Hole TFD-120 drilled in the same area contained intercepts of 3 metres of 5.86 gpt gold and 6 metres of 2.65 gpt gold. Hole TFD-123 contained intercepts of 3 metres of 3.57 gpt gold and 6 metres of 1.65 gpt gold. Hole TFD-124 contained intercepts of 3 metres of 2.08 gpt gold and 16.5 metres of 0.87 gpt gold. Hole TFD-125 contained intercepts of 6 metres of 1.59 gpt gold and 3 metres of 6.12 gpt gold.

Drilling in the East Zone was designed to test a magnetic high trend which passes through the San Francisco Pit. The magnetic high trend continues for a minimum of two kilometres to the east of Hole TFD-128. Lithologies intersected by the core holes include a conglomerate/breccia containing mineral zones at different elevations. Underlying the conglomerate/breccia is the metamorphic sequence with felsic and mafic gneisses, gabbro, granite and pegmatite. These are essentially the same lithologies found within the SF Pit.

San Francisco South

Limited drilling was performed south of the SF Pit. The drill was moved in September to La Chicharra to follow up on new mineralized zones discovered to the north of the La Chicharra Pit. Highlights of the assays received from the 5,522 meters drilled in 33 holes of reverse circulation drilling to the south of the SF Pit include 6.1 meters of 3 gpt gold in Hole TF-2042, 6.1 meters of 1.979 gpt gold in Hole TF-2043, and 12.19 meters of 1.93 gpt gold in Hole TF-2052.

La Chicharra Drill Results

Highlights of the assays received from the 25,585 meters drilled in 106 holes of reverse circulation drilling at the La Chicharra Pit include 4.57 meters of 15.53 gpt gold in Hole TF-1929, 7.62 meters of 1.19 gpt gold in Hole TF-1967, and 13.71 meters of 1.88 gpt gold in Hole TF-1970.

Results from the recent round of drilling at La Chicharra indicate that the mineralization extends both along strike of the current pit and also that there are at least two parallel mineralized structures immediately to the north of the current pit. The multiple shear zones encountered in and around the La Chicharra Pit give no indication that the limits of the mineralization have been reached.

The tables below highlight the better intercepts from the drilling from July to the end of September:

San Francisco East Zone
Drill Intersections
Drill
Hole
Number
Depth
(m)
Section
Line
From
(m)
To
(m)
True
Width
(m)
Au
g/t
TFD-120 326.2 480 E 115.50 121.50 6.00 2.648
includes 117.00 120.00 3.00 4.360
and 132.00 135.00 3.00 1.017
and 142.50 145.50 3.00 5.860
includes 144.00 145.50 1.50 10.910
and 151.50 154.50 3.00 0.209
and 157.50 160.50 3.00 0.385
and 169.50 180.00 10.50 0.325
and 201.00 207.00 6.00 0.182
and 256.50 258.00 1.50 0.399
and 262.50 276.00 13.50 0.877
includes 264.00 265.50 1.50 4.018
and 295.50 298.50 3.00 0.212
and 300.00 301.50 1.50 0.195
and 315.00 316.50 1.50 0.683
and 325.50 326.20 0.70 0.176
TFD-123 473.2 400 E 15.00 16.50 1.50 0.127
and 42.00 46.50 4.50 0.213
and 54.00 55.50 1.50 0.179
and 93.00 94.50 1.50 0.297
and 109.50 112.50 3.00 3.570
includes 109.50 111.00 1.50 6.985
and 136.50 138.00 1.50 0.200
and 153.00 163.50 10.50 0.390
and 172.50 178.50 6.00 1.647
includes 175.50 177.00 1.50 5.416
and 192.00 195.00 3.00 0.603
and 210.00 211.50 1.50 0.343
and 216.00 219.00 3.00 0.407
and 222.00 223.50 1.50 0.199
and 226.50 228.00 1.50 0.206
and 231.00 237.00 6.00 0.262
and 313.50 316.50 3.00 0.717
and 337.50 339.00 1.50 0.319
TFD-124 467.2 300 E 54.00 60.00 6.00 0.670
and 72.00 79.50 7.50 0.773
and 114.00 115.50 1.50 0.206
and 132.00 135.00 3.00 0.189
and 144.00 145.50 1.50 0.364
and 160.50 166.50 6.00 0.265
and 168.00 172.50 4.50 0.629
and 180.00 183.00 3.00 0.591
and 201.00 202.50 1.50 0.375
and 211.50 213.00 1.50 0.391
and 228.00 238.50 10.50 0.451
and 258.00 261.00 3.00 2.081
includes 258.00 259.50 1.50 3.892
and 298.50 301.50 3.00 1.057
and 316.50 318.00 1.50 0.519
and 321.00 324.00 3.00 0.397
and 342.00 343.50 1.50 1.073
and 349.50 366.00 16.50 0.873
includes 354.00 355.50 1.50 2.890
includes 358.50 360.00 1.50 2.033
and 369.00 370.50 1.50 0.268
and 448.50 451.50 3.00 0.197
TFD-125 465.7 300 E 24.00 36.00 12.00 0.327
and 48.00 54.00 6.00 1.594
includes 49.50 51.00 1.50 3.364
and 58.50 63.00 4.50 0.216
and 66.00 72.00 6.00 0.300
and 79.50 81.00 1.50 0.193
and 178.50 180.00 1.50 0.369
and 183.00 189.00 6.00 0.320
and 196.50 198.00 1.50 0.533
and 207.00 208.50 1.50 0.536
and 222.00 225.00 3.00 0.816
and 229.50 231.00 1.50 0.240
and 246.00 258.00 12.00 0.389
includes 256.50 258.00 1.50 2.232
and 261.00 262.50 1.50 0.292
and 331.50 334.50 3.00 0.438
and 352.50 354.00 1.50 0.162
and 364.50 367.50 3.00 0.216
and 376.50 378.00 1.50 0.670
and 387.00 388.50 1.50 2.522
and 391.50 399.00 7.50 0.248
and 408.00 411.00 3.00 0.195
and 415.50 417.00 1.50 0.216
and 424.50 426.00 1.50 0.372
and 451.50 454.50 3.00 6.120
includes 451.50 453.00 1.50 11.882
TFD-126 491.20 500 E 90.00 102.00 12.00 0.575
and 109.50 117.00 7.50 0.297
and 268.50 273.00 4.50 1.768
includes 270.00 271.50 1.50 2.284
and 310.50 312.00 1.50 1.925
and 360.00 361.50 1.50 0.678
and 367.50 372.00 4.50 0.281
and 466.50 471.00 4.50 0.404
and 478.50 484.50 6.00 0.838
includes 483.00 484.50 1.50 2.300
TFD-128 980.35 300 E 24.00 48.00 24.00 1.102
and 55.50 60.00 4.50 1.219
includes 55.50 57.00 1.50 2.279
and 66.00 72.00 6.00 0.202
and 84.00 93.00 9.00 0.205
and 145.50 150.00 4.50 4.549
includes 145.50 147.00 1.50 2.311
includes 148.50 150.00 1.50 11.167
and 201.00 207.00 6.00 0.162
and 235.50 256.50 21.00 0.289
and 276.00 279.00 3.00 0.209
and 348.00 355.50 7.50 2.129
includes 348.00 349.50 1.50 8.350
and 360.00 364.50 4.50 0.599
and 367.50 369.00 1.50 0.319
and 376.50 378.00 1.50 0.466
and 381.00 382.50 1.50 2.023
and 405.00 406.50 1.50 1.605
and 433.50 436.50 3.00 0.389
and 448.50 454.50 6.00 0.269
and 459.00 463.50 4.50 1.300
includes 462.00 463.50 1.50 2.112
and 475.50 483.00 7.50 0.235
and 519.00 523.50 4.50 0.218
and 537.00 564.00 27.00 0.437
and 567.00 571.50 4.50 0.405
and 729.00 742.50 13.50 0.465
and 769.50 784.50 15.00 0.631
and 819.00 820.50 1.50 0.750
and 850.50 853.50 3.00 0.987
and 856.50 861.00 4.50 0.391
and 865.50 873.00 7.50 0.374
San Francisco South
TF-2042 152.4 480 W 13.72 19.81 6.10 3.010
includes 18.29 19.81 1.52 9.826
and 24.38 25.91 1.52 0.317
TF-2043 152.4 520 W 15.24 21.34 6.10 1.979
includes 18.28 21.34 3.06 3.69
and 33.53 42.67 9.14 0.22
and 47.24 48.77 1.52 0.38
and 114.30 115.82 1.52 0.23
and 121.92 126.49 4.57 0.40
and 143.26 144.78 1.52 0.174
TF-2052 170.68 1360 W 65.53 67.06 1.52 0.16
and 73.15 85.34 12.19 1.93
includes 79.25 82.30 3.05 6.32
and 121.92 123.44 1.52 1.44
and 132.59 135.64 3.05 1.66
includes 132.59 134.11 1.52 3.19
and 149.35 156.97 7.62 1.04
includes 149.35 150.88 1.52 3.57
La Chicharra
Drill Intersections
Drill
Hole
Number
Depth
(m)
Section
Line
From
(m)
To
(m)
True
Width
(m)
Au
g/t
TF-1929 250 2420W 36.58 41.15 4.57 15.531
includes 36.58 39.62 3.05 24.742
includes 36.58 38.10 1.52 43.954
and 57.91 60.96 3.05 0.294
and 96.01 99.06 3.05 0.201
and 166.12 167.64 1.52 0.436
and 236.22 240.79 4.57 0.425
TF-1954 250 2540W 6.10 7.62 1.52 0.995
and 19.81 22.86 3.05 0.599
and 70.10 73.15 3.05 1.878
and 86.87 102.11 15.24 0.764
includes 88.39 89.92 1.52 1.264
includes 96.01 97.54 1.52 2.258
and 167.64 170.69 3.05 0.338
and 188.98 195.07 6.09 0.386
TF-1959 250 2400W 13.72 18.29 4.57 0.516
includes 15.24 16.76 1.52 1.056
and 35.05 36.58 1.52 0.627
and 42.67 45.72 3.05 1.015
includes 42.67 44.20 1.52 1.869
and 105.16 106.68 1.52 0.565
and 117.35 120.40 3.05 0.256
and 156.97 160.02 3.05 1.081
includes 156.97 158.50 1.52 1.732
and 230.12 231.65 1.52 0.168
TF-1967 250 3260W 13.72 18.29 4.57 0.200
and 50.29 54.86 4.57 1.025
includes 51.82 53.34 1.52 2.400
and 79.25 128.02 48.77 0.564
includes 79.25 83.82 4.57 1.377
includes 92.96 100.58 7.62 1.198
includes 117.35 118.87 1.52 1.058
and 172.21 173.74 3.05 0.330
TF-1970 250 2580W 179.83 181.36 1.52 0.401
and 188.98 202.69 13.71 1.887
includes 190.50 192.02 1.52 3.309
includes 198.12 202.69 4.57 3.331
and 219.46 228.60 9.14 0.189
TF-1990 250 2700W 32.00 33.53 1.52 0.429
and 48.77 60.96 12.19 0.182
and 164.59 170.69 6.10 0.841
includes 166.12 167.64 1.52 2.041
and 178.31 182.88 4.57 0.267
and 216.41 220.50 4.57 2.456
includes 216.41 217.93 1.52 7.146

Given the mesothermal (deep-seated) conditions of formation of the San Francisco mineralized system, management considers it not unreasonable that the system could reach very significant proportions, in addition to the open ended limits indicated by the present drilling, in terms of ultimate strike length and depth. The size of the gold mineralization zone, its presence within large shear zones and the continuous nature of the gold within these zones form the basis of management's belief that the ongoing drill program could also lead to a significant increase in the mineral resources at the San Francisco mine and could potentially also lead to the discovery of additional satellite deposits within Timmins Gold's existing land package. The orogenic nature of the deposit may provide the potential for the discovery of high grade feeders at depth.

Strict sampling and QA-QC protocol were followed to ensure the best practices in sampling and analysis of the drill samples. Duplicates, standards and blanks were inserted into the sampling stream at intervals of 25 samples. All assays were performed by Inspectorate Lab and a minimum of ten per cent of the original samples assayed by Inspectorate were sent to other independent labs for check assays. The check assays were cross-referenced and the results verified.

This press release was reviewed and prepared by Lawrence A. Dick, Ph.D., P.Geo, who is a consultant to the Company and is recognized as a Qualified Person under the guidelines of National Instrument 43-101 and by Miguel Soto, P. Geo., a director and the Vice-President of Exploration of the Company. For further information contact Timmins Gold Corp. at 604-682-4002 or go to the website at www.timminsgold.com.

On behalf of the Board:

Bruce Bragagnolo, LLB, Chief Executive Officer

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.

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