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-- Posted Tuesday, 28 October 2008 | Digg This Article | Source: GoldSeek.com
VANCOUVER, BRITISH COLUMBIA--Oct 23, 2008 -- Timmins Gold Corp. ("Timmins Gold") (CDNX:TMM.V - News) is pleased to announce that it has acquired, by staking, a 40,000 hectare land package in the Penasquito area of Mexico. The claims are contiguous to Goldcorp's Penasquito Gold Deposit and are approximately 20 km to the northwest of the Camino Rojo project of Canplats Resources. As of June 2007, Goldcorp reported proven and probable gold reserves at Penasquito of 13.0 million ounces. More recently Canplats Resources has reported drill intercepts of up to 224 metres averaging 1.50 grams of gold and 24.45 grams of silver per tonne from its Camino Rojo project.
The claims are located in the northern part of the state of Zacatecas, Mexico, and are located approximately 42 kilometres west of the town of Concepcion del Oro. The northern Zacatecas area is an important mining district in Mexico. The area possesses flat topography and excellent proximity to roads, power, rail, skilled labor and smelters. Timmins Gold acquired the claims due to their proximity and geological similarity to the Penasquito Gold Deposit. Concepcion del Oro lies within the Mexico Geosyncline, a 2.5 km thick series of marine sediments. Mineralization in the region is characterized by carbonate replacement bodies along the contact between intrusive and limestone packages. Ore deposits are formed in skarns and chimneys, and mineralized breccias developed in clastic and permeable rocks of the Caracol formation affected by intermediate intrusions. The Timmins Gold claims show evidence of such intrusive and limestone packages and Timmins Gold geologists have identified a sandstone unit within a synclinal structure in the eastern portion of the property believed to be a unit within the Caracol formation, the host of the Penasquito mineralization. Assays from selected grab samples taken by Timmins Gold geologists have returned anomalous gold values in excess of 1 gram of gold per tonne. Qualified Person Pursuant to National Instrument 43-101, Darcy Krohman, P.Geo., C.A., Executive Vice-President and CFO of Timmins Gold Corp., is the Qualified Person (QP) responsible for the disclosure in this news release. Field work has been conducted by Timmins Gold Corp. employees and contractors. 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.
Contact: Contacts: Timmins Gold Corp. Bruce Bragagnolo, LLB. Chief Executive Officer (604) 638-8980 Email: bruce@timminsgold.comTimmins Gold Corp. - Investor Relations Alex Tsakumis Corporate Development (604) 638-8976 Email: alex@timminsgold.comWebsite: http://www.timminsgold.com
-- Posted Tuesday, 28 October 2008 | Digg This Article | Source: GoldSeek.com
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