Tuesday, October 30, 2007
Cocula Property Acquisition
Timmins Gold Corp. (the "Company") announces that it has entered into an option agreement to acquire a 100% interest in the 250 hectare Cocula claims located in San Martin Hidalgo, Jalisco, Mexico, approximately 90 km west of Company's regional office in Guadalajara. To exercise the option, the Company must pay a total of US$1.5 million over a four year period. The Vendor is an arm's-length party who retains no royalties on the claims. The property has been optioned to assess the open pit, bulk tonnage potential of the principal mineralized zone.
The mineralization hosted on the Cocula property exhibits epithermal characteristics similar to those of other deposits in the region and appears to be controlled by a large structural feature responsible for the siliceous and brecciated sedimentary sequence. Mineralization is hosted in hydrothermally altered andesitic tuffs and sandstones. Work to date has traced the principal structure over widths of 15 to 40 meters and a strike length of 2 kilometers. The system is open both at depth and along strike. A separate gossanous zone has also been identified over a surface area of 500 x 500 meters.
A portable drill program consisting of 4 shallow holes (average depth of 40 m) was completed by the vendors in 2003. While all holes retuned highly anomalous gold values (i.e. 0.10 to 4.5 g/t Au), Hole 3, drilled on the mineralized structure returned several intersections with grades between 0.50 and 3.32 g/t gold from 7 to 40 meters depth. A first phase surface sampling program by Timmins Gold geologists along the main structural trend returned numerous anomalous precious and base metal values. Sampling of some of the zones identified to date returned the following average grades and intersections:
Hermosa Provincia Mine underground workings - 5.28 g/t Au across 6.0 metres.
La Chavelita Mine underground workings - 2.45 g/t Au, 60.0 g/t Ag across 0.30 metres;
La Chavelita Mine Zone - 0.89 g/t Au, 2.0% Pb, 1.5% Zn across 1.5 metres;
Gossanous Zone - 0.54 g/t gold across 16.50 metres & 0.50 g/t gold across 16.0 metres;
Margarita Mine underground workings - 1.5 g/t gold across 1.0 metre;
In addition base metal values up to 1.2% copper, 1.5% lead and 2.2% zinc have been returned from representative grab samples from other localities on the property.
The Company is currently completing a program of sampling and mapping to be followed by geophysical program consisting of Induced Polarization and resistivity surveys to help define the vertical, lateral and strike extent of the identified mineralizing structures. The program will also help identify any parallel structures that have not been identified on surface.
The acquisition is subject to acceptance by the TSX Venture Exchange.
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.
For Further information, contact:
Bruce Bragagnolo, LLB.
CEO
Vancouver, B.C. Canada
Tel: 604-638-8980
bruce@timminsgold.com
Darcy Krohman, P.Geo., C.A.
Vice-President & CFO
Vancouver, BC, Canada
Tel: 604-638-8971
darcy@timminsgold.com
For Investor Relations, contact:
Leighton Bocking
Corporate Development
Vancouver, BC, Canada
Tel: 604-638-8977
leighton@timminsgold.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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.
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