Marc Johnson, M Partners (8/11/11) "Timmins Gold Corp. produced 66 Koz. Au during its first year of operation and will achieve a production capacity of 100 Koz. Au per year in Q311 at its San Francisco heap-leach gold mine in Sonora, Mexico. The company reported production results for the first quarter ended June 30, 2011—the operating results are slightly above our expectations and we note that Timmins has consistently delivered during the past year. . .we anticipate the company could very well achieve its goal of demonstrating reserves in excess of 10 years at over 100,000 oz. Au per year. . .we are maintaining our Buy recommendation and $3.50 target price."

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At 100,000oz/year and $500 extraction cost/oz, that's $100,000,000 pre-tax cash , or $0.69 EPS! A $3.50 SP would still only give it a P/E of ~5.0...hardly generous for a mine life expected to exceed 10 years, and with all of the potential exploration upside of its other properties....and if they go ahead with the planned dividend (in physical gold)....