Timmins Gold Establishes a Special Committee, Comments on False Statements

Timmins Gold Corp. (TSX:TMM, NYSEMKT:TGD) has established a special committee of independent directors to oversee its response to Sentry Investments’ dissident proxy solicitation and the company’s process of Board renewal. The members of the special committee are Frank Cordova, Paula Rogers (Chair) and Jose Vizquerra.

According to the press release:

Specifically, the special committee, with the assistance of Korn Ferry International, is working to identify additional independent director candidates for Timmins’ Board, with skills and experience that complement and augment the Board’s capabilities.  The special committee has also retained Norton Rose Fulbright Canada LLP as independent legal counsel.

Paula Rogers, Chair of the special committee commented:

We responded immediately to Sentry’s concerns, seeking to address them privately through constructive action aimed at enhancing the quality and independence of our Board. This included inviting Sentry to propose director candidates for the Board’s consideration as a means to enhancing Timmins’ Board and avoiding a costly, distracting and, in our view, counterproductive, proxy contest. We are disappointed that Sentry rejected our good faith efforts and is proceeding with an action that would have the effect of transferring corporate control.

Click here to view the full press release.