Timmins Gold Corp. (TGD: Quote,TMM.TO: Quote) announced Wednesday that it has reached a settlement with its largest shareholder, Sentry Investments Inc. The settlement ends a contested proxy solicitation for the election of directors at Timmins Gold’s Annual General and Special Meeting of Shareholders scheduled for July 31, 2014.

As part of the settlement, Timmins Gold will nominate eight Board members instead of seven as previously announced. The nominees are George Brack, Bruce Bragagnolo, Bryan Coates, Stephen Lang, Luc Lessard, Paula Rogers and Jose Vizquerra Benavides, the seven Timmins Gold nominees previously announced, as well as Anthony Hawkshaw, who was previously a Sentry nominee.

Sentry has agreed to vote its shares, representing 17% of the Company’s issued and outstanding shares, for the election of all eight Timmins Gold nominees.

Bruce Bragagnolo, Timmins Gold’s Chief Executive Officer said, “With this agreement we can move forward without the expense and distraction of a continuing proxy contest. We will continue to execute on and evaluate Timmins Gold’s business strategy, which has delivered superior performance and shareholder return.”