Torex Gold Announces Management and Board Succession Plans
October 29 2019 - 9:00PM
Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG)
announces organizational changes to take effect at the Company’s
annual general meeting (“AGM”) in June 2020. At the next AGM, Terry
MacGibbon will continue to stand for election to the Board but will
step down as the Chair of the Company. At the same meeting, the
Board intends to appoint Fred Stanford as the Executive Chair and
Jody Kuzenko as President and Chief Executive Officer and to
nominate her for election as a Director of the Company.
Terry MacGibbon, Chair of the Torex Board of
Directors, stated:
“Since co-founding Torex over 10 years ago, I am
very proud of the Company’s success and its evolution to a
well-established Canadian intermediate gold producer. The Company
is on a great trajectory with its foundational asset, the El Limón
Guajes (“ELG”) mining complex, a highly experienced and respected
management team, and strong growth opportunities. ELG is generating
meaningful cash flow which will be leveraged to pay down long term
debt and advance the planned development of growth with the Media
Luna deposit. In addition to this strong organic growth, Torex’s
proprietary technology, the Muckahi Mining System (“Muckahi”), has
the potential to add further value to Media Luna and to create
other significant growth opportunities as an industry disruptive
technology.
“With this solid foundation in place, the next
generation of leaders are well equipped to push forward on Torex’s
outstanding growth potential. As Fred Stanford moves into the
Executive Chair role from the President & CEO role, he will be
actively involved in the development of Media Luna and preparing
the business for a future fueled by Muckahi based growth. Fred’s
long-term compensation package in this new role will be aligned
with these key areas of focus. Jody Kuzenko, the Company’s current
Chief Operating Officer, will move into the President and CEO role,
and will lead the business as it exists today, including the
development of Media Luna. Fred and Jody will collaborate on
corporate development and capital markets responsibilities.”
About Torex Gold Resources
Inc.Torex is an intermediate gold producer based in
Canada, engaged in the exploration, development and operation of
its 100% owned Morelos Gold Property, an area of 29,000 hectares in
the highly prospective Guerrero Gold Belt located 180 kilometers
southwest of Mexico City. The Company’s principal assets are the El
Limón Guajes mining complex (“ELG” or the “ELG Mine Complex”),
comprised of the El Limón, Guajes and El Limón Sur open pits, the
El Limón Guajes underground mine including zones referred to as
Sub-Sill and El Limón Deep (“ELD”), and the processing plant and
related infrastructure, which is in the commercial production stage
as of April 1, 2016, and the Media Luna deposit, which is an early
stage development project, and for which the Company issued an
updated preliminary economic assessment in September 2018 (the
“Technical Report”). The property remains 75% unexplored.
For further information, please contact:
TOREX GOLD RESOURCES INC. |
|
Fred Stanford President and CEO Direct: (647) 260-1502 Email:
fred.stanford@torexgold.com |
Dan Rollins Vice President, Corporate Development & Investor
Relations Direct: (647) 260-1503 Email:
dan.rollins@torexgold.com |
CAUTIONARY NOTES
Muckahi Mining System The
Technical Report includes information on Muckahi. It is important
to note that Muckahi is experimental in nature and has not been
tested in an operating mine. Many aspects of the system are
conceptual, and proof of concept has not been demonstrated.
Drill and blast fundamentals, standards and best practices for
underground hard rock mining are applied in the Muckahi, where
applicable. The proposed application of a monorail system for
underground transportation for mine development and production
mining is unique to underground hard rock mining. There are
existing underground hard rock mines that use a monorail system for
transportation of materials and equipment, however not in the
capacity described in the Technical Report. Aspects of Muckahi
mining equipment are currently in the design and test stage. The
mine design, equipment performance and cost estimations are
conceptual in nature, and do not demonstrate technical or economic
viability. The Company expects to complete the development and test
the concept by the end of 2019 for the mine development and
production activities. Further studies would be required to verify
the viability of Muckahi. Forward Looking
StatementsThis press release contains "forward-looking
statements" and "forward-looking information" within the meaning of
applicable Canadian securities legislation. Notwithstanding the
Company's efforts, there can be no guarantee that the Company will
not face unforeseen delays or disruptions of its operations
including without limitation, delays caused by blockades limiting
access to the ELG Mine Complex and the Media Luna Project or by
blockades or trespassers impacting the Company’s ability to
operate. Forward-looking information also includes, but is not
limited to, the expected that succession as planned, the
expectation that the Company is on a great trajectory with its ELG
Mining Complex, a highly experienced and respected management team,
and strong growth opportunities, the expectation that ELG will
continue to generate meaningful cash flow which will be leveraged
to pay down long term debt and advance the planned development of
growth with the Media Luna deposit, the potential for strong
organic growth, the potential of Muckahi to add further value to
Media Luna and to create other significant growth opportunities as
an industry disruptive technology, the expected role of Mr.
Stanford in the development of Media Luna and preparing the
business for a future fueled by Muckahi based growth, the
expectation that Mr. Stanford’s long-term compensation package in
this new role will be aligned with the key areas of focus as
described above. Generally, forward-looking information can
be identified by the use of forward-looking terminology such as
"plans", "expects", "believes", “future” or variations of
such words and phrases or state that certain actions, events or
results “can”, "may", "could", "would", "might", “on track”, "be
achieved", or “to deliver”. Forward-looking information is subject
to known and unknown risks, uncertainties and other factors that
may cause the actual results, level of activity, performance or
achievements of the Company to be materially different from those
expressed or implied by such forward-looking information,
including, without limitation, uncertainty involving reserve
estimates and production forecasts, the success of the Muckahi
mining system, the ability of the management team to achieve the
planned development of growth, and those risk factors identified in
the Technical Report and the Company’s annual information form and
management’s discussion and analysis. Forward-looking information
are based on the assumptions discussed in the Technical Report and
such other reasonable assumptions, estimates, analysis and opinions
of management made in light of its experience and perception of
trends, current conditions and expected developments, and other
factors that management believes are relevant and reasonable in the
circumstances at the date such statements are made. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
the forward-looking information, there may be other factors that
cause results not to be as anticipated. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such information. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, whether as a
result of new information or future events or otherwise, except as
may be required by applicable securities laws.
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