Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG)
reports Q3 2022 gold production of 122,200 ounces for the quarter
ended September 30, 2022 from its El Limón Guajes (“ELG”) mining
complex in Mexico. With 357,830 ounces produced through the end of
the third quarter, the Company is tracking towards the upper end of
2022 production guidance of 430,000 to 470,000 ounces. During the
quarter, Torex sold 119,830 ounces of gold, resulting in
year-to-date gold sales of 351,200 ounces.
TABLE 1: Q3 2022 OPERATIONAL
HIGHLIGHTS
|
|
Q3 2022 |
Gold Produced |
oz |
122,200 |
Gold Sold |
oz |
119,830 |
Average Plant Throughput |
tpd |
13,030 |
Average Underground Ore Mined |
tpd |
1,550 |
Average Open Pit Ore Mined |
tpd |
9,600 |
Strip Ratio |
waste:ore |
10.3 |
Torex plans to release its third quarter
financial and operational results after market close on Wednesday,
November 9, 2022, followed the next morning by a conference call.
Gold grades mined and gold grades processed will be reported with
the quarterly results. Due to a higher portion of September
production and sales occurring late in the month, the realized gold
price is expected to be modestly below the average benchmark price
for the quarter.
Jody Kuzenko, President & CEO of Torex,
stated:
“We delivered another quarter of solid
operational results with gold production of 122,200 ounces, driven
largely by excellent mill performance with throughput averaging
more than 13,000 tonnes per day (“tpd”), record-setting gold
recoveries of close to 90%, and sustained elevated underground
mining rates at 1,550 tpd. With 357,830 ounces of gold produced
year to date, we are well on track to deliver towards the upper end
of 2022 production guidance, high end of total cash cost guidance
and mid-point of all-in sustaining cost guidance.
“At ELG Underground, we completed the Portal #3
ramp to the existing reserve at depth and started exploration
drilling. In addition, raise boring began with a view to completing
ore pass construction in Q1 2023 to connect the upper levels to
this new area – both of which are key to further optimizing and
extending ELG Underground. In the open pit, waste stripping was
prioritized in the quarter.
“Development activities at Media Luna continue
to ramp-up with the procurement phase well underway and long lead
earthworks progressing to plan. During the quarter, purchase orders
were executed for the Guajes conveyor, regrind mills, and flotation
cells. At the end of September, the Guajes Tunnel advanced 2,660
metres and South Portal Lower advanced 1,055 metres. Breakthrough
of the Guajes Tunnel on the south side of the Balsas River remains
on track with the Feasibility Study schedule of Q1 2024.
“Overall, we are well positioned to close out
2022 exactly as we planned, delivering on full year guidance for
the fourth year in a row and carrying strong momentum on operations
and project execution into 2023.”
THIRD QUARTER 2022 CONFERENCE CALL AND WEBCAST
DETAILS
Torex plans to release its third quarter
financial and operational results after market close on November 9,
2022. A conference call and webcast hosted by senior management
will be held on November 10, 2022 at 9:00 AM ET.
Telephone Access
Please join the conference call approximately
ten minutes prior to the scheduled start time. Dial-in details for
the conference call are as follows:
- Toronto local or International:
1-416-915-3239
- Toll-Free (North America):
1-800-319-4610
Webcast Access
A live webcast will be available on the
Company’s website at
www.torexgold.com/investors/upcoming-events/.
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 Property, an area of 29,000 hectares in the
highly prospective Guerrero Gold Belt located 180 kilometres
southwest of Mexico City. The Company’s principal asset is the
Morelos Complex, which includes the El Limón Guajes (“ELG”) Mining
Complex, Media Luna Project, processing plant and related
infrastructure. Commercial production from the Morelos Complex
commenced on April 1, 2016 and an updated Technical Report for the
Morelos Complex was released in March 2022. Torex’s key strategic
objectives are to extend and optimize production from the ELG
Mining Complex, de-risk and advance Media Luna to commercial
production, build on ESG excellence, and to grow through ongoing
exploration across the entire Morelos Property.
FOR FURTHER INFORMATION, PLEASE
CONTACT:
TOREX GOLD RESOURCES INC. |
|
Jody Kuzenko |
Dan Rollins |
President and CEO |
Senior Vice President, Corporate Development & Investor
Relations |
Direct: (647) 725-9982 |
Direct: (647) 260-1503 |
jody.kuzenko@torexgold.com |
dan.rollins@torexgold.com |
CAUTIONARY NOTES
Forward-Looking StatementsThis
press release contains “forward-looking statements” and
“forward-looking information” within the meaning of applicable
Canadian securities legislation. Forward-looking information
includes, but is not limited to, statements that: the Company is
tracking towards the upper end of 2022 production guidance of
430,000 to 470,000 ounces; due to a higher portion of September
production and sales occurring late in the month, the realized gold
price is expected to be modestly below the average benchmark price
for the quarter; the Company is well on track to deliver towards
the upper end of 2022 production guidance, high end of total cash
cost guidance and mid-point of all-in sustaining cost guidance;
raise boring began in the ELG Underground with a view to completing
ore pass construction in Q1 2023 to connect the upper levels to
this new area – both of which are key to further optimizing and
extending ELG Underground; the long lead earthworks for Media Luna
are progressing to plan; breakthrough of the Guajes Tunnel on the
south side of the Balsas River remains on track with the
Feasibility Study schedule of Q1 2024 (the Feasibility Study is
included in the technical report (“Technical Report”) titled ELG
Mine Complex Life of Mine Plan and Media Luna Feasibility Study,
with an effective date of March 16, 2022, and a filing date of
March 31, 2022); the Company is well positioned to close out 2022
exactly as we planned, delivering on full year guidance for the
fourth year in a row;and the Company’s key strategic objectives to
extend and optimize production from the ELG Mining Complex, de-risk
and advance Media Luna to commercial production, build on ESG
excellence, and to grow through ongoing exploration across the
entire Morelos Property. Generally, forward-looking information can
be identified by the use of forward-looking terminology such as
“expects”, “plan”, “strategy” or variations of such words and
phrases or statements that certain actions, events or results
“will” occur or “on track”. 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, those risks and uncertainties
identified in the Technical Report and in the Company’s annual
information form (“AIF”) and management’s discussion and analysis
(“MD&A”) or other unknown but potentially significant impacts.
Forward-looking information is based on the reasonable assumptions,
estimates, analyses and opinions of management, including the
assumptions, estimates, analyses and opinions set out in the
Technical Report, AIF and MD&A, 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. The Technical Report, AIF
and MD&A are available under the Company’s profile on SEDAR at
www.sedar.com and on the Company’s website at
www.torexgold.com.
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