Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG)
reports Q1 2021 gold production of 129,500 ounces, which is the
Company’s highest first quarter of production on record. During the
quarter, Torex sold 129,010 ounces of gold at an average realized
price of $1,775 per ounce.
With the strong start to the year, Torex is
well-positioned to achieve full year production guidance of 430,000
to 470,000 ounces of gold in 2021.
TABLE 1: Q1 2021 OPERATIONAL
HIGHLIGHTS
|
|
Q1 2021 |
Gold Produced |
oz |
129,500 |
Average Plant Throughput |
tpd |
12,340 |
Average Underground Ore Mined |
tpd |
1,360 |
Average Open Pit Ore Mined |
tpd |
15,090 |
Strip Ratio |
waste:ore |
7.4:1 |
The Company plans to release its first quarter
2021 financial and operational results early morning on Thursday,
May 13, 2021, followed later in the morning by a conference call
hosted by senior management. Gold grades mined, gold grades
processed, and gold recoveries will be reported with the quarterly
results.
Jody Kuzenko, President & CEO of Torex,
stated:
“The operational momentum gained in H2 2020 has
continued, with the team delivering the strongest first quarter of
gold production on record. The open pits and underground continued
to deliver solid, reliable performance, with the underground
achieving a new quarterly record of ore mined. The process plant
achieved a record monthly milling rate in March of 13,810 tonnes
per day.
“The strong operational results were matched by
an equally solid safety performance, with no lost time injuries in
the quarter. Our culture of safety continues to be reflected in
ongoing adherence to our multi-layered COVID-19 protocols, to
ensure business continuity and mitigate spread of the virus within
our operations and host communities.
“As outlined during our Q4 2020 conference call,
operating cash flow is expected to be weighted towards the second
half of the year, given tax and royalty payments in Q1 and
profit-sharing payment in Q2. We have never been in a stronger
financial position with our remaining long-term debt paid in the
quarter and the refinancing of our debt facility, providing us with
significant financial flexibility to develop Media Luna, potential
M&A and continue the exploration program on the Morelos
property.
“We continue to demonstrate our ability as a
team to deliver excellence on a consistent basis. With such a
strong start in the first quarter we are well positioned to deliver
on 2021 guidance.”
FIRST QUARTER 2021 CONFERENCE CALL AND WEBCAST
DETAILS
The Company plans to release first quarter 2021
financial and operational results before market open on Thursday,
May 13, 2021. A conference call and webcast to discuss the results
will be held the same day at 9:00 AM ET.
Telephone AccessPlease join the conference call
approximately ten minutes prior to the scheduled start time.
Dial-in details for the conference call are as follows:
- Toll-Free (North America):
1-800-319-4610
- International: 1-416-915-3239
Webcast AccessA live webcast will be available
on the Company’s website at www.torexgold.com/investors/webcasts.
The webcast will be archived on the Company’s website.
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”)
comprising 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 commenced commercial production as of
April 1, 2016, and the Media Luna deposit, which is an advanced
stage development project, and for which the Company issued an
updated preliminary economic assessment in September 2018. The
property remains 75% unexplored.
FOR FURTHER INFORMATION, PLEASE
CONTACT:
TOREX GOLD RESOURCES INC. |
|
|
Jody KuzenkoPresident and CEODirect: (647)
725-9982jody.kuzenko@torexgold.com |
|
Dan RollinsVice President, Corporate
Development & Investor RelationsDirect: (647)
260-1503dan.rollins@torexgold.com |
|
|
|
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING INFORMATIONThis press release contains
"forward-looking statements" and "forward-looking information"
within the meaning of applicable Canadian securities legislation.
While the Company intends to advance the Media Luna project to
production in the first quarter of 2024 and has taken the decision
to commence the early works program to maintain the schedule to
first production, the Company has not taken a production decision
in advance of completing the Feasibility Study for Media Luna.
Forward-looking information also includes, but is not limited to,
statements that: Torex is well-positioned to achieve full year
production guidance of 430,000 to 470,000 ounces of gold in 2021;
ongoing adherence to our multi-layered COVID-19 protocols, to
ensure business continuity and mitigate spread of the virus within
our operations and host communities; operating cash flow is
expected to be weighted towards the second half of the year; the
Company’s stronger financial position, and the refinancing of our
debt facility, providing the Company with significant financial
flexibility to develop Media Luna, potential M&A and continue
the exploration program on the Morelos property; and Torex is well
positioned to deliver on 2021 guidance . Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as "expects", “continues”, “ongoing” or variations
of such words and phrases or statements that certain actions,
events or results “will”, “is expected to" or “well positioned to”
occur. 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 risk factors identified in the technical report titled “NI
43-101 Technical Report ELG Mine Complex Life of Mine Plan and
Media Luna Preliminary Economic Assessment” dated effective March
31, 2018 (the “Technical Report”) and the Company’s annual
information form (“AIF”) and management’s discussion and analysis
(“MD&A”) or other unknown but potentially significant impacts.
Notwithstanding the Company's efforts, there can be no guarantee
that the Company’s measures to protect employees and surrounding
communities from COVID-19 will be effective. Forward-looking
information are based on the assumptions discussed in the Technical
Report, AIF and MD&A 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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