- (All amounts expressed in U.S. Dollars unless otherwise stated)
TORONTO, Ontario, October 8, 2020 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) announces Q3 2020 gold production of 131,790 ounces, which is the second-highest quarter of production ever from its El Limón Guajes (ELG) operations. During the third quarter, the Company sold 133,030 ounces of gold at an average realized price of $1,880 per ounce. Through the first nine months of 2020, Torex produced 299,830 ounces of gold and sold 304,240 ounces at an average realized gold price of $1,735 per ounce.
With this strong performance delivered in Q3, and expectation for similar results in Q4, Torex is well-positioned to achieve full-year production guidance of 390,000 ounces to 420,000 ounces.
Q3 2020 Operational Highlights
Gold Produced (oz) 131,790
Average Plant Throughput (tpd) 12,870
Average Underground Ore Mined (tpd) 1,230
Average Open Pit Ore Mined (tpd) 15,290
Strip Ratio 7.2
Gold grades mined, gold grades processed, and gold recoveries will be reported with the Q3 2020 financial results after reconciliations have been completed.
Jody Kuzenko, President and CEO of Torex, stated:
“We had an outstanding third quarter, both from an operations and health and safety perspective. We delivered near record production from ELG, and did so while extending our industry-leading safety performance to more than 8.5 million hours without a lost time injury as at the end of September.
“The quarterly performance is even more impressive when viewed in the context of the challenges associated with COVID-19, which our employees and contractors in Mexico have tackled head on. The enhanced protocols we have implemented and multi-layered approach to screening has helped mitigate the impact of COVID-19 on our operations, our workforce, and the surrounding communities.
“This strong operational result, in combination with the higher realized gold price quarter-over-quarter, leaves us with a very strong balance sheet. We repaid $72 million in debt and closed the quarter in a net cash position. With predictable and reliable production from ELG bolstered by strong gold prices, we continue to demonstrate the cash flow capability of this asset.
“We set bold goals for ourselves and delivered, and we expect to continue to do exactly that. I could not be prouder of the team.”
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 kilometres 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 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 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.