On track to achieve production guidance with a solid start to Q4.
(All amounts expressed in U.S. Dollars unless otherwise stated)
TORONTO, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) reports the Company’s financial and operational results for the three- and nine-month periods ended September 30, 2023. Senior management of Torex will host a conference call tomorrow morning at 9:00 AM (ET) to discuss the quarterly results.
Jody Kuzenko, President & CEO of Torex, stated:
“We expect to close out 2023 on a solid note with the fourth quarter forecast to be the strongest quarter of production, driven by higher open pit grades now that the period of elevated waste stripping is behind us. Our confidence in achieving full year production guidance of 440,000 to 470,000 ounces (“oz”) is supported by October gold production of 41,450 oz, which included 105 hours of planned maintenance in the process plant at the start of the month. With mining now into higher-grade benches in the open pit, the average gold grade processed during October averaged 4.05 grams per tonne (“gpt”) compared to 2.47 gpt during Q3.
“Despite the lower grades processed during the third quarter, operational and safety performance remained strong with the mill exceeding 13,000 tonnes per day (“tpd”) for the third quarter in a row, ELG Underground setting another record mining rate, and consistent recoveries despite the lower grades processed. On the safety front, there were no lost time injuries during the quarter, and we exited the quarter with a lost time injury frequency (“LTIF”) of 0.47 per million hours worked. In October, the ELG Complex (excluding Media Luna) surpassed 10 million hours lost time injury free, the third time this milestone has been achieved since 2020.
“Full year cost guidance has been revised higher given the ongoing strength of the Mexican peso along with the combination of higher than budgeted mining volumes and plant throughput with lower processed grades, which was due to the greater reliance on lower-grade stockpiles during the period of elevated waste stripping in Q2 and Q3. As a result, full year total cash costs1 guidance has been revised to $840 to $870 per oz gold sold and full year all-in sustaining costs1 revised to $1,160 to $1,200 per oz gold sold.
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