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 costs 1 guidance has been revised to $840 to $870 per oz gold sold and full year all-in sustaining costs 1 revised to $1,160 to $1,200 per oz gold sold.
“Steady progress was made at Media Luna during the quarter with the project 49% complete at quarter-end. Underground development and construction are well underway and surface construction is tracking to plan. Advancement of the Guajes Tunnel continues to impress with breakthrough expected in late December. While the overall project timeline remains intact, some expenditure has been pushed into 2024 and, as a result, we have lowered our full year capital expenditure guidance for Media Luna to $360 to $390 million. With $501 million of liquidity (including $209 million in cash) and 15 months of ongoing free cash flow expected from ELG during the remaining project period, we are well positioned to fund the remaining $508 million of expenditures on Media Luna while maintaining at least $100 million on the balance sheet. see & read more on
TOREX GOLD RECEIVES APPROVAL FOR IN-PIT TAILINGS DEPOSITION
All key approvals now in place for the operational phase of the Media Luna Project
TORONTO, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) announces the Company has received approval from Mexico’s Secretariat of Environment and Natural Resources (“SEMARNAT”) regarding an amendment to the key environmental permit (“MIA”) for the Media Luna Project, which will allow for the deposition of tailings into the mined-out Guajes open pit.
Jody Kuzenko, President & CEO of Torex, stated:
“The amendment to the MIA is the last environmental approval required for the operational phase of the Media Luna Project and allows us to move forward with the deposition of tailings into the mined-out Guajes open pit. The switch to in-pit tailings deposition from filtered and dry-stacked tailings will coincide with the planned commissioning of the copper and iron sulphide flotation circuits as well as concentrate filtering and handling facilities.
“As outlined in the March 2022 Technical Report, approximately half of the tailings produced over the life of the Morelos Complex are expected to be deposited within the Guajes open pit, with the remainder deposited underground as cemented paste backfill. Work to prepare the Guajes pit for future tailings deposition will commence shortly in preparation for our plans to start depositing tailings in late 2024.
“Receipt of the MIA amendment marks another significant project de-risking milestone and further demonstrates the ongoing support of local communities and the endorsement of State and Federal Governments of both the social and environmental facets of the Morelos Complex.”