Torex Announces Q3 2018
Results With Record Gold Production
Torex Gold Resources Inc. (TSX: TXG) recently reported record production in the third quarter of 2018 of 100,346 ounces in dore, and an additional 1,135 ounces in carbon fines. Gold produced for the nine months totaled 246,309 ounces in dore, and an additional 11,322 ounces in carbon fines.
Fred Stanford, President & CEO of Torex stated: “This was an excellent quarter with record gold production of over 100,000 ounces as the Company successfully continues toward full ramp-up. Grades processed were above LOM average, recoveries above design, and plant throughput is ramping toward design levels by year end.
The SART plant is operating well and delivered a $48 per ounce reduction in costs, including byproduct credits. By year-end, the SART plant is expected to be delivering a net $65 per ounce benefit and this is expected to be the performance in future years.
Sub-Sill has ramped up to approximately 500 t/d by quarter end. Subsequent to the end of the quarter the second access to the mine was connected, which will facilitate design ventilation volumes and completing the ramp-up to 850 t/d by year end. As expected, grades from the Sub-Sill are highly variable. Quarterly grade reconciliation reporting will be suspended until we have enough experience and definition drilling in this deposit to make the reconciliation meaningful. Diamond drilling on this deposit and El Limon Deep (ELD) continue, with 5 rigs deployed.
Growth and innovation also advanced in the quarter. A technical report was completed, which included an updated PEA for Media Luna. In-fill drilling also made good progress, with 5 drills now active on Media Luna, with one drill soon to be mobilized to a porphyry target. Our proprietary Muckahi Mining System was also introduced in the quarter. The first machine for this system is expected to be shipped to site in the next few weeks, for testing in the ELD area.
In conclusion, Q3 was a solid quarter with excellent progress in operating stability, and growth initiatives through exploration and innovation. We all look forward to continuing to deliver on these strategic initiatives.”
On November 20, 2018, Torex Gold Resources Inc. announced the results from 57 holes, from its in-fill and step-out drilling programs in the Sub-Sill Zone of its ELG Underground Mine in Southwest Mexico. Highlighted intercepts from this program include 30.2g/t Au over 8.1 m in borehole SST-101, 48.9g/t Au over 3.6 m in borehole SST-118 and 34.4g/t Au over 4.6m in borehole SSUG-059. The deposit remains open in several directions.
To view the drill results Click Here
About Torex Gold Resources
Torex Gold Resources 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 (the “ELG Mine Complex”), comprised of 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 is in the commercial production stage 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 property remains 75% unexplored.
For further information on Torex Gold Resources contact Gabriella Sanchez, Vice President Investor Relations at (647) 260-1503 or visit www.torexgold.com.
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