Torex Gold Resources Announces Q2 2016 Financial and Operational Results

http://www.juniorminingnetwork.com/junior-miner-news/press-releases/1242-tsx/txg/23344-torex-gold-resources-announces-q2-2016-financial-and-operational-results.html

TORONTO, ONTARIO–(Marketwired – Aug. 11, 2016) – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) announced today its financial and operational results for the three and six months ended June 30, 2016. This release should be read in conjunction with the Company’s second quarter 2016 Financial Statements and MD&A on the Company’s website or on SEDAR.

Fred Stanford, President & CEO of Torex stated: “We have been looking forward to our first quarter as producers and we are proud to report that the ramp up to full production continues to outperform expectations. In June, the processing plant averaged 11,618 tpd, and delivered a gold recovery of 89%, nicely above design levels of 87.1%. The Guajes deposit has also exceeded expectations. Mined to date ore tonnes in Guajes have been 8% higher than predicted by the reserve model and the grade of those tonnes has been 17% higher than the model, for a total of 27% more ounces than plan. The net result for the quarter was an average processed grade of 3.15 g/t.” He added, “The strong performance through the ramp up has generated free cash flow, which has strengthened the balance sheet and allowed us to lift our eyes to a more distant horizon. Exploration activities are getting restarted, with drilling under the El Limon Sill anticipated to start in Q4/16, tunneling work into the El Limon Deep area expected to commence in Q1/17, and tunneling into Media Luna expected to get underway in Q2/17. We look forward to the results from these programs and extend a warm thanks to all of our teams for delivering the results that made this possible.”

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