Torex Gold Announces Q3 2016 Financial and Operational Results

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1242-tsx/txg/26321-torex-gold-announces-q3-2016-financial-and-operational-results.html

TORONTO, ONTARIO–(Marketwired – Nov. 3, 2016) – (All amounts expressed in U.S. Dollars unless otherwise stated) Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) announced today its financial and operational results for the three and nine months ended September 30, 2016. This release should be read in conjunction with the Company’s third quarter 2016 Financial Statements and MD&A on the Company’s website or on SEDAR.

Fred Stanford, President & CEO of Torex stated: “We are pleased to announce that we finished our second quarter of commercial production with continued solid earnings of $0.30 per share, cash flow from operations of $50.2 million, cash costs of $517 per ounce, and AISC of $699 per ounce. Production remains on track to achieve our ‘guidance’ of 275,000 ounces in our first year of production. The ramp up continues ahead of schedule, notwithstanding a rainy season that delivered 68% more rainfall than an average year. Mining came through the rainy season well and stripping of El Limon tracks ahead of schedule. We are working on optimizing the tailings filtration circuit, and the RopeCon continues to impress. Grade reconciliation is back to being just slightly ahead of plan, copper is being managed with reagents and recoveries are ahead of plan. Exploration drilling ‘under the sill’ started up ahead of schedule and we should have results to report by year end or early next year. Exciting times on a number of fronts.”

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