Torex Reports First Quarter 2017 Financial And Operational Results

https://www.torexgold.com/news/torex-reports-first-quarter-2017-financial-and-operational-results

TORONTO, Ontario, May 3, 2017 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) is pleased to report production of 70,887 ounces of gold and its financial results for the first three months of 2017, as ramp-up continues at its El Limón-Guajes Mine (ELG) in southwest Mexico. This release should be read in conjunction with the Company’s first quarter 2017 Financial Statements and MD&A on the Company’s website or on SEDAR.

Fred Stanford, President & CEO of Torex stated: “In 2016, the first year of the ramp-up, cash flow was managed by processing above life of mine (LOM) average grades while the plant was being de-bottlenecked and throughput levels were below LOM design levels. In 2017, the second year of the ramp-up, we are transitioning to LOM average grades and LOM average throughput levels. Unit costs in Q1/17 were impacted by the return to LOM grades, without a full transition to LOM throughput levels. Throughput levels increased consistently during the quarter and accelerated into April as efforts to de-bottleneck the tailings filtration plant took hold. Throughput in April averaged 12,749 tpd or 91% of capacity, versus 66% of capacity in Q4/16. If the two scheduled maintenance days in April, are taken out of the mix, the plant averaged 13,480 tpd or 96% of capacity. Reconciliation of grade and tonnes also turned the corner in Q1/17. 26% more ore tonnes were mined than predicted by the reserve model, at 96% of the predicted grade for 121% of the predicted ounces.”

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