The Project Remains on Schedule and on Budget
TORONTO, ONTARIO--(Marketwired - Aug. 14, 2014) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX:TXG) announced today its financial results for the three and six months ended June 30, 2014.
Fred Stanford, President and CEO of Torex stated, "Lots of hard work has been contributed by a lot of people, and those efforts have resulted in the project being financed and advancing on schedule, on budget, and with no lost time accidents with over 2,000,000 hours worked. The effort to perform at such a high standard on all fronts is truly appreciated. Thank you!"
SECOND QUARTER 2014 REPORT HIGHLIGHTS
Advancement of the El Limón and Guajes Project
Continued evaluation of the Media Luna Project
Exploring the Morelos Gold Property
Financing
FINANCIAL HIGHLIGHTS
The net loss for the three and six months ended June 30, 2014 decreased to $6.8 million and $10.3 million, respectively, compared with a net loss of $9.0 million for the three months ended June 30, 2013 and $27.2 million for the six months ended June 30, 2013. Exploration and evaluation expenditures totalled $0.6 million and $5.4 million during the three and six months ended June 30, 2014, respectively, compared to $17.4 million and $30.9 million for the three and six months ended June 30, 2013, respectively. The Company's cash position increased by $18.3 million during the first six months of 2014 compared with a decrease of $68.1 million for the six months ended June 30, 2013. At June 30, 2014, the Company had $729.1 million in assets, including $234.9 million of cash, and had a working capital balance of $228.4 million compared with $605.3 million in assets, including $216.6 million of cash, and a working capital balance of $206.2 million as at December 31, 2013.
As of June 30, 2014, the Company has spent approximately US$207 million of the project's Board approved budget of US$725 million on the El Limón and Guajes Project. At June 30, 2014, the Company had $729.1 million in assets, including $234.9 million of cash, and a working capital balance of $228.4 million.
A complete set of the Company's unaudited interim consolidated Financial Statements and related Notes for the three and six months ended June 30, 2014 and Management's Discussion and Analysis will be posted on the Company's website at www.torexgold.com and will be filed on SEDAR at www.sedar.com.
Torex is a growth-oriented, Canadian-based resource company engaged in the exploration and development of precious metal resources with a focus on gold. It owns 100% of the Morelos Gold Property, which is located 180 kilometers southwest of Mexico City in the highly prospective Morelos Gold Belt.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the advance of funds pursuant to the Loan Facility, the use thereof, and the successful completion of the El Limón and Guajes Project, information with respect to future exploration and development plans concerning the Morelos Gold Property, including future mining operations, the expected timing and cost of development activities and expected drilling results and the timing within which the Company expects to receive drilling results. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "estimates", "intends", "anticipates" or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made at the date that such statements are made, and is based on, without limitation, the results of the Company's feasibility study and other technical studies on the El Limon and Guajes project and drilling results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including the risk factors disclosed in the Company's annual information form under the heading "Risk Factors", and elsewhere in the Company's public disclosure. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purposes of assisting investors in understanding the Company's financial and operating performance and the Company's plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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