(All amounts expressed in U.S. Dollars unless otherwise stated)
TORONTO, ONTARIO--(Marketwired - May 15, 2015) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX:TXG) announced today its financial results for the three months ended March 31, 2015.
Fred Stanford, President and CEO of Torex said: "With construction at 60% complete at the end of April and with mining ahead of schedule with 700,000 tonnes in stock pile, we are well on track for our first gold pour by the end of this year. A total of 1,200 direct construction workers are currently at the main processing plant site and approximately 3,000 workers are involved in the project site as a whole. Concrete work is winding down, with elevated floor slabs being the current concrete focus. Structural steel work is also well advanced with roof trusses currently being installed on the main mill building. With much of the structural steel erected, the welding, piping, mechanical, and electrical contractors are now fully engaged in these later stage construction activities. We have worked over 6.3 million hours with only two minor lost time incidents and, as our focus shifts to commissioning, the hiring and training of the processing plant work force is well underway." He added, "the site and nearby communities have been quiet on the security front and significant progress is being achieved in the preparations for the village relocation."
FIRST QUARTER 2015 HIGHLIGHTS
Advancement of the El Limón Guajes Project
The Company continued the development of the El Limón Guajes Project:
Estimated Expenditures for the El Limón Guajes Project
The Project cost is budgeted at $800 million(1), which includes a contingency of $43 million. Included in the Project budget is $22 million to advance production from the 'North Nose Pit' from the end of mine life to the 2015/2016 period.
As at March 31, 2015, the total amount spent on the development of the Project was $450 million with a current estimated amount to complete of an additional $350 million. Further details by development area as at March 31, 2015 are outlined below:
Exploring the Morelos Gold Property
Continued evaluation of the Media Luna Project
(1) Excludes capitalized interest costs and fees associated with funding the Project.
A complete set of the Company's unaudited Condensed Consolidated Interim Financial Statements and related Notes for three months ended March 31, 2015 and Management's Discussion and Analysis is posted on the Company's website at www.torexgold.com and is filed on Sedar at www.sedar.com.
ABOUT TOREX
Torex is a growth-oriented, Canadian-based resource company engaged in the exploration and development 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. Within this property, Torex has two projects: the El Limon Guajes Project, currently under development, and the Media Luna Project, at an advanced stage of exploration. Torex intends to identify a pipeline of future economic deposits within its property, which remains 75% unexplored.
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. Notwithstanding the Company's efforts, there can be no guarantee that the Company will not face unforeseen delays or disruptions.
Forward-looking information also includes, but is not limited to, the capital cost estimate, the availability and performance of construction contractors, suppliers and consultants, the expected completion, commissioning and start-up of the mine and processing facilities of the Project, and expected revenues from operations, the further advances of funds pursuant to the loan facility (which are subject to certain customary conditions precedent), safety and security, and access to the Project. 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 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 those risk factors identified in the Company's annual information form and management's discussion and analysis. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Although the Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because the Company can give no assurance that such expectations will prove to be correct. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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