Mr. Fred Stanford reports

TOREX ANNOUNCES SECOND QUARTER 2015 RESULTS

Torex Gold Resources Inc. has released its financial results for the three and six months ended June 30, 2015.

Fred Stanford, president and chief executive officer of Torex, said: "With construction currently 80 per cent completed and with mining ahead of schedule with over one million tonnes of ore in stockpile, we are well on track for our first gold pour by the end of this year. Engineering and procurement are effectively completed and a work force of over 3,000 is rapidly turning that engineering and material into a productive asset. The processing buildings have been erected and the major pieces of equipment have been placed within the buildings. From a construction perspective, the focus has now shifted to connecting the pieces of equipment with pipes and wires. From an operations perspective the focus is squarely on hiring and training the work force, and in preparing for commissioning and ramp-up. Specialists have been contracted to guide the commissioning process and the hiring of a skilled work force has been aided by the recent closure of processing capacity elsewhere in the country. The site and nearby communities have been quiet from a security perspective and significant progress is being achieved in the preparations for the village relocation."

Second quarter 2015 highlights

The company continued the development of the El Limon-Guajes mine (ELG mine):

• Overall construction progress was 73 per cent at the end of the second quarter of 2015 and has since achieved 80 per cent.
• Construction at the Guajes primary crusher was substantially complete at the end of the second quarter of 2015 and commissioning has been started in July with ore being crushed and conveyed to the live stockpile.
• Mining of the Guajes and North Nose pits is ahead of schedule through the second quarter of 2015, with approximately 650,000 tonnes of Guajes ore and 400,000 tonnes of North Nose ore stockpiled as of June 30, 2015.
• Construction of the processing plant and associated infrastructure was advanced on all fronts during the second quarter of 2015. A notable infrastructure milestone was the connection to the national electricity grid, which was achieved just after the quarter ended.
• The development of commissioning plans, training material, and operating and maintenance procedures was all advanced during the second quarter of 2015. In preparation for a start of the processing plant in the fourth quarter of 2015, hiring and training of the processing plant work force have started so that people are available to learn from the processing plant commissioning. Most of the mining work force is already in place.
• Work on the infrastructure to get the El Limon pit ready for preproduction waste stripping is advancing ahead of schedule. Preparation for installation of the rope conveyor by Doppelmayr Transport Technology GmbH has begun in the second quarter of 2015.
• The construction for the resettlement of the La Fundicion village is substantially complete and resettlement is expected to be completed in the third quarter of 2015. Resettlement of the Real Del Limon village is expected to be completed in the fourth quarter of 2015.
• Since the conclusion of the security incident reported on Feb. 7, 2015, the area has been quiet. The access points to the nearby communities and the Morelos gold property are secured by the military on one end and the state police on the other.
• As at June 30, 2015, 8,782,091 hours had been worked on the ELG mine with four lost-time accidents.

Estimated expenditures for the ELG mine

The ELG project cost is budgeted at $800-million (excluding capitalized interest costs and fees associated with financing the ELG mine). During the second quarter of 2015, an additional $6-million was drawn from contingency, bringing the remaining contingency available to $37-million. With the advances on the construction during the quarter, the company has identified areas where $12-million of the remaining $37-million may be required. This leaves $25-million of the budgeted contingency unallocated as of the end of June, 2015, when construction of the project was 73 per cent complete.

As at June 30, 2015, the total amount spent on the development of the ELG mine was $527-million with a current estimated amount to complete of an additional $273-million. Further details by development area as at June 30, 2015, are outlined below:

• $105-million had been spent on mine capital, which includes costs for the acquisition of mining equipment, the development of haul roads and preproduction stripping of the open pits. It is estimated that a further $52-million will be spent on mine capital before reaching commercial production.
• $361-million had been spent on process plant capital, which includes costs in connection with the acquisition of process plant equipment, materials and labour to erect the process plant, and related infrastructure, engineering, procurement and construction management (EPCM) fees to oversee the construction period, and the resettlement of two villages. It is estimated that a further $204-million of process plant capital will be spent before reaching commercial production.
• $61-million had been spent on owner's costs, which include costs in connection with the company's project team, insurance and certain land lease costs. It is estimated that an additional $17-million of owner's costs will be spent before reaching commercial production.
• Approximately 83 per cent of the budget had been committed and 70 per cent had been invoiced.

Updated mine plan for the ELG mine

On July 21, 2015, the company announced an updated mine plan for the ELG mine. As the ELG mine and Media Luna project are on the same property, the company updated the El Limon-Guajes mine plan as part of its preparation of the Media Luna project preliminary economic assessment to ensure that the technical report for the Morelos gold property is current and complete.

Refer to the company's news release dated July 21, 2015, available on SEDAR.

Exploring the Morelos gold property:

• A 10,300-metre diamond drill program to the northwest of the current Media Luna resource area was completed during the second quarter of 2015, the results of which were included in the updated inferred resource estimate for the Media Luna project.
• A 2,000-metre infill drilling program in the El Limon East area within the El Limon resource was completed in June, 2015. This program will collect additional geological information to assist mine planning at El Limon.

Continued evaluation of the Media Luna project

On July 21, 2015, the company announced a positive PEA for the Media Luna project, as well as a new inferred mineral resource estimate, prepared in accordance with National Instrument 43-101, of 7.2 million gold-equivalent ounces, including 3.98 million ounces of gold, at a cut-off grade of two grams per tonne gold-equivalent. Refer to the company's news release dated July 21, 2015, available on SEDAR.

The PEA is preliminary in nature and is based on inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Financing

During the second quarter of 2015, the company received two additional draws from its $375-million eight-year senior secured project finance facility in the amounts of $50-million and $30-million, respectively. The total amount drawn to date on the loan facility is $235-million.

The company's cash position as at June 30, 2015, ended at $83.2-million.

We seek Safe Harbor.