Ms. Jody Kuzenko reports
TOREX GOLD REPORTS STRONG OPERATIONAL START TO THE YEAR
Torex Gold Resources Inc. had first quarter 2021 gold production of 129,500 ounces, which is the company's highest first quarter of production on record. During the quarter, Torex sold 129,010 ounces of gold at an average realized price of $1,775 per ounce. All amounts expressed in U.S. dollars unless otherwise stated.
With the strong start to the year, Torex is well positioned to achieve full-year production guidance of 430,000 to 470,000 ounces of gold in 2021.
Q1 2021 OPERATIONAL HIGHLIGHTS
Gold produced (oz) 129,500
Average plant throughput (tpd) 12,340
Average underground ore mined (tpd) 1,360
Average open-pit ore mined (tpd) 15,090
Strip ratio (waste:ore) 7.4:1
The company plans to release its first quarter 2021 financial and operational results early morning on Thursday, May 13, 2021, followed later in the morning by a conference call hosted by senior management. Gold grades mined, gold grades processed and gold recoveries will be reported with the quarterly results.
Jody Kuzenko, president and chief executive officer of Torex, stated:
"The operational momentum gained in H2 2020 has continued, with the team delivering the strongest first quarter of gold production on record. The open pits and underground continued to deliver solid, reliable performance, with the underground achieving a new quarterly record of ore mined. The process plant achieved a record monthly milling rate in March of 13,810 tonnes per day.
"The strong operational results were matched by an equally solid safety performance, with no lost-time injuries in the quarter. Our culture of safety continues to be reflected in ongoing adherence to our multilayered COVID-19 protocols, to ensure business continuity and mitigate spread of the virus within our operations and host communities.
"As outlined during our Q4 2020 conference call, operating cash flow is expected to be weighted towards the second half of the year, given tax and royalty payments in Q1 and profit-sharing payment in Q2. We have never been in a stronger financial position with our remaining long-term debt paid in the quarter and the refinancing of our debt facility, providing us with significant financial flexibility to develop Media Luna, potential M&A and continue the exploration program on the Morelos property.
"We continue to demonstrate our ability as a team to deliver excellence on a consistent basis. With such a strong start in the first quarter we are well positioned to deliver on 2021 guidance."
First quarter 2021 conference call and webcast details
The company plans to release first quarter 2021 financial and operational results before market open on Thursday, May 13, 2021. A conference call and webcast to discuss the results will be held the same day at 9 a.m. Eastern Time.
Please join the conference call approximately 10 minutes prior to the scheduled start time. Dial-in details for the conference call are as follows:
Toll-free (North America): 1-800-319-4610
A live webcast will be available on the company's website. The webcast will be archived on the company's website.
About Torex Gold Resources Inc.
Torex is an intermediate gold producer based in Canada, engaged in the exploration, development and operation of its 100-per-cent-owned Morelos gold property, an area of 29,000 hectares in the highly prospective Guerrero gold belt located 180 kilometres southwest of Mexico City. The company's principal assets are the El Limon Guajes mining complex comprising the El Limon, Guajes and El Limon Sur open pits, the El Limon Guajes underground mine including zones referred to as Subsill and El Limon Deep, and the processing plant and related infrastructure, which is in the commercial production stage as of April 1, 2016, and the Media Luna deposit, which is an early-stage development project, and for which the company issued an updated preliminary economic assessment in September, 2018. The property remains 75 per cent unexplored.
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