Uncategorized
Share this news article...
Share on LinkedIn
Linkedin
Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Email this to someone
email

Torex Reports Record Production of 354,000 Ounces of Gold in 2018 and Provides 2019 Outlook

 

 

 

 

 

Torex Gold Resources Inc. (TSX:TXG) is pleased to announce that 354,000 ounces of gold were produced and 348,000 ounces of gold were sold in 2018, a record year at its ELG Complex located in southwest Mexico. 

 

Fred Stanford, President & CEO of Torex stated:

 

“Achieving a production record at the top end of production guidance is a credit to the quality of the asset and the quality of the corporate and site teams who managed through significant complexity in 2018.  Safety and environmental protection performance were also excellent.  In Q4/18 plant throughput averaged 13k/t so there is some work left to do to get to the design level of 14kt/d.  Sub-Sill produced at above design rates of 850 t/d in December.  2018 was also an excellent year on the growth front, with successful exploration/infill drill programs and with the introduction of the Muckahi technology.  The first Muckahi machine was designed and built in 2018 and we plan to use it to start breaking rock in Q1/2019.”    

 

“I offer a special thanks to all the Torex teams and the other stakeholders that contributed to making 2018 such a success. We all look forward to continuing the progress in 2019 with production growth, strong safety and environmental protection performance, exploration/infill success, and field testing of the Muckahi technology.  It is going to be an exciting year!”

 

Production and Cost Outlook for 2019 (US$)

 

 

Gold ounces sold 430,000, +/- 7%
Total cash cost/oz. sold (1) $580, +/- 7%
AISC/oz. sold (1) $790, +/- 7%
Sustaining Capex $66 million
Non-Sustaining Capex $36 million

 

(1) This is a non-GAAP measure with no standardized meaning under International Financial Reporting Standards. Refer to the Company’s MD&A for the third quarter of 2018 for further information and a detailed reconciliation regarding historical performance measures.

 

Gold production and cost estimates for 2019

 

Gold production is expected to be higher in the second half of 2019 than the first half.

 

Capex estimate for 2019

 

Sustaining capital expenditures include approximately $42 million for capitalized stripping of waste. Non-sustaining capital expenditures include $18 million for Media Luna and $8 million for Muckahi development.

 

The Company’s management’s discussion and analysis for the third quarter of 2018 is available on SEDAR at www.sedar.com and the Company’s website at www.torexgold.com.

 

Torex is an intermediate gold producer based in Canada, engaged in the exploration, development and operation 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. The Company’s principal assets are the El Limón Guajes mining complex, comprised of the El Limón, Guajes and El Limón Sur open pits, the El Limón Guajes underground mine including zones referred to as Sub-Sill and El Limón 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% unexplored.

 

Posted January 10, 2019

Share this news article...
Share on LinkedIn
Linkedin
Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Email this to someone
email

MORE or "UNCATEGORIZED"


IMPACT Silver Closes Second Tranche of Oversubscribed Financing Totalling $1.74 Million

IMPACT Silver Corp. (TSX-V:IPT) is pleased to announce that it ha... READ MORE

January 18, 2019

Midland Exploration Announces Closing of a Private Placement With the Caisse de dépôt et placement du Québec

Midland Exploration Inc. (TSX-V: MD) is pleased to announce that ... READ MORE

January 18, 2019

Great Atlantic Drilling Intersects 7.89% Zinc EQ Over 34.3 Meters

GREAT ATLANTIC RESOURCES CORP. (TSX-V.GR) is pleased to an... READ MORE

January 18, 2019

Cobalt 27 Closes Royalties on Flemington Nickel-Cobalt Project and Nyngan Scandium Project in Australia

Cobalt 27 Capital Corp. (TSX-V: KBLT) (OTCQX: CBLLF) (FRA: ... READ MORE

January 18, 2019

Blue Moon Cuts 30.3% Zinc, 1.7% Copper Plus Precious Metals Over 30 Feet at Blue Moon Deposit (true width ~55%)

Blue Moon Zinc Corp.(TSX-V: MOON) (OTC: BMOOF) is pleased t... READ MORE

January 18, 2019

Copyright 2019 The Prospector News - Site design by Spyderbaby Productions