Torex Gold Resources Inc. (TSX: TXG) announces 2019 gold production of 454,810 ounces following Q4 2019 production of 125,150 ounces. The full year result established a new annual production record at El Limón Guajes, surpassing the prior record established in 2018 by 28%.
During 2019, the Company sold 449,330 ounces of gold at an average realized price of over $1,405 per ounce. For Q4 2019, gold sales totaled 126,910 ounces at an average realized price of $1,480 per ounce.
The strong close places annual output within the upper end of the 2019 guidance range of 400,000 to 460,000 gold ounces sold.
Q4 2019 Operational Highlights:
After reconciliations have been completed, gold grades mined, gold grades processed, and gold recoveries will be reported with the Q4 2019 financial results.
Fred Stanford, President and CEO of Torex, stated:
“We delivered a solid result to close out 2019 with El Limón Guajes delivering the second highest quarter of production on record. The operational performance allowed us to achieve record annual gold production of over 450,000 ounces, placing us towards the upper end of the guided range. The entire team is proud of the operational and financial performance delivered in 2019.
“We look forward to another solid year in 2020 as we seek to replicate a similar production result, advance Media Luna towards construction, prove up the potential of Muckahi, extend higher grade mineralization at Sub-Sill and ELD, and continue to strengthen the balance sheet.”
Jody Kuzenko, COO of Torex, added:
“I am extremely pleased with the way our operations team performed throughout the year. We overcame several challenges at the start of the year, rebounding quickly to deliver the highest three quarters of production to date out of El Limón Guajes. The production performance was matched by an equally impressive safety performance.
“While achieving steady-state throughput of 13,000 tpd in the processing plant remains front and center, we are also focused on reducing reagent consumption associated with soluble iron and on containing costs across the entire business. We have the right team in place and excellent momentum as we head into 2020.”
Additionally, the Company notes that current income and mining taxes in respect of 2019 will be paid in Q1 2020 and will result in an operating cash outflow in that quarter.
About Torex Gold Resources Inc.
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 kilometres southwest of Mexico City. The Company’s principal assets are the El Limón Guajes mining complex, comprising the El Limón, Guajes and El Limón Sur open pits, the El Limón Guajes underground mine including zones referred to as Sub-Sill and ELD, and the processing plant and related infrastructure, which commenced commercial production 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 “Technical Report”). The property remains 75% unexplored.
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