Torex Gold Resources Inc. (TSX: TXG) reports Q2 2021 gold production of 118,050 ounces from its El Limón Guajes mine in Mexico. Gold sold during the quarter was 111,420 ounces at an average realized gold price of $1,815 per ounce. With 247,550 ounces of gold produced through the second quarter, the Company reiterates full year gold production guidance of 430,000 to 470,000 ounces.

TABLE 1: Q2 2021 OPERATIONAL HIGHLIGHTS

Torex plans to release its second quarter 2021 financial and operational results early morning on Thursday, August 5, 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 & CEO of Torex, stated:

“We had another solid quarter of production in Q2, continuing to deliver the consistent and reliable performance that our shareholders have come to expect. With 247,550 ounces of gold produced through June, we are very well positioned to achieve production guidance of 430,000 to 470,000 ounces this year. Notably, our underground mining team exceeded expectations, with the average daily mining rate surpassing 1,400 tpd for the first time.

“From a safety standpoint, we experienced a lost time injury in the quarter when a contract diamond driller was injured working underground. Per our safety systems and culture, the incident was investigated fully, and corrective actions have been implemented to mitigate the likelihood of reoccurrence.

“With the solid production result came some operational challenges that our team is currently addressing. First, as we mine deeper in the open pits, the metallurgical signature of the ore has evolved, with higher levels of copper and iron in sulphides. While our blending strategies and metallurgical controls minimized in-circuit fluctuations, cyanide consumption during the quarter increased by approximately 2 kg/t relative to Q1. We are actively pursuing a number of mitigation strategies to maintain consistent recoveries while managing reagent consumption, as well as cost containment initiatives in the business to help offset higher reagent costs.

“Second, wear to the RopeCon belt was detected in June through our routine inspections and the conveyor system has been taken down for repair with an expected return to service date in late-July. While the RopeCon is out of service, ore from the El Limón open pit is being selectively hauled by truck and surface stockpiles drawn down, and, as such, we do not expect throughput in the processing plant to be impacted.

“The solid production result we delivered again this quarter despite the noted operational issues speaks to the effectiveness of our systems-based approach to operations, and the capability and resilience of our team to tackle multiple challenges to deliver production consistent with plan.”

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 kilometers 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 El Limón Deep and the processing plant and related infrastructure, which commenced commercial production as of April 1, 2016, and the Media Luna deposit, which is an advanced stage development project, and for which the Company issued an updated preliminary economic assessment in September 2018. The property remains 75% unexplored.