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.
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.
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