Torex Announces Production Results for the Second Quarter

TORONTO, July 09, 2018 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) is pleased to announce that during the second quarter of 2018, a total of 80,000 ounces of gold were produced at its El Limón Guajes mine (“ELG Mine”) in southwest Mexico.   

Fred Stanford, President and CEO of Torex stated: “The site teams continue to implement the initiatives to ramp up production.  In April, plant throughput was 9 kt/d.  In May it was 11 kt/d and in June it was 13 kt/d.  In June, plant throughput was above 13 kt/d for 21 days; 9 of those 21 days were above 14 kt/d, and of those 9 days, 5 were above 15 kt/d.  Guidance is maintained at 325,000 – 350,000 gold ounces sold for the year.”  He added: “The SART plant produced its first copper precipitate, on schedule, in late June.  The operations team has taken over from the commissioning team and will now take the SART plant to full production.  Growth activities continued through the quarter with development and exploration drilling at the Sub-Sill.  In-fill drilling in Media Luna continues and the updated technical report on the ELG Mine and the Media Luna project is on schedule to be completed in late July / early August.  We all look forward to the second half of 2018 and the many catalysts that are expected to demonstrate the company building potential of the Morelos Gold Property.”

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 (the “ELG Mine 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 a preliminary economic assessment in 2015. The property remains 75% unexplored.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This press release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities legislation. Notwithstanding the Company’s efforts, there can be no guarantee that the Company will not face unforeseen delays or disruptions, including delays and disruptions. Forward-looking information includes, but is not limited to, statements regarding completing the ramp-up of the operations to full production, achieving the production forecast of gold sold for the year, completing development activities on the Subsill, the expected completion of ramp-up of the SART plant to full production, completing development activities on the Subsill, completing the exploration drilling programs on the Subsill and regional target and the infill drilling program on the Media Luna project, and the timing and completion of the technical report on the ELG Mine and Media Luna project. Generally, forward-looking information can be identified by the use of forward-looking terminology such as ‘guidance”, “plans”, “expects”, “estimates”, “intends”, “on schedule” or “potential” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur”, or “be achieved”. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made at the date that such statements are made. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including those risk factors identified in the Company’s annual information form and management’s discussion and analysis. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Although the Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because the Company can give no assurance that such expectations will prove to be correct. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.