Welcome!

News Feed Item

Torex Reports Year End Results

TORONTO, ONTARIO -- (Marketwired) -- 03/06/14 -- (All amounts expressed in Canadian Dollars unless otherwise stated)

Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG)(TSX: TXG.WT) announced today its financial results for the twelve months ended December 31, 2013 ("Fiscal 2013").

2013 REPORT HIGHLIGHTS

Advancement of the El Limon and Guajes Project

--  Environmental permits, and regulatory permission to proceed with mine
    and process plant construction, were received in 2013. Construction and
    mining activities commenced on November 1, 2013. Construction activities
    are on schedule. Mining is ahead of schedule;
--  Prior to November 1, 2013 the Company facilitated a rapid start to
    project construction by preparing the off-site construction camp and
    equipment assembly area, and by widening the East Service Road;
--  Detailed engineering continued through 2013 and was 51% complete at the
    end of the year (now 64% complete);
--  Procurement of long-lead time equipment began in 2012 and was
    substantially complete by the end of 2013. Grinding mills, crushers, the
    rope conveyor, gold plant and refinery, were among the items ordered
    during the year;
--  Signed a collective bargaining agreement, with a national union, for the
    construction phase of the project development;
--  Hired additional senior operation team members for the construction and
    operation phases;
--  The process to relocate two villages located within the project area
    advanced during 2013. Key milestones were:
    --  The selection of a resettlement site, which was legally formalized
        by an Ejido Assembly held on October 10, 2013;
    --  The agreement by the Ejido to the sale of the land for the new
        village;
    --  The agreement by the Ejido as to the layout of the new village, the
        types of houses and community buildings to be built, and the
        selection by individual families of their future building lots; and
--  The Company's board of directors (the "Board") approved a US$725 million
    control budget for the El Limon and Guajes Project.

Continued evaluation of the Media Luna Project

--  The Company completed a 100,000 metre resource drill program during
    2013, which resulted in a maiden inferred resource estimate of 5.84
    million gold equivalent ounces contained in 39.9 million tonnes at the
    Media Luna Project. The related technical report prepared in accordance
    with National Instrument 43-101 ("NI 43-101") was filed on September 26,
    2013;
--  Initial interpretation of a new magnetic survey completed late in 2013
    resulted in a 26% increase in the area of the three main magnetic
    anomalies in the Media Luna Project area;
--  Intersected high-grade gold mineralization over significant thickness
    beyond the boundaries of the Media Luna Project inferred resource area;
    and
--  Preliminary engineering was conducted to refine options for Media Luna
    for underground access, for future definition drilling, and future
    mining operations. This work will continue through 2014.

Preparation for 2014 exploration activities at the Morelos Gold Property

--  Completed the fieldwork necessary to shift from an inferred resource
    drill program to a greenfield exploration program in 2014, to better
    understand other magnetic and structural anomalies within the Morelos
    Gold Property.

Project Financing

--  Executed an engagement letter for a US$250 million project finance
    facility early in 2013;
--  Signed a revised engagement letter late in 2013, which increases the
    targeted project finance facility amount to US$350 million, a portion of
    which may comprise a cost overrun facility, and an increased tenor to
    eight years from seven;
--  Lead arrangers expect that they can accommodate up to US$300 million of
    the new targeted facility amount, with the balance to be sought from
    additional lenders;
--  Initial technical due diligence carried out on behalf of the lead
    arrangers by an independent technical consultant was completed during
    2013;
--  Strengthened the Company's financial position by completing a bought
    deal financing resulting in gross proceeds of $143.8 million, on
    February 12, 2014; and
--  The Company is considering alternative financing solutions.

The Company has spent approximately US$118 million on the El Limon and Guajes Project as of December 31, 2013.

FINANCIAL HIGHLIGHTS

The net loss for Fiscal 2013 decreased to $69.1 million, compared with a net loss of $76.2 million for the fourteen months ended December 31, 2012 ("Fiscal 2012"). Exploration and evaluation expenditures totalled $47.2 million on the Media Luna Project during Fiscal 2013, compared to $60.3 million on the El Limon and Guajes Project and the Media Luna Project for Fiscal 2012. The Company's cash position decreased by $184.5 million in Fiscal 2013 compared with an increase of $364.9 million for the Fiscal 2012. At December 31, 2013, the Company had $605.3 million in assets, including $216.6 million of cash, and had a working capital balance of $206.2 million compared with $626.4 million in assets, including $401.1 million of cash, and a working capital balance of $400.4 million as at December 31, 2012.

A complete set of the Company's audited consolidated Financial Statements and related Notes for Fiscal 2013 and Management's Discussion and Analysis will be posted on the Company's website at www.torexgold.com and will be filed on Sedar at www.sedar.com.

Torex is a growth-oriented, Canadian-based resource company engaged in the exploration and development of precious metal resources with a focus on gold. It owns 100% of the Morelos Gold Property, which is located 180 kilometres southwest of Mexico City in the highly prospective Morelos Gold Belt. Torex is aggressively exploring within its property to identify a pipeline of additional future economic deposits. The property covers an area of 29,000ha of which more than 75% remains 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. Forward-looking information includes, but is not limited to, information with respect to future exploration and development plans concerning the Morelos Gold Property, including expected drilling results and the timing within which the Company expects to receive drilling results, anticipated timing for the completion of information with respect to the Company's feasibility study and technical studies on the project. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "estimates", "intends", "anticipates" or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", 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 the risk factors disclosed elsewhere in the Company's public disclosure. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purposes of assisting investors in understanding the Company's financial and operating performance and the Company's plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Contacts:
Torex Gold Resources Inc.
Fred Stanford
President and CEO
(647) 260-1502
[email protected]

Torex Gold Resources Inc.
Gabriela Sanchez
Vice President Investor Relations
(647) 260-1503
[email protected]
www.torexgold.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Fusic will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Fusic Co. provides mocks as virtual IoT devices. You can customize mocks, and get any amount of data at any time in your test. For more information, visit https://fusic.co.jp/english/.
With the rise of DevOps, containers are at the brink of becoming a pervasive technology in Enterprise IT to accelerate application delivery for the business. When it comes to adopting containers in the enterprise, security is the highest adoption barrier. Is your organization ready to address the security risks with containers for your DevOps environment? In his session at @DevOpsSummit at 21st Cloud Expo, Chris Van Tuin, Chief Technologist, NA West at Red Hat, will discuss: The top security r...
SYS-CON Events announced today that TMC has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo and Big Data at Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Global buyers rely on TMC’s content-driven marketplaces to make purchase decisions and navigate markets. Learn how we can help you reach your marketing goals.
SYS-CON Events announced today that Enroute Lab will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enroute Lab is an industrial design, research and development company of unmanned robotic vehicle system. For more information, please visit http://elab.co.jp/.
Cloud-based disaster recovery is critical to any production environment and is a high priority for many enterprise organizations today. Nearly 40% of organizations have had to execute their BCDR plan due to a service disruption in the past two years. Zerto on IBM Cloud offer VMware and Microsoft customers simple, automated recovery of on-premise VMware and Microsoft workloads to IBM Cloud data centers.
Why Federal cloud? What is in Federal Clouds and integrations? This session will identify the process and the FedRAMP initiative. But is it sufficient? What is the remedy for keeping abreast of cutting-edge technology? In his session at 21st Cloud Expo, Rasananda Behera will examine the proposed solutions: Private or public or hybrid cloud Responsible governing bodies How can we accomplish?
There is huge complexity in implementing a successful digital business that requires efficient on-premise and cloud back-end infrastructure, IT and Internet of Things (IoT) data, analytics, Machine Learning, Artificial Intelligence (AI) and Digital Applications. In the data center alone, there are physical and virtual infrastructures, multiple operating systems, multiple applications and new and emerging business and technological paradigms such as cloud computing and XaaS. And then there are pe...
SYS-CON Events announced today that Daiya Industry will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Daiya Industry specializes in orthotic support systems and assistive devices with pneumatic artificial muscles in order to contribute to an extended healthy life expectancy. For more information, please visit https://www.daiyak...
Real IoT production deployments running at scale are collecting sensor data from hundreds / thousands / millions of devices. The goal is to take business-critical actions on the real-time data and find insights from stored datasets. In his session at @ThingsExpo, John Walicki, Watson IoT Developer Advocate at IBM Cloud, will provide a fast-paced developer journey that follows the IoT sensor data from generation, to edge gateway, to edge analytics, to encryption, to the IBM Bluemix cloud, to Wa...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo Silicon Valley which will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. "DevOps is at the intersection of technology and business-optimizing tools, organizations and processes to bring measurable improvements in productivity and profitability," said Aruna Ravichandran, vice president, DevOps product and solutions marketing...
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
The last two years has seen discussions about cloud computing evolve from the public / private / hybrid split to the reality that most enterprises will be creating a complex, multi-cloud strategy. Companies are wary of committing all of their resources to a single cloud, and instead are choosing to spread the risk – and the benefits – of cloud computing across multiple providers and internal infrastructures, as they follow their business needs. Will this approach be successful? How large is the ...
In his session at @ThingsExpo, Greg Gorman is the Director, IoT Developer Ecosystem, Watson IoT, will provide a short tutorial on Node-RED, a Node.js-based programming tool for wiring together hardware devices, APIs and online services in new and interesting ways. It provides a browser-based editor that makes it easy to wire together flows using a wide range of nodes in the palette that can be deployed to its runtime in a single-click. There is a large library of contributed nodes that help so...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.