Welcome!

News Feed Item

Torex Reports Second Quarter Results

The Project Remains on Schedule and on Budget

TORONTO, ONTARIO -- (Marketwired) -- 08/14/14 -- Torex Gold Resources Inc. (the "Company" or "Torex") (TSX:TXG) announced today its financial results for the three and six months ended June 30, 2014.

Fred Stanford, President and CEO of Torex stated, "Lots of hard work has been contributed by a lot of people, and those efforts have resulted in the project being financed and advancing on schedule, on budget, and with no lost time accidents with over 2,000,000 hours worked. The effort to perform at such a high standard on all fronts is truly appreciated. Thank you!"

SECOND QUARTER 2014 REPORT HIGHLIGHTS

Advancement of the El Limon and Guajes Project

--  Zero lost time accidents on the project in 1,058,142 hours worked to the
    end of June, 2014; 
--  No significant scope changes were approved on the project in this
    quarter; 
--  The risk of engineering 'surprises' or impact to the schedule continued
    to decline in the quarter with detailed engineering progress at 80% at
    the end of the quarter and 84% at the end of July; 
--  On June 23, 2014, the Company announced that mining of the "North Nose"
    pit has commenced. This mining will add approximately 72,000 ounces to
    the stockpile that will be available for the commissioning of the plant
    next August and will nearly triple the number of ounces available for
    processing 2015;  
--  The mining of the 'first' pit (Guajes) is on schedule; 
--  The building of the road to get access to the 'second' pit (El Limon) is
    on schedule; 
--  The earthwork for the installation of the Rope conveyor, which will move
    ore from the El Limon pit, is progressing well ahead of schedule; 
--  Earthworks at the main plant site was 76% complete at the end of the
    quarter and is no longer a risk for impacting the planned schedule; 
--  Concrete work has now started with significant progress on the
    foundations and piers for the SAG and Ball mills; 
--  Permanent camp construction continues to advance. The primary focus of
    activity has shifted from underground infrastructure works and concrete
    placement to the construction of the buildings themsleves; 
--  East Service road work continued during the quarter and is now active on
    all sections of the road;  
--  Construction of the new village El Potrerillo continues as scheduled.
    The three model home versions are now complete and the final home
    selection process with the community members is underway.

Continued evaluation of the Media Luna Project

--  A high level project scoping effort for the Media Luna Project was
    internally completed during the quarter. 
--  Subsequent to the end of the quarter, Dawson Proudfoot rejoined the
    Company as Vice President, Engineering, and will be leading a team to
    develop the current scoping work into a Preliminary Economic Assessment
    (PEA) within the next twelve months.

Exploring the Morelos Gold Property

--  On June 26, 2014, the Company announced completion of its in-fill
    drilling program covering the near-surface portion of the El Limon Sur
    area located on the south face of El Limon hill. A resource estimate for
    El Limon Sur is expected in August of this year; 
--  Geo-chemical survey is underway at the Modelo target, with the assays
    results currently being processed. The selection of drill targets is
    expected to be completed during the third quarter of 2014.

Financing

--  On August 11, 2014, the Company announced that its subsidiary, Minera
    Media Luna S.A. de C.V. has signed a credit agreement (the "Credit
    Agreement") and other definitive documentation giving effect to its
    previously announced syndicated US$375 million 8.25-year senior secured
    project finance facility (the "Loan Facility")(i) for the development of
    the El Limon and Guajes Project; 
--  Drawing on the Loan Facility is subject to the satisfaction of certain
    customary conditions precedent, including the execution of certain
    hedging programs. 
--  As of August 12, 2014, the expiry date of the common share purchase
    warrants, the Company has received proceeds of $84.8 million from
    56,539,805 common share purchase warrants exercised from the bought deal
    financing announced on February 12, 2014.

FINANCIAL HIGHLIGHTS

The net loss for the three and six months ended June 30, 2014 decreased to $6.8 million and $10.3 million, respectively, compared with a net loss of $9.0 million for the three months ended June 30, 2013 and $27.2 million for the six months ended June 30, 2013. Exploration and evaluation expenditures totalled $0.6 million and $5.4 million during the three and six months ended June 30, 2014, respectively, compared to $17.4 million and $30.9 million for the three and six months ended June 30, 2013, respectively. The Company's cash position increased by $18.3 million during the first six months of 2014 compared with a decrease of $68.1 million for the six months ended June 30, 2013. At June 30, 2014, the Company had $729.1 million in assets, including $234.9 million of cash, and had a working capital balance of $228.4 million compared with $605.3 million in assets, including $216.6 million of cash, and a working capital balance of $206.2 million as at December 31, 2013.

As of June 30, 2014, the Company has spent approximately US$207 million of the project's Board approved budget of US$725 million on the El Limon and Guajes Project. At June 30, 2014, the Company had $729.1 million in assets, including $234.9 million of cash, and a working capital balance of $228.4 million.

A complete set of the Company's unaudited interim consolidated Financial Statements and related Notes for the three and six months ended June 30, 2014 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 kilometers southwest of Mexico City in the highly prospective Morelos Gold Belt.

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, the advance of funds pursuant to the Loan Facility, the use thereof, and the successful completion of the El Limon and Guajes Project, information with respect to future exploration and development plans concerning the Morelos Gold Property, including future mining operations, the expected timing and cost of development activities and expected drilling results and the timing within which the Company expects to receive drilling results. 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, and is based on, without limitation, the results of the Company's feasibility study and other technical studies on the El Limon and Guajes project and drilling results. 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 in the Company's annual information form under the heading "Risk Factors", and 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]

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
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
In his session at 21st Cloud Expo, James Henry, Co-CEO/CTO of Calgary Scientific Inc., introduced you to the challenges, solutions and benefits of training AI systems to solve visual problems with an emphasis on improving AIs with continuous training in the field. He explored applications in several industries and discussed technologies that allow the deployment of advanced visualization solutions to the cloud.
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.