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
"Storpool does only block-level storage so we do one thing extremely well. The growth in data is what drives the move to software-defined technologies in general and software-defined storage," explained Boyan Ivanov, CEO and co-founder at StorPool, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Is advanced scheduling in Kubernetes achievable?Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, answered these questions and demonstrated techniques for implementing advanced scheduling. For example, using spot instances and co...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.