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
Many companies start their journey to the cloud in the DevOps environment, where software engineers want self-service access to the custom tools and frameworks they need. Machine learning technology can help IT departments keep up with these demands. In his session at 21st Cloud Expo, Ajay Gulati, Co-Founder, CTO and Board Member at ZeroStack, will discuss the use of machine learning for automating provisioning of DevOps resources, taking the burden off IT teams.
SYS-CON Events announced today that Cedexis will exhibit 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. Cedexis is the leader in data-driven enterprise global traffic management. Whether optimizing traffic through datacenters, clouds, CDNs, or any combination, Cedexis solutions drive quality and cost-effectiveness.
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/.
SYS-CON Events announced today that Mobile Create USA 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. Mobile Create USA Inc. is an MVNO-based business model that uses portable communication devices and cellular-based infrastructure in the development, sales, operation and mobile communications systems incorporating GPS capabi...
SYS-CON Events announced today that Suzuki Inc. 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. Suzuki Inc. is a semiconductor-related business, including sales of consuming parts, parts repair, and maintenance for semiconductor manufacturing machines, etc. It is also a health care business providing experimental research for...
IBM helps FinTechs and financial services companies build and monetize cognitive-enabled financial services apps quickly and at scale. Hosted on IBM Bluemix, IBM’s platform builds in customer insights, regulatory compliance analytics and security to help reduce development time and testing. In his session at 21st Cloud Expo, Lennart Frantzell, a Developer Advocate with IBM, will discuss how these tools simplify the time-consuming tasks of selection, mapping and data integration, allowing devel...
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?
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...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of 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. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
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 Nihon Micron 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. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...
SYS-CON Events announced today that mruby Forum 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. mruby is the lightweight implementation of the Ruby language. We introduce mruby and the mruby IoT framework that enhances development productivity. For more information, visit http://forum.mruby.org/.
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...
SYS-CON Events announced today that Ryobi Systems 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. Ryobi Systems Co., Ltd., as an information service company, specialized in business support for local governments and medical industry. We are challenging to achive the precision farming with AI. For more information, visit http:...