Torex Completes US$375 Million Project Finance Facility El Limon-Guajes Project Fully Funded - Seite 2

In connection with the Loan Facility, Torex will establish gold and foreign exchange hedging programs (the "Hedging Programs") with the Banks. Execution of the Hedging Programs is subject to the satisfaction of certain customary conditions precedent and the following general terms: (i) the gold hedging program covers the gold price exposure for 204,000 ounces of Torex's projected gold production, which equates to approximately 6% of the Company's current targeted total gold production from the Project, subject to volume adjustment based on the final realized hedged price; (ii) the CAPEX foreign exchange currency hedge covers exposure for 75% of Torex's non-U.S. dollar denominated capital expenditures for the Project to the expected completion date; and (iii) the OPEX foreign exchange currency hedge covers exposure for 75%, 50% and 25% annually, on a three year rolling basis, of Torex's non-U.S. dollar denominated operating expenditures for the Project from the start-up of commercial production. The Hedging Programs will be secured on an equal basis with the Loan Facility, have no margining requirements and will be documented in the form of ISDA Agreements.

Under the Loan Facility, BMO Harris Bank N.A. acted as Syndication Agent, BNP Paribas acted as Administrative Agent, Commonwealth Bank of Australia acted as Technical Agent and Model Agent, ING Capital LLC acted as Insurance Agent, Societe Generale acted as Documentation Agent and The Bank of Nova Scotia acted as Bullion Account Administration Agent.

The Company was advised by Cassels Brock & Blackwell LLP (Ontario Counsel) and Sánchez-Mejorada, Velasco y Ribé (Mexican Counsel). The Banks were advised by Fasken Martineau DuMoulin LLP (Ontario Counsel), Ritch Mueller, S.C. (Mexican Counsel) and Hatch Ltd. (Independent Engineer).

A copy of the Credit Agreement will be filed under Torex's profile on SEDAR.

Torex is a growth-oriented, Canadian-based resource company engaged in the exploration and development of its 100% owned Morelos Gold Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometres southwest of Mexico City. Within this property, Torex has two projects: the El Limon-Guajes Project, currently under development, and the Media Luna Project, at an advanced stage of exploration. Torex intends to identify a pipeline of future economic deposits within its property, which remains 75% unexplored.