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

TORONTO, ONTARIO--(Marketwired - Aug. 11, 2014) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX:TXG)(TSX:TXG.WT) is pleased to announce that the Company, through its subsidiary Minera Media Luna, S.A. de C.V. has signed a credit agreement (the "Credit Agreement") with BMO Harris Bank N.A., BNP Paribas, Commonwealth Bank of Australia, ING Bank N.V., Société Générale, and The Bank of Nova Scotia (the "Banks") and other definitive documentation with respect to its previously announced syndicated senior secured US$375 Million project finance facility (the "Loan Facility") that is due to mature June 30, 2022. The Loan Facility will be used for the development of the El Limon-Guajes Project (the "Project"), located on the Company's 100% owned Morelos Gold Property in Mexico. With the completion of the Loan Facility, the development of the Project as currently proposed is fully financed.

Fred Stanford, President and CEO of Torex, said: "With this project financing, we are now in a position to complete the construction of our first mine on schedule and on budget, for commissioning in August of next year. We appreciate the hard work of our financing team, lawyers, consultants and bankers, their perseverance, confidence and commitment have produced a transaction that is accretive to all parties involved. Our special thanks to our shareholders for their patience and support during the almost two years it took us to complete this financing that puts us on a path to building a company we can all be proud to be a part of."

The Loan Facility is comprised of two separate facilities, a project finance facility of US $300 million (the "PFF") and a cost overrun facility of US $75 million (the "COF"). Advances under the PFF will bear interest at a rate of LIBOR + 4.25% to 4.75% and advances under the COF will bear interest at the same rate plus up to 3%. Drawing under the Credit Agreement is subject to the satisfaction of certain customary conditions precedent, including the execution of the Hedging Programs described below. In particular, the Banks have accepted the recently completed Environment and Social Impact Assessment (ESIA) relating to the Project. The Loan Facility is supported by secured guarantees from the Company and each of its material subsidiaries.