Torex Gold Provides Update on Timing of Morelos Technical Report

(All amounts expressed in U.S. Dollars unless otherwise stated)

TORONTO, Jan. 15, 2021 (GLOBE NEWSWIRE) -- Today, Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) announces that the release of the Morelos Technical Report (the “Technical Report”), including the Media Luna feasibility study, has been rescheduled from mid-2021 to Q1 2022. Rescheduling the release of the Technical Report will allow for the inclusion of additional results from the 2021 infill drill program at Media Luna, an updated mine plan for El Limón Guajes (“ELG”) including a potential layback in the El Limón pit if deemed economic, as well as more complete data on Muckahi following completion of rate-related field testing later this year.

Jody Kuzenko, President and CEO of Torex, stated:

“All of our work related to Media Luna is very much on track – the progress of the feasibility study itself, the infill drilling program, the early works program, and the permitting.  Our decision to reschedule the release of the updated Technical Report will result in a more robust economic study that is based on the most timely and complete information – one that we are confident will demonstrate a smooth transition between the ELG open pits and the ramp-up of Media Luna. Completion of the Technical Report is not a critical path element for the project timeline, and, as such, expectation for first production from Media Luna remains Q1 2024.

“The timing associated with release of the Technical Report will allow for the results of the expanded 2021 infill drilling program at Media Luna to be included, with $14 million being invested in the program this year. In addition, with field testing of Muckahi underway within the upper portions of the ELD deposit, we expect to have a more complete understanding of the rates and costs that can be achieved through Muckahi around mid-year. This will allow for a more informed decision regarding the design of Media Luna – as a conventional mine using a traditional ore pass system or as a Muckahi mine.

“The additional time will also allow for a thorough assessment of a potential layback within the El Limón pit. We are currently finalizing a scoping level study on the project, and if the economics are positive, the layback will be incorporated into the updated mine plan for ELG. The updated mine plan will also include the most current information associated with our ongoing exploration to extend the life of the ELG underground.”