Torex Gold Reports Strong Operational Start to the Year
Delivers Highest First Quarter of Production to Date
(All amounts expressed in U.S. Dollars unless otherwise stated)
TORONTO, April 08, 2021 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) reports Q1 2021 gold production of 129,500 ounces, which is the Company’s highest first quarter of production on record. During the quarter, Torex sold 129,010 ounces of gold at an average realized price of $1,775 per ounce.
With the strong start to the year, Torex is well-positioned to achieve full year production guidance of 430,000 to 470,000 ounces of gold in 2021.
TABLE 1: Q1 2021 OPERATIONAL HIGHLIGHTS
|Average Plant Throughput||tpd||12,340|
|Average Underground Ore Mined||tpd||1,360|
|Average Open Pit Ore Mined||tpd||15,090|
The Company plans to release its first quarter 2021 financial and operational results early morning on Thursday, May 13, 2021, followed later in the morning by a conference call hosted by senior management. Gold grades mined, gold grades processed, and gold recoveries will be reported with the quarterly results.
Jody Kuzenko, President & CEO of Torex, stated:
“The operational momentum gained in H2 2020 has continued, with the team delivering the strongest first quarter of gold production on record. The open pits and underground continued to deliver solid, reliable performance, with the underground achieving a new quarterly record of ore mined. The process plant achieved a record monthly milling rate in March of 13,810 tonnes per day.
“The strong operational results were matched by an equally solid safety performance, with no lost time injuries in the quarter. Our culture of safety continues to be reflected in ongoing adherence to our multi-layered COVID-19 protocols, to ensure business continuity and mitigate spread of the virus within our operations and host communities.
“As outlined during our Q4 2020 conference call, operating cash flow is expected to be weighted towards the second half of the year, given tax and royalty payments in Q1 and profit-sharing payment in Q2. We have never been in a stronger financial position with our remaining long-term debt paid in the quarter and the refinancing of our debt facility, providing us with significant financial flexibility to develop Media Luna, potential M&A and continue the exploration program on the Morelos property.