Business
Torex Gold Resources Exceeds High End of 2020 Production Guidance
TORONTO, Jan. 07, 2021 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) reports Q4 2020 gold production of 130,640 ounces and
About this update from Torex Gold Resources Inc.
[{"type":"text","content":" TORONTO, Jan. 07, 2021 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) reports Q4 2020 gold production of 130,640 ounces and full year production of 430,480 ounces. Annual output at El Limón Guajes (ELG) beat the upper end of revised production guidance (390,000 to 420,000 ounces) and exceeded the lower end of original guidance (420,000 to 480,000 ounces). In August, annual production guidance was lowered following a partial quarter of operations in Q2, which was a direct result of a mandated shutdown by the Government of Mexico to combat COVID-19 within the country. During Q4 2020, Torex sold 133,060 ounces of gold at an average realized price of $1,845 per ounce. For the full year 2020, the Company sold 437,310 ounces of gold at an average realized price of $1,770 per ounce. Q4 & Full YEAR 2020 OPERATIONAL Highlights Q4 2020 FY 2020 Gold Produced oz 130,640 430,480 Average Plant Throughput tpd 12,560 11,370 Average Underground Ore Mined tpd 1,300 990 Average Open Pit Ore Mined tpd 18,360 15,020 Strip Ratio w:o 6.2 6.7 Gold grades mined, gold grades processed, and gold recoveries will be reported with full year 2020 financial results after reconciliations have been completed. Average rates quoted are based on calendar days. Jody Kuzenko, President & CEO of Torex, stated: “We delivered another solid operational result to close out 2020, a guidance beat which follows a strong pattern of delivering on our commitments. We expect this operational consistency to continue, which, combined with robust margins, positions us well to continue to generate strong operating cash flow. During Q4 2020, we reduced debt by a further $116 million dollars, exiting the year with debt of $40 million and a strong cash balance. “With solid fundamentals in place, we are well positioned to build a future that will deliver increasing value to shareholders. Reinvesting in our business is a core aspect of this value creation, as we extend the life of ELG underground and potentially the El Limon open pit; de-risk and advance Media Luna; field test our proprietary Muckahi Mining System; and invest in exploration at ELG, Media Luna and other high priority targets within the broader under-explored Morelos land package. “After achieving 10 million hours worked without a lost time injury in November, we incurre...