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Torex Gold Resources Provides Third Quarterly Update on Media Luna Project
(All amounts expressed in US. Dollars unless otherwise stated) TORONTO, July 26, 2023 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (
About this update from Torex Gold Resources Inc.
[{"type":"text","content":" (All amounts expressed in US. Dollars unless otherwise stated) TORONTO, July 26, 2023 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) provides the third quarterly update on the development of its Media Luna Project (“Media Luna”). Unless otherwise stated, progress and milestones referenced in this press release are as of June 30, 2023. Jody Kuzenko, President & CEO of Torex, stated: “Development activities related to the Media Luna Project continued to advance well during Q2 with the project remaining on budget and on schedule. At quarter-end, Media Luna was 35% complete across engineering, procurement, underground development, and surface construction. With $143.6 million of expenditures incurred through H1 and the quarterly spend rate expected to increase further, full year guided expenditures are trending towards the lower end of the guided range of $390 million to $440 million. As of June 30th, 45% of upfront project expenditures had been committed or incurred. “Detailed engineering and procurement activities increased materially during the quarter, with several key purchase orders awarded, the most significant being the battery electric mining fleet for production support and personnel transport, as well as the ball mill motors equipped with variable frequency drives. In addition, we awarded the vertical development and underground construction contract, and the contractor is now mobilizing to site. Work to expedite the paste plant filter presses has been successful in pulling the delivery dates forward by one month, while efforts to expedite the schedule critical underground electrical equipment to mitigate schedule risk are ongoing. “The Guajes Tunnel has advanced 4,500 metres with breakthrough on track for early Q1 2024, if not earlier. At South Portal Lower, the main spiral ramp was completed post-quarter end and the primary tunnel has advanced 2,075 metres. Civil works on both sides of the Balsas River continued during the quarter, and concrete installation will commence as the site-wide concrete contractor is selected. “With development activities tracking to plan, robust financial liquidity, and strong ongoing cash flow from El Limón Guajes, we are well positioned physically and financially to deliver Media Luna on time and on budget, with first concentrate production in ...