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Torex Gold Resources Reports 2020 Year End Mineral Reserves & Resources for El Limón Guajes Complex
TORONTO, March 30, 2021 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) reports that in 2020, total Proven & Probable gold r
About this update from Torex Gold Resources Inc.
[{"type":"text","content":" TORONTO, March 30, 2021 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) reports that in 2020, total Proven & Probable gold reserves for the Company’s El Limón Guajes Complex (“ELG”) declined 15% year-over-year primarily due to depletion, with ongoing exploration success driving a 15% increase in underground reserves, and ore processed resulting in a 20% decline in open pit reserves. Jody Kuzenko, President & CEO of Torex, stated: “The year-over-year decline in gold reserves at the Morelos property is consistent with the mine plan that has the ELG open pits concluding at the end of 2023. The decline in reserves at Morelos is expected to reverse when the Feasibility Study for Media Luna brings Media Luna resources into reserves. That study is expected to be published in Q1 of 2022. “In term of this year’s update, the processing of 487,000 ounces of gold contained in ore in 2020 was partially offset by continued underground reserve growth of 53,000 ounces, after mine depletion. Reserve growth in the ELG Underground can mostly be attributed to the infill drill program adding 93,000 ounces, with the application of a lower underground cut-off grade adding 26,000 ounces. The lower cut-off grade in the open pits resulted in an additional 28,000 ounces of reserves. The lower cut-off grades reflect a reserve gold price assumption of $1,400 per ounce versus the previous assumption of $1,200 per ounce. “The ELG Underground is expected to remain a key value driver for Torex and its shareholders over the coming years. Since the initial Sub-Sill reserve of 180,000 ounces was published in early 2018, the underground mine has delivered approximately 212,000 ounces of gold to the processing plant, with a further 413,000 ounces of reserves in place at year-end from both Sub-Sill and El Limón Deep. With a sizeable resource base outside of reserves, multi-year step-out and infill drilling programs underway, and mineralization open at depth, we remain confident in our ability to extend the life of the ELG Underground beyond the 4.5 years implied by reserves, which remains a key enabler to delivering a smooth transition from ELG to Media Luna.” Table 1: Year-over-year comparison of Mineral Reserves & Resources for the El Limón Guajes Complex ...