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Torex Gold Resources Reports First Quarter Financial Results
(All amounts expressed in U.S. Dollars unless otherwise stated) TORONTO, May 11, 2022 (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 U.S. Dollars unless otherwise stated) TORONTO, May 11, 2022 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) reports the Company’s financial and operational results for the three months ended March 31, 2022. The Company will host a conference call tomorrow morning at 9:00 AM (ET) to discuss the quarterly results. Jody Kuzenko, President & CEO of Torex, stated: “Torex had a solid start to 2022. Reliable production, combined with the stronger gold price and disciplined cost management, resulted in robust revenue and EBITDA generation. With 112,446 ounces of gold produced in the quarter, and quarterly production expected to be higher throughout the remainder of the year, the Company is well positioned to deliver on 2022 operational guidance. “The operational and financial performance achieved during the quarter was once again matched by excellent safety performance. There were no lost time injuries, and by the end of March, our employees and contractors surpassed 8 million hours working without a lost time injury. Despite a resurgence of COVID-19 related cases in Mexico early in the quarter, the site successfully managed through elevated levels of absenteeism in January and February, delivering higher than expected production at budgeted costs. “At the end of the quarter, we achieved a critical milestone with the release the Technical Report for the Morelos Complex, which highlights the long-term cash flow potential of integrated operations at ELG and Media Luna. With approval now received from our Board of Directors, the Media Luna Project will more than triple the existing mine life of the Morelos Complex and establishes the foundation for future growth as we continue to invest in drilling and exploration. In addition, Torex will become a significant producer of copper once Media Luna is in production, a metal which has very favourable forward looking market fundamentals. “With the Technical Report released, our focus has shifted to bringing Media Luna into production on time and on budget. Development rates at the Guajes Tunnel are steadily increasing with advance of more than 1.5 kilometres at quarter-end. South Portal Upper is advancing to plan, and rates in South Portal Lower are beginning to improve as crews work through a section of challenging ground conditi...