Torex Gold Resources Inc Announces Operating Results for the Three Ended September 30, 2015
Nov 5 15
Torex Gold Resources Inc. announced operating results for the three ended September 30, 2015. Overall construction was 91% complete at the end of the third quarter of 2015, commissioning is advancing well and construction of the ELG Mine remains on schedule and on budget for first gold late in the fourth quarter of 2015. There are 1.2 million tonnes of ore stockpiled as of September 30, 2015. Mining of the Guajes and North Nose pits continued ahead of schedule with approximately 605,000 tonnes of Guajes ore and 630,000 tonnes of North Nose ore stockpiled at September 30, 2015. Water and grid power were available at the processing plant at the end of the third quarter of 2015. Achieving full production of 14,000 tonnes per day requires the second pit, El Limón, to be in production. After the resettlement of La Fundición village, waste stripping and the building of haul roads are now underway for the El Limón pit. Construction of the El Limón crusher and the Rope Conveyor continues, both of which are tracking ahead of schedule. The conveyor on the RopeCon was installed in October 2015.
Torex Announces Filing of NI 43-101 Technical Report for its Morelos Property
Sep 3 15
Torex Gold Resources Inc. announced that it has filed a technical report prepared in accordance with National Instrument 43-101 (‘NI 43-101’) in support of the Company's news releases issued on July 21, 2015, entitled ‘Torex announces Updated Mine Plan for its Fully Funded El Limón-Guajes Gold Mine’ and ‘Torex Announces a Positive `PEA" for its Media Luna Project including a New Inferred Resources Estimate of 7.4 million Gold Equivalent Ounces’. The independent technical report, entitled "Morelos Property, NI 43-101 Technical Report, El Limón Guajes Mine Plan and Media Luna Preliminary Economic Assessment, Guerrero State, Mexico " (the "Technical Report"), dated September 3, 2015, effective date of August 17, 2015, was prepared by M3 Engineering & Technology Corporation of Tucson, Arizona, Amec Foster Wheeler E&C Services Inc. of Reno, Nevada, Amec Foster Wheeler Environment & Infrastructure a Division of Amec Foster Wheeler Americas Limited of Mississauga, Ontario, SRK Consulting (Canada) Inc. of Toronto, Ontario, SRK Consulting (U.S.) Inc. of Denver Colorado, Golder Associates Inc. of Gainesville, Florida and AMC Mining Consultants (Canada) Ltd. of Toronto, Ontario. The Technical Report was authored by Daniel H. Neff, P.E., Robert Davidson, P.E., Thomas L. Drielick, P.E., Edward J.C. Orbock III, RM SME, Mark Hertel, RM SME, Prabhat Habbu, P. Eng., Brian Connolly, P. Eng., Michael Levy, P.E., P.G., Vladimir Ugorets, MMSAQP, Benny Susi, P.E., and Jim Monaghan, P.Eng., all Qualified Persons as defined by NI 43-101 and independent of Torex. The Technical Report is available on SEDAR and will also be made available on the company's website. There were no material differences in the mineral resources or mineral reserves between the Technical Report and the technical disclosure contained in the News Releases. Torex is a growth-oriented, Canadian-based resource company engaged in the exploration and development of its 100% owned Morelos Gold Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometres southwest of Mexico City. Within this property, Torex has two projects: the El Limón-Guajes ("ELG") mine, currently under development, and the Media Luna project, at an advanced stage of exploration. Torex intends to identify a pipeline of future economic deposits within its property, which remains 75% unexplored.
Torex Gold Resources Inc Announces Positive Preliminary Economic Assessment for its Media Luna Project in southwest Mexico
Jul 21 15
Torex Gold Resources Inc. announced a positive Preliminary Economic Assessment for its 100% owned Media Luna Project in southwest Mexico. The company also announced a new inferred mineral resource estimate, prepared in accordance with National Instrument 43-101, of 7.42 million gold equivalent ounces, including 3.98 million ounces of gold, at a cut-off grade of 2 g/t gold equivalent. The preliminary economic assessment is preliminary in nature, and is based on inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The concept for recovery of the Media Luna resource is through underground mining methods at 7,000 t/d with the mineralized material being transported via a hybrid underground /aerial /underground rope conveyor to the ELG processing plant. Processing to produce both a Copper/Gold/Silver concentrate as well as dore bars would be completed using the existing plant and through a circuit to be added for flotation and concentrate handling. Tailings required for paste backfill would be transported back to the underground mine utilizing the same rope conveyor that transported the mineralized material to the processing facility. Production at the ELG mine would continue at 14,000 t/d with the higher grade 7,000 tonnes directed to the processing plant and the lower grade 7,000 tonnes directed to stockpile for processing in the future. (See also "Potential Impact of PEA on ELG Mine Plan") Development of the Media Luna resource would take place over a four year period, with capital for the construction of the processing plant additions delayed until the latter two years. Resource Growth: The PEA includes an updated resource estimate that increases the estimated inferred gold equivalent ounces by 1.6 million, from 5.8 to 7.4 million ounces. The previous resource estimate was based on diamond drilling over 150 of the approximate 552 hectares of the Media Luna magnetic anomalies. The updated resource estimate includes the results from diamond drilling over an additional 21 hectares for a total of 171 of the 552 hectares. The increase in the estimated gold equivalent ounces is largely a result of this additional drilling (1.4M Au Eq. oz.), with minor impact from some improved assay results on silver and a change in the metal prices to calculate gold equivalency. The 21 hectares that have been added to the resources contributed approximately 66,700 Au Eq. oz. per hectare (1.4M/21) versus an average of approximately 40,000 Au Eq. oz. per hectare for the original resource area (6.0M/150).