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Last C$1.12 CAD
Change Today +0.01 / 0.90%
Volume 2.4M
TXG On Other Exchanges
As of 4:00 PM 07/31/15 All times are local (Market data is delayed by at least 15 minutes).

torex gold resources inc (TXG) Snapshot

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torex gold resources inc (TXG) Details

Torex Gold Resources Inc. engages in the exploration and development of mineral properties in Mexico. The company primarily explores for gold, silver, and copper deposits. It principally holds 100% interest in the Morelos Gold project comprising the El Limón and Guajes mineral deposits and the Media Luna deposit covering a land package of approximately 29,000 hectares located in Guerrero State, Mexico. The company was formerly known as Gleichen Resources Ltd. and changed its name to Torex Gold Resources Inc. in April 2010. Torex Gold Resources Inc. was founded in 1980 and is headquartered in Toronto, Canada.

342 Employees
Last Reported Date: 03/31/15
Founded in 1980

torex gold resources inc (TXG) Top Compensated Officers

Chief Executive Officer, President, Director ...
Total Annual Compensation: C$515.0K
Chief Financial Officer
Total Annual Compensation: C$242.0K
Chief Operating Officer
Total Annual Compensation: C$300.0K
Vice President of Human Resources
Total Annual Compensation: C$267.8K
Vice-President of Exploration
Total Annual Compensation: C$340.6K
Compensation as of Fiscal Year 2014.

torex gold resources inc (TXG) Key Developments

Torex Gold Resources Inc Announces Positive Preliminary Economic Assessment for its Media Luna Project in southwest Mexico

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).

Torex Gold Resources Inc. Announces Update Mine Plan for its 100% Owned, Fully Funded, El Limón-Guajes

Torex Gold Resources Inc. announced an updated mine plan for its 100% owned, fully funded, El Limón-Guajes ('ELG') mine ('ELG Mine'). The ELG Mine consists of two open pits and a cyanide leach/carbon in pulp ("CIP") processing plant, approximately 180 km southwest of Mexico City. It is in the final stages of construction, and has started the commissioning of the Guajes primary crusher, with its first gold pour expected in fourth quarter of 2015. The El Limón resource will be evaluated through 2015, utilizing the data from a recently completed drill program, and that resource estimate will be updated in 2016. A soon to be released `PEA' for Media Luna will also highlight the potential to process additional high grade material through the ELG processing plant." He added: 'On the cost side, foreign exchange benefits have offset inflationary pressures. The schedule for production is also rapidly de-risking with the construction required for first gold, now more than 75% complete'.

Torex Gold Resources Inc Announces Assay Results of Step Out Drilling Program At Media Luna

Torex Gold Resources Inc. announced the results of its step out drilling program at its Media Luna deposit. The results of this program will be incorporated in an updated mineral resource estimate which will be the foundation for the Preliminary Economic Assessment (PEA) expected to be completed in July of this year. Highlighted intercepts from the 2013-2015 exploration program include 5.59 g/t Au Eq. over 105.2 m in borehole NWZML-25A, 14.13 g/t Au Eq. over 4.0 m in borehole MLN-07, 4.13 g/t Au Eq. over 28.2 m in borehole MLN-08, 5.10 g/t Au Eq. over 8.4 m in borehole NWZML-23, and 10.20 g/t Au Eq. over 4.4 m in borehole MLN-04. Diamond drilling focused on the northeastern one-third of an approximately 263 Ha magnetic anomaly situated to the northwest of the Media Luna resource. In addition, surface mapping over this portion of the magnetic anomaly in a topographically challenging area revealed exposed massive sulfide-magnetite mineralization along the contact between marble and granodiorite, extending for about 800m along strike and with thicknesses up to 30 m. The outcrops are located 1.2 km north of the northern edge of the Media Luna resource. The Media Luna deposit occurs within the Mesozoic carbonate-rich Morelos Platform, which has been intruded by Paleocene granodiorite to tonalite stocks, sills and dikes. Skarn-hosted gold-silver-copper mineralization is developed along the contacts of intrusive rocks and enclosing carbonate-rich sedimentary rocks. Sedimentary rocks and their contact with the main granodiorite stock dip southwest at approximately 35º. Extensive skarn alteration and metal deposition at this contact exhibits the same dip. Gold­silver-copper mineralization at Media Luna is primarily associated with sulfidized pyroxene­garnet­magnetite exoskarn and with zones of massive magnetite-sulfide, at the contact of granodiorite with marble. Sulfidation of skarn assemblages is closely related to retrograde alteration. This alteration consists of amphibole, phlogopite, chlorite, calcite ± quartz ± epidote. The potential quantity and grade of the exploration targets are conceptual in nature and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the determination of additional mineral resources.


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