Torex Announces Q1 2016 Results and Updated Life of Mine Plan
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/12/16 -- (All amounts expressed in U.S. Dollars unless otherwise stated)
Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) announced today its financial results for the three months ended March 31, 2016, as well as an updated life of mine plan for its El Limon Guajes Mine ("ELG Mine" or "ELG").
Fred Stanford, President & CEO of Torex stated: "The team continues to exceed ramp-up expectations. Safety and environmental performance have been excellent, and production results have been consistently ahead of plan. With 19,900 ounces of gold produced in April, more than 1,000 ounces were produced per operating day. Above plan tonnages helped with this achievement, but above plan grades also made a significant contribution. The team is now entrenching the operating routines as we move toward ''steady state'' at full production levels. Looking forward, the revised life of mine plan has a mine life that has been reduced to 8.5 years from 10 years. The team is putting the finishing touches on exploration plans that will seek to extend the mine life from a number of near mine targets."
HIGHLIGHTS
ELG Mine Achieved Commercial Production
Mining
Temporary Suspension of Operations
ELG Mine Life of Mine Plan Update
Financial Position
ELG Mine 2016 LIFE OF MINE PLAN
In May 2016, the Company completed a Life of Mine ("LOM") plan update for ELG on a standalone basis. As previously reported, the Company was investigating the location of post-mineralization dike intrusions, and the potential effect of these intrusions on the resource estimate. The updated LOM plan incorporates the results of this recent work. The LOM is now projected to be 8.5 years, a decrease from the previous estimate of 10 years, and the projected gold production for the first 7 years of the LOM is expected to be comparable to the first 7 years of the previous standalone life of mine plan.
While there is some depletion recognized in the new reserve estimate, the majority of the decrease comes as a result of new interpretations regarding the mineralization of dikes that cross cut the deposit. In the previous resource estimate, all intrusive dikes were considered to be mineralized. The age dating work done for Media Luna has indicated that intrusive dikes came at different times and have slightly different compositions. The dikes that came before the mineralizing event could carry gold, but those that came after the mineralizing event were barren.
Utilizing this new knowledge of the composition of the various intrusive events, all ELG core was re-logged to identify which dikes were post mineralization. A small drill program was also conducted to test the new interpretation. The tonnes contained in the post mineralizing event dikes were then removed from the resource estimate, resulting in the decrease in reserves.
Another interesting interpretation that came from the re-logging effort, was that the El Limon deposit sits on top of an intrusive sill (the "Sill"). The chemical conditions that allowed the gold to deposit above the Sill also exist below the Sill. Four of six holes that pierced the Sill produced grades and thicknesses that have the potential to be economic. This area will be investigated with a drill program in the near future and has upside potential for the operation. Another area with upside potential is the deeper mineralization that extends at depth underneath the existing final pit shell for the El Limon pit. Options to develop a ramp into this area are being identified now. If some or all of the mineralization can support mineral resource estimation and eventual conversion to mineral reserves, there may be potential to extend the operating mine life for El Limon. The Media Luna Project also provides options to keep the processing plant operating well into the future. These near term exploration programs will provide additional information that will help form the decisions to be made on how best to extend the mine life.
Estimated Gold Sales by Year
2015 Life of Mine vs. 2016 Life of Mine(1)
The 2016 LOM is based on the resource outlined in the following table:
Mineral Resource Estimate El Limon Guajes Mine - Effective December 31, 2015
Based on the LOM, the mineral reserve estimates for the ELG Mine at the end of 2015 were as follows:
Mineral Reserve Estimate, El Limon Guajes Mine - Effective December 31, 2015
Qualified Persons
The qualified person for the Guajes estimate is Mark Hertel, RM SME, an employee of MPH Consulting. The estimate has an effective date of December 31, 2015.
The qualified person for the El Limon (excluding El Limon Sur) estimate is Edward J. C. Orbock III, RM SME, an Amec Foster Wheeler employee. The estimate has an effective date of December 31, 2015.
The qualified person for the El Limon Sur area within El Limon estimate is Mark Hertel, RM SME, an employee of MPH Consulting. The estimate for the El Limon Sur area has an effective date of August 6, 2014.
The qualified person for the El Limon and Guajes mineral reserve estimate and estimated gold sales by year is Victor Barua, AUSIMM member, Manager, Technical Services of Torex Gold Resources Inc. The estimate for the El Limon and Guajes mineral reserve estimate and estimated gold sales by year have an effective date of December 31, 2015.
Other scientific and technical information contained in this news release has been reviewed and approved by Dawson Proudfoot, P.Eng., Vice President, Engineering of Torex Gold Resources Inc. and a Qualified Person under NI 43-101.
About Torex
Torex is an emerging intermediate gold producer based in Canada, engaged in the exploration, development and operation of its 100% owned Morelos Gold Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometers southwest of Mexico City. Within this property, Torex has the El Limon Guajes Mine, which announced commercial production in March of 2016 and the Media Luna Project, which is in an advanced stage of exploration, and for which the Company issued a preliminary economic assessment (PEA) in 2015. The property remains 75% unexplored.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation. Notwithstanding the Company''s efforts, there can be no guarantee that the Company will not face unforeseen delays or disruptions. Forward-looking information also includes, but is not limited to, completing the remaining construction and commissioning of the mine and processing facilities of the ELG Mine, achieving full production, expected metal recoveries, gold production (including without limitation the estimated gold sales by year) and revenues from operations, the ability to estimated mineral reserves, access to restricted cash balances, if required, the further advances of funds pursuant to the Finance Lease Arrangement (which are subject to certain customary conditions precedent), expected timing and receipt of VAT refunds, the successful completion of the VAT loan transaction, future exploration, safety and security, and access to the ELG Mine. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "estimates", "intends", "anticipates" or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including those risk factors identified in the Company''s annual information form and management''s discussion and analysis. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Although the Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because the Company can give no assurance that such expectations will prove to be correct. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Contacts:
Torex Gold Resources Inc.
Fred Stanford
President and CEO
(647) 260-1502
Torex Gold Resources Inc.
Gabriela Sanchez
Vice President Investor Relations
(647) 260-1503
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Datum: 12.05.2016 - 04:00 Uhr
Sprache: Deutsch
News-ID 1434555
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