The Blockades Have Ended Full Access to All Company Facilities Restored
Corporate Office: 130 King St. West, Suite 740, Toronto, ON M5X 2A2, Canada – Tel. (647) 260 1500 Fax (416) 304-4000
www.torexgold.com
THE BLOCKADES HAVE ENDED
FULL ACCESS TO ALL COMPANY FACILITIES RESTORED
TORONTO, Ontario, April 6, 2018 - Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) reports that
negotiations between community leaders have resulted in an end to the illegal blockades of the Company’s ELG Mine
Complex, supporting infrastructure, and the Media Luna Project, all of which are in southwest Mexico. Processing
operations have continued uninterrupted since the restart in mid January. Mining in the El Limon Pit is expected to
resume today.
Fred Stanford, President & CEO of Torex stated: “We are more than pleased that we can now get back to unimpeded
operations and value creation for the Company’s shareholders and all stakeholders. During the first quarter, the quality
of the team, and the asset, were clearly evident as they pulled together under very challenging operating conditions
and produced 67,000 ounces of gold in Dore. They also shipped 8000 gold ounces in carbon fines. Looking forward,
the operations are well positioned to complete the ramp-up in 2018 and to move forward with optimization and
development initiatives.” He added; “A special thanks goes out to the employees, community members, community
leaders, and so many others who have provided the support that was necessary to facilitate production during this
difficult period, and to peacefully resolve this dispute over union representation.”
The official government-regulated process for selecting between the two competing unions, continues. Since mid-
March, there have been two public hearings at the Federa l Labour Board, regarding the timing of a union selection
vote. It is Torex’s understanding that the public hearing stage of the process is now complete, and that the next stage
is a decision as to when and where the vote will occur. As Torex has said since the beginning, the Company will work
with whichever union the workers democratically select.
Operations Update:
The processing plant has operated continuously since it restarted on January 16 th except for planned maintenance
activities. In the first quarter, 67,000 ounces of gold were produced in Dore, and an additional 8000 ounces of gold
were shipped in carbon fines. The Sub-Sill was re-started one month ahead of schedule, with drifts and ramps
advancing 179 meters in March. The underground diamond drilling program also restarted ahead of schedule. Mining
in the El Limon Sur Pit progressed on schedule, as did the Guajes East Pit, which is now effectively mined-out. The
Guajes West Pit is in a waste stripping phase in 2018, which is the reason the operation will source most of its ore in
2018 from the El Limon Pit, with some contribution from the El Limon Sur Pit and the Sub-Sill. The SART plant
construction is substantially complete and commissioning is ongoing. The placement of filtered tailings has been well
managed in preparation for the rainy season. Water containment ponds are being drawn down in preparation for the
rainy season. Cash reserves at the end of the first quarter were US$124 million, including US$14 million set aside for
reclamation obligations. In the first quarter, a US$9.3 million principal repayment was made to reduce the term loan
under the debt facility to US$290.7 million.
Torex Gold Resources Inc.
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Corporate Office: 130 King St. West, Suite 740, Toronto, ON M5X 2A2, Canada – Tel. (647) 260 1500 Fax (416) 304-4000
www.torexgold.com
About Torex
Torex is an 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 ELG Open Pits, the ELG Underground
Mine, and the Media Luna Project, which is an early stage development project, and for which the Company issued a
preliminary economic assessment (PEA) in 2015. The property remains 75% unexplored.
For further information, please contact:
TOREX GOLD RESOURCES INC.
Fred Stanford Gabriela Sanchez
President and CEO Vice President Investor Relations
Tel. (647) 260-1502 Tel. (647) 260-1503
Email: [email protected] E m a i l : [email protected]
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This press release contains “forward-looking statements” and “f orward-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, including delays and disruptions that may be connected to other illegal blockades in the futu re.
Forward-looking information includes, but is not limited to, statements regarding resuming normal operations, continued unimpeded
operations, completing the ramp-up of the operations, creatin g value for shareholders and stakeholders, resolution of the
community tensions, mining of the Guajes East pit, the primary ore source for the remainder of the year, the phase of the Guajes
West Pit for the remainder of the year, completing optimization activities, completing development activities including but not limited
to the advancement of the Sub-Sill, completing construction and commissioning of the SART plant and expected completion of
ramp-up, preparedness for the rainy season, and the union selecti on vote, including the next step in the process. Generally,
forward-looking information can be identified by the use of forwar d-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”, “will” or “will be taken”, “occur”, or “be achieved”. Forward-looking information is based on the reasonable
assumptions, estimates, analysis and opinions of management made at the date that such statements are made. 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 r easonable 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 Com pany 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 w ill prove to be correct. There can be no assurance that such
information will prove to be accurate, as actual results and futu re events could differ materially from those anticipated in su ch
information. The Company does not undertake to update any forward- looking information, except in accordance with applicable
securities laws.