TOREX GOLD REPORTS Q3 2021 PRODUCTION RESULTS Annual Production Tracking Towards Upper End of Guided Range
For Immediate Release
TOREX GOLD REPORTS Q3 2021 PRODUCTION RESULTS
Annual Production Tracking Towards Upper End of Guided Range
(All amounts expressed in U.S. Dollars unless otherwise stated)
TORONTO, Ontario, October 7, 2021 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG)
reports gold production of 111,220 ounces for the quarter ended September 30, 2021 from its El Limón Guajes
(“ELG”) mining complex in Mexico. Gold sold during the quarter was 118,980 ounces at an average realized
gold price of $1,785 per ounce. With 358,780 ounces of gold produced through to the end of the third quarter,
production is well on track to be toward the upper end of the 2021 guided range of 430,000 to 470,000 ounces.
TABLE 1: Q3 2021 OPERATIONAL HIGHLIGHTS
Q3 2021
Gold Produced oz 111,220
Average Plant Throughput tpd 12,500
Average Underground Ore Mined tpd 1,220
Average Open Pit Ore Mined tpd 15,280
Strip Ratio waste:ore 5.3
Torex plans to release its third quarter 2021 financial and operational results on Wednesday, November 3, 2021,
followed by a conference call hosted by senior management. Gold grades mined, gold grades processed, and
gold recoveries will be reported with the quarterly results.
Jody Kuzenko, President & CEO of Torex, stated:
“Our overall performance in 2021 has been solid, and this quarter was no different. With 35 8,780 ounces
produced through to the end of September, we are well on track to achieve the upper end of the guided range
of 430,000 to 470,000 ounces in 2021. Importantly, these ounces continue to be delivered safely, with no lost
time injuries during the quarter.
“As expected, third quarter production of 111,220 ounces was lower than the first two quarters of the year as
we are mining in areas of the pit where grades are closer to reserve levels, and w e expect a similar level of
production in the fourth quarter . This quarter also brought with it some operational challenges, including a
shutdown of our rope conveyor to carry out necessary maintenance, and a rock fall incident at the El Limón pit.
The combination of these events impacted the amount of waste mined in the quarter as haul trucks were
redirected to moving ore and stockpiles to feed the processing plant. With the rope conveyor restarted in mid -
August and the rock fall incident investigated and fully addressed, mining rates have now returned to normal
levels.
“We continue to demonstrate ourselves as a consistent and reliable operator that safely delivers on what we
say we will do despite the challenges we may face. We have a truly exce llent team, and we look forward to a
strong finish to what has been an excellent year so far for Torex.”
THIRD QUARTER 2021 CONFERENCE CALL AND WEBCAST DETAILS
The Company plans to release third quarter 2021 financial and operational results before market open on
Wednesday, November 3, 2021. A conference call and webcast to discuss the results will be held the same day
at 9:00 AM ET.
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Torex Gold Resources Inc.
Telephone Access
Please join the conference call approxima tely ten minutes prior to the scheduled start time. Dial -in details for
the conference call are as follows:
• Toronto local or International: 1-416-915-3239
• Toll-Free (North America): 1-800-319-4610
Webcast Access
A live webcast will be available on the Company’s website at https://torexgold.com/investors/upcoming-events/.
The webcast will be archived on the Company’s website at www.torexgold.com/investors/financial-reports/.
ABOUT TOREX GOLD RESOURCES INC.
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. The Company’s principal assets are the
El Limón Guajes mining complex (“ELG” or the “ELG Mine Complex”) comprising the El Limón, Guajes and El
Limón Sur open pits, the El Limón Guajes underground mine including zones referred to as Sub -Sill and El
Limón Deep (“ELD”), and the processing plant and related infrastructure, which commenced commercial
production as of April 1, 2016, and the Media Luna deposit, which is an advanced stage development project,
and for which the Company issued an up dated preliminary economic assessment in September 2018. The
property remains 75% unexplored.
FOR FURTHER INFORMATION, PLEASE CONTACT:
TOREX GOLD RESOURCES INC.
Jody Kuzenko Dan Rollins
President and CEO Vice President, Corporate Development & Investor Relations
Direct: (647) 725-9982 Direct: (647) 260-1503
[email protected] [email protected]
CAUTIONARY NOTES
Average realized gold price is a financial performance measure with no standard meaning under International Financial Reporting Standards
(“IFRS”). Please refer to the “Non-IFRS Financial Performance Measures” section in the Company’s management’s discussion and analysis
(the “MD&A”) for the quarter ended June 30, 2021, dated August 4, 2021, available on the Company’s SEDAR profile at www.sedar.com
for further information with respect to average realized gold price and a detailed reconciliation of this non -IFRS financial performance
measures to the most directly comparable measure under IFRS.
This press release contains "fo rward-looking statements" and "forward -looking information" within the meaning of applicable Canadian
securities legislation. Forward-looking information includes, but is not limited to, statements that: production is well on track to be toward
the upper end of the 2021 guided range of 430,000 to 470,000 ounces; we expect a similar level of gold production in the fourth quarter.
Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects",” “planned” or variations
of such words and phrases or statements that certain actions, events or results “will”, “on track”, or “is expected to" occur. Forward-looking
information is subject to known and unknown risks, uncertainties and other factors that may cause t he 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, without limitation, risks and uncertainties associated with: skarn d eposits, the ability of the Company’s mining and
exploration operations to operate as intended due to shortage of skilled employees or shortages in supply chains; government or regulatory
actions or inactions; and those risk factors identified in the Company’s annual information form and management’s discussion and analysis
or other unknown but potentially significant impacts. Notwithstanding the Company's efforts, there can be no guarantee that the Company’s
mitigation measures to protect employees and sur rounding communities from COVID-19 will be effective. Forward -looking information is
based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and perception of
trends, current conditions and expect ed developments, and other factors that management believes are relevant and reasonable in the
circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause
actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not
to be as anticipated. 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. Accordingly, readers should not place undue reliance on forward -looking
information. The Company does not undertake to update any forward-looking information, whether as a result of new information or future
events or otherwise, except as may be required by applicable securities laws.