TOREX GOLD REPORTS SUCCESSFUL BREAKTHROUGH OF GUAJES TUNNEL THREE MONTHS AHEAD OF SCHEDULE Guajes Tunnel is the key conduit integrating the Media Luna Mine with the ELG Complex
For Immediate Release
TOREX GOLD REPORTS SUCCESSFUL BREAKTHROUGH OF GUAJES
TUNNEL THREE MONTHS AHEAD OF SCHEDULE
Guajes Tunnel is the key conduit integrating the Media Luna Mine with the ELG Complex
TORONTO, Ontario, December 22, 2023 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG)
announces that the successful breakthrough of the Guajes Tunnel was completed last night. Breakthrough of
the Guajes Tunnel represents a key de- risking milestone in the development of the Media Luna Project as the
tunnel unifies the Morelos Complex by connecting the existing operations on the north side of the Balsas River
with the growing resource base of the Media Luna Cluster on the south side.
Jody Kuzenko, President and CEO of Torex, stated:
“Breakthrough of the Guajes Tunnel is a critical milestone in the development of the Media Luna Project, which
remains on track for first concentrate production in late 2024. The Guajes Tunnel will be the primary conduit for
transporting ore and waste from the Media Luna deposit on the south side of the Balsas River to the processing
plant on the north side and will materially improve efficiencies associated with the movement of employees,
contractors, equipment, services, and supplies between both locations.
“Breakthrough of the Guajes Tunnel was achieved three months earlier than scheduled in the March 2022
Technical Report, primarily driven by the world-class advance rates achieved by our team. Rates north to south
have averaged 7.1 metres per day since the start of the year , including a record average advance rate of 8.0
metres per day in November. The advance rates are truly impressive considering the dimensions of the tunnel
are 6.5 metres high by 6.0 metres wide and that secondary development and installation of services have kept
pace with overall tunnel progress.
“We expect to commence anchor bolting for the seven- kilometre overhead conveyor in early 2024, which will
pave the way for the installation and then commissioning of the conveyor in August 2024 well ahead of
completing the necessary upgrades to the processing plant.
“I would like to personally thank all employees, contractors and suppliers involved in driving the Guajes Tunnel
for achieving this significant milestone safely and ahead of schedule.”
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 Property, an area of 29,000 hectares in the highly prospective Guerrero
Gold Belt located 180 kilometres southwest of Mexico City. The Company’s principal asset is the Morelos
Complex, which includes the El Limón Guajes (“ELG”) Mine Complex, the Media Luna Project, a processing
plant, and related infrastructure. Commercial production from the Morelos Complex commenced on April 1,
2016 and an updated Technical Report for the Morelos Complex was released in March 2022. Torex’s key
strategic objectives are to optimize and extend production from the ELG Mine Complex, de- risk and advance
Media Luna to commercial production, build on ESG excellence, and to grow through ongoing exploration
across the entire Morelos Property.
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Torex Gold Resources Inc.
FOR FURTHER INFORMATION, PLEASE CONTACT:
TOREX GOLD RESOURCES INC.
Jody Kuzenko Dan Rollins
President and CEO Senior Vice President, Corporate Development & Investor Relations
Direct: (647) 725-9982 Direct: (647) 260-1503
[email protected] [email protected]
CAUTIONARY NOTES ON FORWARD LOOKING STATEMENTS
This press release contains "forward- looking statements" and "forward- looking information" within the meaning of applicable Canadian
securities legislation. Forward-looking information also includes, but is not limited to, the Media Luna Project which remains on track for first
concentrate production in late 2024; the Guajes Tunnel will be the primary conduit for transporting ore and waste from the Media Luna
deposit on the south side of the Balsas River to the processing plant on the north side, and will m aterially improve efficiencies associated
with the movement of employees, contractors, equipment, services , and supplies between both locations ; the Company expects to
commence anchor bolting for the seven- kilometre overhead conveyor in early 2024 which will pave the way for the installation and then
commissioning of the conveyor in August 2024, well ahead of completing the necessary upgrades to the processing plant; and Torex’s key
strategic objectives to extend and optimize production from the ELG Min e Complex, de-risk and advance Media Luna to commercial
production, build on ESG excellence, and to grow through ongoing exploration across the entire Morelos Property . Generally, forward-
looking information and statements can be identified by the use of forward-looking terminology such as “expects,” “strategic”, “on track” or
variations of such words and phrases or statements that certain actions, events or results “will,” “may,” “could,” or “would” occur. 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, without limitation, risks and uncertainties regarding the Company’s ability to satisfy the conditions in the MIA Integral
and the risks and uncertainties identified in the technical report (the “Technical Report”) released on March 31, 2022, entitled “NI 43- 101
Technical Report ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study”, which has an effective date of March 16, 2022,
and the Compan y’s annual information form and management’s discussion and analysis or other unknown but potentially significant
impacts. Forward-looking information and statements are based on the assumptions discussed in the Technical Report and such other
reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current
conditions and expected 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 r esults to
differ materially from those contained in the forward- looking information, there may be other factors that cause result s not to be as
anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events c ould 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.