SECOND QUARTER 2014 REPORT HIGHLIGHTS
Advancement of the
-- Zero lost time accidents on the project in 1,058,142 hours worked to the end of June, 2014; -- No significant scope changes were approved on the project in this quarter; -- The risk of engineering 'surprises' or impact to the schedule continued to decline in the quarter with detailed engineering progress at 80% at the end of the quarter and 84% at the end of July; -- On
June 23, 2014, the Company announced that mining of the "North Nose" pit has commenced. This mining will add approximately 72,000 ounces to the stockpile that will be available for the commissioning of the plant next August and will nearly triple the number of ounces available for processing 2015; -- The mining of the 'first' pit (Guajes) is on schedule; -- The building of the road to get access to the 'second' pit ( El Limon) is on schedule; -- The earthwork for the installation of the Rope conveyor, which will move ore from the El Limonpit, is progressing well ahead of schedule; -- Earthworks at the main plant site was 76% complete at the end of the quarter and is no longer a risk for impacting the planned schedule; -- Concrete work has now started with significant progress on the foundations and piers for the SAG and Ball mills; -- Permanent camp construction continues to advance. The primary focus of activity has shifted from underground infrastructure works and concrete placement to the construction of the buildings themsleves; -- East Service road work continued during the quarter and is now active on all sections of the road; -- Construction of the new village El Potrerillo continues as scheduled. The three model home versions are now complete and the final home selection process with the community members is underway.
Continued evaluation of the
-- A high level project scoping effort for the
Media Luna Projectwas internally completed during the quarter. -- Subsequent to the end of the quarter, Dawson Proudfootrejoined the Company as Vice President, Engineering, and will be leading a team to develop the current scoping work into a Preliminary Economic Assessment (PEA) within the next twelve months.
Exploring the Morelos Gold Property
June 26, 2014, the Company announced completion of its in-fill drilling program covering the near-surface portion of the El Limon Sur area located on the south face of El Limonhill. A resource estimate for El Limon Sur is expected in August of this year; -- Geo-chemical survey is underway at the Modelo target, with the assays results currently being processed. The selection of drill targets is expected to be completed during the third quarter of 2014.
August 11, 2014, the Company announced that its subsidiary, Minera Media Luna S.A. de C.V.has signed a credit agreement (the "Credit Agreement") and other definitive documentation giving effect to its previously announced syndicated US$375 million8.25-year senior secured project finance facility (the "Loan Facility")(i) for the development of the El Limonand Guajes Project; -- Drawing on the Loan Facility is subject to the satisfaction of certain customary conditions precedent, including the execution of certain hedging programs. -- As of August 12, 2014, the expiry date of the common share purchase warrants, the Company has received proceeds of $84.8 millionfrom 56,539,805 common share purchase warrants exercised from the bought deal financing announced on February 12, 2014.
The net loss for the three and six months ended
A complete set of the Company's unaudited interim consolidated Financial Statements and related Notes for the three and six months ended
Torex is a growth-oriented, Canadian-based resource company engaged in the exploration and development of precious metal resources with a focus on gold. It owns 100% of the Morelos Gold Property, which is located 180 kilometers southwest of
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. Forward-looking information includes, but is not limited to, the advance of funds pursuant to the Loan Facility, the use thereof, and the successful completion of the
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TOREX GOLD RESOURCES INC. Fred StanfordPresident and CEO (647) 260-1502 email@example.com TOREX GOLD RESOURCES INC. Gabriela SanchezVice President Investor Relations (647) 260-1503 firstname.lastname@example.org Source: Torex Gold Resources Inc.