Torex Reports Third Quarter Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/06/14 -- Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) announced today its financial results for the three and nine months ended September 30, 2014. All dollar figures in this news release are stated in Canadian dollars unless otherwise indicated.
Fred Stanford, President & CEO of Torex stated: "During turbulent times for the industry and the State of Guerrero, the team has stayed focused on managing what we can control, which is working with our teams to build safely, on schedule, and on budget. As of the end of October, over 3 million hours have been worked on the project without a lost time accident and it is truly impressive to see what those safe hours are accomplishing as the plant rises out of the ground. Looking forward we are beginning the transition from concrete work to steel erection and equipment installation. Everyone is focused in getting it done safely, on schedule, and on budget. Along the way there will probably be a few more grey hairs but such is life. They are proud of what they are accomplishing and so are we, a special thanks goes out to all."
THIRD QUARTER 2014 REPORT HIGHLIGHTS
Advancement of the El Limon and Guajes Project
Continued evaluation of the Media Luna Project
Exploring the Morelos Gold Property
Financing
FINANCIAL RESULTS
The net loss for the three and nine months ended September 30, 2014 decreased to $1.2 million and $11.5 million, respectively, compared with a net loss of $13.8 million for the three months ended September 30, 2013 and $41.0 million for the nine months ended September 30, 2013. Exploration and evaluation expenditures totalled $2.0 million and $7.4 million during the three and nine months ended September 30, 2014, respectively, compared to $6.9 million and $37.8 million for the three and nine months ended September 30, 2013, respectively. The Company's cash position increased by $1.3 million during the first nine months of 2014 compared with a decrease of $128.7 million for the nine months ended September 30, 2013. At September 30, 2014, the Company had $835.9 million in assets, including $217.8 million of cash, and had a working capital balance of $200.5 million compared with $605.3 million in assets, including $216.6 million of cash, and a working capital balance of $206.2 million as at December 31, 2013. As of September 30, 2014, the Company has spent approximately US$286 million of the project's Board approved budget of US$725 million on the El Limon and Guajes Project.
A complete set of the Company's unaudited interim consolidated Financial Statements and related Notes for the three and nine months ended September 30, 2014 and Management's Discussion and Analysis will be posted on the Company's website at and will be filed on SEDAR at .
Jerry Eugene Snider, BSc Mining Engineer, Masters of Business Administration of Torex, has reviewed and approved the technical and scientific information contained in this news release and is a qualified person within the meaning of NI 43-101.
Torex is a growth-oriented, Canadian-based resource company engaged in the exploration and development 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 two projects: the El Limon-Guajes Project, currently under development, and the Media Luna Project, at an advanced stage of exploration. Torex intends to identify a pipeline of future economic deposits within its property, which 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. Forward-looking information includes, but is not limited to, information with respect to the completion of the El Limon and Guajes Project, future exploration and development plans concerning the Morelos Gold Property, including future mining operations, the expected timing and cost of development activities and expected drilling results and the timing within which the Company expects to receive drilling results. 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 based on the reasonable assumptions, estimates, analysis and opinions of management made at the date that such statements are made, and is based on, without limitation, the results of the Company's feasibility study and other technical studies on the El Limon and Guajes project and drilling results. 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 the risk factors disclosed in the Company's annual information form under the heading "Risk Factors", and elsewhere in the Company's public disclosure. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purposes of assisting investors in understanding the Company's financial and operating performance and the Company's plans and objectives and may not be appropriate for other purposes. 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: 06.11.2014 - 11:00 Uhr
Sprache: Deutsch
News-ID 350208
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TORONTO, ONTARIO
Kategorie:
Mining & Metals
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