Torex Reports Year End Results
(All amounts expressed in U.S. Dollars unless otherwise stated)
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 04/01/15 -- Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) announced today its financial results for the twelve months ended December 31, 2014 ("Fiscal 2014"). All amounts are expressed in U.S. dollars unless otherwise stated.
2014 REPORT HIGHLIGHTS
Advancement of the El Limon Guajes Project
The Company continued the development of El Limon Guajes Project:
Estimated Expenditures for the El Limon Guajes Project
The Project cost is budgeted at $800 million(1) , which includes a contingency of $47 million. Included in the Project budget is $22 million to advance production from the "North Nose" Pit from the end of mine life to the 2015/2016 period.
As at December 31, 2014, total amount spent on the development of the El Limon Guajes Project was $381 million with a current estimated amount to complete of an additional $419 million. Further details by development area are outlined below:
Exploring the Morelos Gold Property
Continued evaluation of the Media Luna Project
Financing
Equity financing
Debt financing
OVERVIEW OF THE 2014 FINANCIAL RESULTS
The net loss for the year ended December 31, 2014 decreased to $26.3 million, compared with a net loss of $67.0 million for the year ended December 31, 2013. Exploration and evaluation expenditures totalled $12.2 million on the Media Luna Project for the year ended December 31, 2014, compared to $46.1 million for the year ended December 31, 2013.
The Company's cash position as at December 31, 2014 amounted to $99.4 million, excluding restricted cash of $15.0 million reserved for potential obligations in the event of an unplanned temporary closure of the project pursuant to the Loan Facility. At December 31, 2014, the Company had $773.6 million in assets, and had a working capital balance of $83.9 million, compared with $565.9 million in assets and a working capital balance of $192.7 million as at December 31, 2013.
The first drawdown on the Loan Facility on October 31, 2014, as discussed above, significantly increased the Company's exposure to U.S. dollars and after assessing its primary economic environment, the functional currency for the Company was changed to U.S. dollars. Prior to November 1, 2014, the functional currency of the Company was the Canadian dollar and the functional currency for all of the other subsidiaries was the Mexican Peso. The functional currency of the Company and its subsidiaries changed on a prospective basis to the U.S. dollar on November 1, 2014 as a result of changes in the Company's economic circumstances. Specifically, the Company's debt financing is denominated in U.S. dollars and there is sourcing of U.S. dollar denominated goods and services in the construction of the El Limon Guajes Project. Comparative financial statements for periods prior to November 1, 2014, are presented in U.S. dollars, with the functional currency of the Company being the Canadian dollar and the functional currency for all of the other subsidiaries being the Mexican Peso.
A complete set of the Company's audited Consolidated Financial Statements and related Notes for Fiscal 2014 and Management's Discussion and Analysis will be posted on the Company's website at and were filed on March 31, 2015 on Sedar at .
ABOUT TOREX
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 kilometres 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.
Notwithstanding the Company's efforts, there can be no guarantee that the Company will not face unforeseen delays or disruptions.
Forward-looking information includes, but is not limited to, information with respect to the future exploration and development plans concerning the Morelos Gold Property, the adequacy of the Company's financial resources, business plans and strategy and other events or conditions that may occur in the future, and the feasibility study dated effective September 4, 2012 and entitled "Morelos Gold Project 43-101 Technical Report Feasibility Study, Guerrero, Mexico" (the "Feasibility Study") and the technical report dated effective September 13, 2013 and entitled "Media Luna Gold-Copper Project, Guerrero State, Mexico, NI 43-101 Technical Report" (the "Media Luna Report") (including with respect to mineral resource and mineral reserve estimates, the ability to realize estimated mineral reserves, the Company's expectation that the El Limon Guajes Project will be profitable with positive economics from mining, recoveries, grades, annual production, receipt of all necessary approvals and permits, the parameters and assumptions underlying the mineral resource and mineral reserve estimates and the financial analysis, and gold prices). Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect",
"is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". 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 risks associated with the exploration, development and mining industry generally such as economic factors as they effect exploration, development and mining, future commodity prices, satisfaction of conditions precedent of further draws under the Loan Facility, government policies and practices in respect of the administration of value-added tax refunds, market conditions, changes in interest rates, safety and security, access to the Morelos Gold Property, actual results of current exploration and development activities not being consistent with expectations, unexpected events and delays impacting exploration and development activities, parameters and assumptions underlying mineral resource and mineral reserve estimates and financial analyses being incorrect, government regulation, political, social or economic developments, environmental matters, insurance, capital expenditures, operating or technical difficulties in connection with development activities, hiring the required personnel and maintaining personnel relations, ability to realize estimated mineral reserves, annual production, recoveries, grades, receipt of all necessary approvals and permits, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of mineral resources and mineral reserves, contests over property title, and changes in project parameters as plans for the Morelos Gold Property continue to be refined as well as those risk factors included herein and elsewhere in the Company's public disclosure.
Forward-looking information is based on the reasonable 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 Company 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 will prove to be correct. In addition to other factors and assumptions which may be identified in this news release, assumptions have been made regarding, among other things: the Company's ability to carry on its exploration and development activities planned for the Morelos Gold Property, the timely completion of development and construction of the El Limon Guajes Project to bring it into commercial production, the receipt of any required approvals and permits, the price of gold, the ability of the Company to obtain qualified personnel, equipment and services in a timely and cost-efficient manner, the ability of the Company to operate in a safe, efficient and effective manner, the ability of the Company to obtain financing on acceptable terms, the ability of the Company to access the Morelos Gold Property, the accuracy of the Company's mineral resource and mineral reserve estimates, annual production, the financial analysis contained in the Feasibility Study, and geological, operational and price assumptions on which these are based and the regulatory framework regarding environmental matters. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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 forward-looking information contained herein is presented for the purposes of assisting investors in understanding the Company's expected 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.
(1) Excludes capitalized interest costs and fees associated with funding the Project.
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: 01.04.2015 - 10:00 Uhr
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News-ID 382711
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Mining & Metals
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