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Torex declares commercial production at El Limon-Guajes gold project in Mexico

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Torex declares commercial production at El Limon-Guajes gold project in Mexico

Torex Gold ResourcesInc. said March 30 that its El Limon-Guajes gold project in Mexico has achieved commercialproduction after running for over 30 consecutive days at an average rate of 9,470tonnes per day.

The production rate was 60% of the design throughput capacityof 14,000 tonnes per day, and the plant is steadily advancing to full production.

As of March 30, the plant produced 38,161 ounces of gold, exceedingthe 22,000-ounce figure estimated in the financial model. The company has also sold31,518 ounces of gold at an average price of US$1,234 per ounce.

Torex Gold President and CEO Fred Stanford said reaching thecommercial production milestone was ahead of schedule and under budget.

The company pouredthe first 350 ounces of gold and a similar amount of silver in dore from El Limon-Guajesin late December 2015.

Meanwhile, Torex Gold noted that it has narrowed its net lossto US$24.6 million in 2015 from US$26.3 million booked a year earlier.

At December 2015-end, the company had cash and cash equivalentsof US$46.1 million on a consolidated basis and working capital of US$56.7 million.