SYS-CON MEDIA Authors: Ian Khan, Liz McMillan, AppDynamics Blog, Harry Trott, Blue Box Blog

News Feed Item

Torex Reports First Quarter Results

TORONTO, ONTARIO -- (Marketwired) -- 05/15/14 -- Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG)(TSX: TXG.WT) announced today its financial results for the three months ended March 31, 2014.

Fred Stanford, President and CEO of Torex stated, "The El Limon-Guajes Project construction is on schedule and on budget, with over 900,000 hours of work without a lost time injury. The recently signed US$375 million commitment letter for a debt agreement, once closed and assuming no additional capital requirements by the ESIA, will provide full funding for the Project and was a major de-risking step. Other recent de-risking steps include the receipt of the final required construction permits and the assembly of Torex's outstanding construction team that will build and operate the project. Our current exploration effort has shifted to the evaluation of the Media Luna resource, and field surveys to identify additional drill targets similar to those that host ore deposits on the property. At the end of March 2014, of the US$725 million Capex project budget, over US$400 million has been committed and over US$152 million has been invoiced. Building on our successful "on time-on budget" start-up, we are well positioned to pour our first ounce of gold in the third quarter of 2015."

FIRST QUARTER 2014 REPORT HIGHLIGHTS

Advancement of the El Limon-Guajes Project


--  Zero lost time accidents on the project in 497,001 hours worked in the
    first quarter;
--  No significant scope changes were approved on the project in this
    quarter;
--  Detailed engineering progress exceeded 67% for all areas at the end of
    the quarter and is substantially completed for the East Service road,
    permanent camp, and the new village of El Potrerillo. Detailed
    engineering progress to the end of April is 73%;
--  Guajes pit mining is on schedule and ore stockpiling has begun;
--  Mine haulage road development for Guajes East and Guajes West is on
    schedule;
--  El Limon access road development is on schedule;
--  Rope conveyor installation earthworks began ahead of schedule;
--  Site work progresses with clearing and grubbing, top soil removal, rough
    grading, blasting and excavation;
--  Permanent camp construction continues with work on the structural
    excavations, rebar installation and concrete placement. The first
    concrete pour for the permanent camp was done on March 22, 2014;
--  East Service road work continued during the quarter. The entire 24-
    kilometre length of the road is now permitted;
--  Construction of the new village El Potrerillo has begun. Construction
    permit approval was received on March 14, 2014.

Continued evaluation of the Media Luna Project


--  During the quarter, initial wide-spaced reconnaissance drilling was
    completed in some of the anomalies in the Media Luna Project area. The
    assay results are pending;
--  Engineering assessment to determine access and mining options continued.

Exploring the Morelos Gold Property


--  Infill drilling work was undertaken in the El Limon Sur area adjacent to
    the planned El Limon pit;
--  Target generation work is underway on several targets within the Morelos
    Gold Property.

Financing


--  On February 12, 2014, the Company announced the closing of the Cdn$143.8
    million bought deal financing; and
--  On April 16, 2014, the Company announced the signing of a binding
    commitment letter with a group of financial institutions in connection
    with a planned US$375 million 8.25-year senior secured project finance
    facility (the "Loan Facility") for the development of the El Limon and
    Guajes Project, and
--  Mr. Jeff Swinoga was appointed new Chief Financial Officer of the
    Company effective April 7, 2014.

A complete set of the Company's unaudited interim consolidated Financial Statements and related Notes for the three months ended March 31, 2014 and Management's Discussion and Analysis will be posted on the Company's website at www.torexgold.com and will be filed on Sedar at www.sedar.com.

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 Mexico City in the highly prospective Morelos Gold Belt.

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 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Plutora, Inc., the leading global provider of enterprise release management and test environment management SaaS solutions, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Headquartered in Mountain View, California, Plutora provides enterprise release management and test environment SaaS solutions to clients in North America, Europe and Asia Pacific. Leading companies ...
SYS-CON Events announced today that Open Data Centers (ODC), a carrier-neutral colocation provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Open Data Centers is a carrier-neutral data center operator in New Jersey and New York City offering alternative connectivity options for carriers, service providers and enterprise customers.
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures...
SYS-CON Events announced today that Vicom Computer Services, Inc., a provider of technology and service solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. They are located at booth #427. Vicom Computer Services, Inc. is a progressive leader in the technology industry for over 30 years. Headquartered in the NY Metropolitan area. Vicom provides products and services based on today’s requirements...
BlueBox bridge the chasm between development and infrastructure. Hosting providers are taking standardization and automation too far. For many app developers it does nothing but spawn mayhem and more work. They have to figure out how their creations live on a pre-fab infrastructure solution full of constraints. Operations-as-a-Service is what BlueBox does. BlueBox utilizes development tools such as OpenStack, EMC Razor, Opscode’s Chef and BlueBox's proprietary tools give the power to do the unor...
This builds on Puppet Labs' first class Windows support, including native .MSI packages for x32 and x64 operating systems, modules to extend common Windows server management tools, including Powershell, and integrations with Microsoft Azure and Visual Studio. By automating common Windows administration tasks, Puppet Labs is enabling users to adopt DevOps practices, thereby reducing the time needed to deploy applications from weeks to hours.
Application metrics, logs, and business KPIs are a goldmine. It’s easy to get started with the ELK stack (Elasticsearch, Logstash and Kibana) – you can see lots of people coming up with impressive dashboards, in less than a day, with no previous experience. Going from proof-of-concept to production tends to be a bit more difficult, unfortunately, and it tends to gobble up our attention, time, and money. In his session at DevOps Summit, Otis Gospodnetić, co-author of Lucene in Action and founder...
What’s inside the cloud? Hard work. Cloud operators know the world inside the datacenter is gritty. Vendor marketing speak and cloudwashing quickly melt in the heat of SLAs, uptime guarantees, and users who want it now. In his session at DevOps Summit, Hernan Alvarez, Chief Product Officer at Blue Box Group, will deliver an unvarnished look inside the world of cloud operators, from the perspective of someone who lives it. Attendees get a front-row look into the toolkits and processes that enabl...
We are all here because we are sold on the transformative promise of The Cloud. But what good is all of this ephemeral, on-demand infrastructure if your usage doesn't actually improve the agility and speed of your business? How must Operations adapt in order to avoid stifling your Cloud initiative? In his session at DevOps Summit, Damon Edwards, co-founder and managing partner of the DTO Solutions, will highlight the successful organizational, process, and tooling patterns of high-performing c...
Physical, virtual, containers. Private cloud, public cloud, hybrid cloud. IaaS, PaaS, SaaS. Windows, Linux, Mac. These are just some of the choices faced when architecting a datacenter of today. And the choice is not one or the other; instead, it is often a combination of many of these. HashiCorp builds software to ease these decisions by presenting solutions that bridge the gaps. HashiCorp's tools manage both physical machines and virtual machines, Windows, and Linux, SaaS and IaaS, etc. The co...
CloudBees, Inc., has announced a $23.5 million financing round, led by longtime CloudBees investor Lightspeed Venture Partners. Existing investors Matrix Partners, Verizon Ventures and Blue Cloud Ventures also participated in the round. The latest funding announcement follows earlier rounds of $4 million, $10.5 million and $10.8 million, bringing the total investment in CloudBees to just under $50 million since the company’s inception in 2010. Previous venture investment rounds were led by Ma...
SYS-CON Events announced today that Blue Box has been named “Bronze Sponsor” of SYS-CON's DevOps Summit New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Blue Box delivers Private Cloud as a Service (PCaaS) to a worldwide customer base. Built on a technology platform leveraging decades of operational expertise in cloud and distributed systems, Blue Box Cloud is a managed private cloud product available in both hosted and on-prem versions. Each Blue Box ...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
“The year of the cloud – we have no idea when it's really happening but we think it's happening now. For those technology providers like Zentera that are helping enterprises move to the cloud - it's been fun to watch," noted Mike Loftus, VP Product Management and Marketing at Zentera Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
“We help people build clusters, in the classical sense of the cluster. We help people put a full stack on top of every single one of those machines. We do the full bare metal install," explained Greg Bruno, Vice President of Engineering and co-founder of StackIQ, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.