Torex Gold Reports Third Quarter Results
TORONTO, ONTARIO–(Marketwire – Sept. 8, 2010) –
(All amounts voiced in Canadian Dollars unless differently stated)
Torex Gold Resources Inc. (the “Company”) (TSX:TXG) voiced currently the monetary formula for the 3 and 9 months finished Jul 31, 2010.
SIGNIFICANT EVENTS AND TRANSACTIONS
During and successive to the entertain finished Jul 31, 2010, the Company sealed 3 key one-year aspect entrance agreements with the Rio Balsas, Puente Balsas Sur, and Real Del Limon Ejidos. The signing of these agreements constitutes the last step in on condition which the Company with full entrance to the rarely impending scrutiny areas of the Morelos Gold Project and constitutes a measureable result from the successive appetite the Company has put in to gaining the certitude and apply oneself of the communities inside of which it operates.
The Company sealed an agreement with Major Drilling De Mexico, S.A. de C.V., and mobilized a movement mounted cavalcade supply in early July. A second male unstable supply was combined to the swift in August. Through Aug 28, 2010, a sum of twenty-two finished or prejudiced cavalcade holes comprising 7,265 meters have been drilled in the Morelos Gold Project area. These holes served the twin role of being possibly scrutiny or defamation holes for programmed aspect infrastructure.
The pre-feasibility investigate has progressed good during the entertain with a series of areas being finished together with selecting the open array mining process to cave both the Guajes East and West deposits. The Company’s stream expectancy is which it will be finished in the fourth monthly calendar entertain of this year. This investigate will embody an updated apparatus indication finished by AMEC E&C Services Inc.
FINANCIAL HIGHLIGHTS
The net waste for the 3 and 9 months finished Jul 31, 2010 increasing to $4,107,000 or $0.01 per usual share and $11,521,000 or $0.05 per usual share compared with waste of $144,000 or $0.01 per usual share for the 3 months and $347,000 or $0.01 per usual share for the 9 months finished in 2009. The enlarge in detriment for 3 and 9 months finished Jul 31, 2010, when compared to the same durations in 2009, is due to increasing corporate, scrutiny and expansion wake up associated to the mutation to a association with a expansion theatre asset.
As at Jul 31, 2010, the Company had $66.4 million of money on palm and a operative collateral over-abundance of $65.5 million. Cash in-flows enclosed $4.1 million associated to the practice of warrants and options and were to some extent equivalent by the incurrence of corporate, exploration, plan expansion and apparatus expenditures for the entertain finished Jul 31, 2010, which resulted in an enlarge of we estimate $1.7 million of money on palm from Apr 30, 2010.
A finish set of the Company’s Financial Statements, Notes to the Financial Statements and Management’s Discussion and Analysis for the 3 and 9 months finished Jul 31, 2010 will be posted on the Company’s website at www.torexgold.com and will be filed on Sedar at www.sedar.com.
Torex Gold Resources Inc. is a good funded, expansion oriented Canadian mining association intent in the scrutiny and expansion of changed steel resources with a concentration on gold. It owns 100% of the Morelos Gold Project, an modernized theatre bullion scrutiny property, located 180km southwest of Mexico City.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This press recover contains “forward-looking statements” and “forward-looking information” inside of the definition of germane Canadian bonds legislation. Forward-looking report includes, but is not singular to, report with apply oneself to destiny scrutiny and expansion skeleton connected with the Morelos Gold Project, together with approaching timing for mobilizing drills on the project, approaching training formula and the inside of which the Company expects to reception training results, approaching timing for the execution of a pre-feasibility investigate and alternative technical studies on the project. Generally, forward-looking report can be identified by the make use of of forward-looking vernacular such as “plans”, “expects”, “estimates”, “intends”, “anticipates” or “believes” or variations of such difference and phrases or state which sure actions, events or formula “may”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be achieved”. Forward-looking report is formed on the in accord with assumptions, estimates, research and opinions of government done at the date which such statements have been made. Forward-looking report is theme to well known and opposite risks, uncertainties and alternative factors which might means the tangible results, turn of activity, opening or achievements of the Company to be materially opposite from those voiced or pragmatic by such forward-looking information, together with the risk factors disclosed elsewhere in the Company’s open disclosure. Accordingly, readers should not place unjustified faith on forward-looking information. The forward-looking report contained herein is presented for the purposes of aiding investors in bargain the Company’s approaching monetary and handling opening and the Company’s skeleton and objectives and might not be suitable for alternative purposes. The Company does not commence to refurbish any forward-looking information, solely in suitability with germane bonds laws.
