TORONTO, Oct. 29, 2019 (GLOBE NEWSWIRE) — Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) announces organizational changes to take effect at the Company’s annual general meeting (“AGM”) in June 2020. At the next AGM, Terry MacGibbon will continue to stand for election to the Board but will step down as the Chair of the Company. At the same meeting, the Board intends to appoint Fred Stanford as the Executive Chair and Jody Kuzenko as President and Chief Executive Officer and to nominate her for election as a Director of the Company.Terry MacGibbon, Chair of the Torex Board of Directors, stated:“Since co-founding Torex over 10 years ago, I am very proud of the Company’s success and its evolution to a well-established Canadian intermediate gold producer. The Company is on a great trajectory with its foundational asset, the El Limón Guajes (“ELG”) mining complex, a highly experienced and respected management team, and strong growth opportunities. ELG is generating meaningful cash flow which will be leveraged to pay down long term debt and advance the planned development of growth with the Media Luna deposit. In addition to this strong organic growth, Torex’s proprietary technology, the Muckahi Mining System (“Muckahi”), has the potential to add further value to Media Luna and to create other significant growth opportunities as an industry disruptive technology.“With this solid foundation in place, the next generation of leaders are well equipped to push forward on Torex’s outstanding growth potential. As Fred Stanford moves into the Executive Chair role from the President & CEO role, he will be actively involved in the development of Media Luna and preparing the business for a future fueled by Muckahi based growth. Fred’s long-term compensation package in this new role will be aligned with these key areas of focus. Jody Kuzenko, the Company’s current Chief Operating Officer, will move into the President and CEO role, and will lead the business as it exists today, including the development of Media Luna. Fred and Jody will collaborate on corporate development and capital markets responsibilities.”About Torex Gold Resources Inc.
Torex is an intermediate gold producer based in Canada, engaged in the exploration, development and operation 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. The Company’s principal assets are the El Limón Guajes mining complex (“ELG” or the “ELG Mine Complex”), comprised of the El Limón, Guajes and El Limón Sur open pits, the El Limón Guajes underground mine including zones referred to as Sub-Sill and El Limón Deep (“ELD”), and the processing plant and related infrastructure, which is in the commercial production stage as of April 1, 2016, and the Media Luna deposit, which is an early stage development project, and for which the Company issued an updated preliminary economic assessment in September 2018 (the “Technical Report”). The property remains 75% unexplored.For further information, please contact:CAUTIONARY NOTESMuckahi Mining System
The Technical Report includes information on Muckahi. It is important to note that Muckahi is experimental in nature and has not been tested in an operating mine. Many aspects of the system are conceptual, and proof of concept has not been demonstrated. Drill and blast fundamentals, standards and best practices for underground hard rock mining are applied in the Muckahi, where applicable. The proposed application of a monorail system for underground transportation for mine development and production mining is unique to underground hard rock mining. There are existing underground hard rock mines that use a monorail system for transportation of materials and equipment, however not in the capacity described in the Technical Report. Aspects of Muckahi mining equipment are currently in the design and test stage. The mine design, equipment performance and cost estimations are conceptual in nature, and do not demonstrate technical or economic viability. The Company expects to complete the development and test the concept by the end of 2019 for the mine development and production activities. Further studies would be required to verify the viability of Muckahi.
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