Torex is a well-funded, 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 assets: the El Limon-Guajes Mine (ELG), currently under construction, and the Media Luna Project, at an advanced stage of exploration.
ELG is in its final stages of construction with first gold expected in December of 2015. This high grade, open pit gold deposit has current measured and indicated resources of 4.77 million ounces of gold at a grade of 2.95 g/t plus 530,000 ounces of gold at a grade of 2.15 g/t in the inferred category. Once in full production, this mine will be amongst the largest and lowest cost gold mines in the world with expected LOM average annual production of 369,000 ounces of gold at a LOM AISC of US$637/oz. It will be a mine we will be proud to run.
The Media Luna deposit, hosted in a magnetic anomaly south of the Balsas River, was discovered in March of 2012 and has current inferred resources of 7.4 million gold equivalent ounces at a grade of 4.48 g/t. This resource is contained in less than 30% of the area of the targeted magnetic anomalies. The conceptual design contained in a positive PEA announced in July of 2015 envisions an underground operation with expected average annual production of 313,000 ounces of gold equivalent at an average AISC of US$636/oz.
Torex intends to identify a pipeline of future economic deposits within its property, which remains 75% unexplored.
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