Gold is so extremely high Children what are we going to do?
Torex Gold Provides Quarterly Update on Media Luna Project
Torex Gold Resources Inc.
Project 49% complete as at the end of Q3 2023; Guajes Tunnel breakthrough expected by year-end
Figure 1
Breakthrough of Guajes Tunnel expected in late December (advance rates as at end of September)
Figure 2
Project execution plan for the Media Luna Project
(All amounts expressed in U.S. Dollars unless otherwise stated)
TORONTO, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) provides Q3 2023 update on the development of its Media Luna Project (“Media Luna”). Unless otherwise stated, progress and milestones referenced in this press release are as of September 30, 2023.
Jody Kuzenko, President & CEO of Torex, stated:
“Development of Media Luna continues to track well to plan, with first concentrate production remaining on track for late 2024 and commercial production in early 2025. At quarter-end, the Media Luna Project was 49% complete across engineering, procurement, underground development/construction, and surface construction. With 68% of upfront expenditures committed (including 42% incurred), expenditures to date have tracked reasonably well to the initial budget of $875 million, noting the stronger Mexican peso remains a headwind to manage. With $242 million incurred on the project year-to-date, project spending in 2023 is tracking toward the lower end of the annual guided range of $390 million to $440 million.
“Solid progress was made with respect to underground development and construction, which included another notable quarter of advance in the schedule-critical Guajes Tunnel and mobilization of the underground construction contractor. Breakthrough of the Guajes Tunnel is expected by year-end, three months ahead of schedule.
Torex Gold Resources Inc.
October 30, 2023
