TORONTO, ONTARIO — (Marketwired) — 11/07/13 — (All amounts expressed in Canadian Dollars unless otherwise stated)
Torex Gold Resources Inc. (the „Company“ or „Torex“) (TSX: TXG) announced today its financial results for the three and nine months ended September 30, 2013.
THIRD QUARTER 2013 REPORT HIGHLIGHTS
Advancement of the El Limon and Guajes Project
Continued evaluation of the Media Luna Project
Project Finance Facility Update
FINANCIAL HIGHLIGHTS
The net loss for the three and nine months ended September 30, 2013 decreased to $13.8 million and $41.0 million respectively, compared with a net loss of $17.2 million for the three months ended October 31, 2012 and $47.8 million for nine months ended October 31, 2012. Exploration and evaluation expenditures totalled $6.9 million and $37.8 million during the three and nine months ended September 30, 2013, respectively, compared to $12.0 million and $38.3 million for the three and nine months ended October 31, 2012. The Company-s cash position decreased by $128.7 million during the first nine months of 2013 compared with an increase of $331.5 million for the nine months ended October 31, 2012. At September 30, 2013, the Company had $590.3 million in assets, including $272.4 million of cash, and had a working capital balance of $275.0 million compared with $626.4 million in assets, including $401.1 million of cash, and a working capital balance of $400.4 million as at December 31, 2012.
A complete set of the Company-s unaudited interim consolidated Financial Statements and related Notes for the three and nine months ended September 30, 2013 and Management-s Discussion and Analysis will be posted on the Company-s website at and will be filed on Sedar at .
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 kilometres southwest of Mexico City in the highly prospective Morelos Gold Belt. Torex is aggressively exploring within its property to identify a pipeline of additional future economic deposits. The property covers an area of 29,000ha of which more than 75% remains unexplored.
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 expected drilling results and the timing within which the Company expects to receive drilling results, anticipated timing for the completion of information with respect to the Company-s feasibility study and technical studies on the project. 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. 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 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.
Contacts: Torex Gold Resources Inc. Fred Stanford President and CEO (647) 260-1502
Torex Gold Resources Inc. Gabriela Sanchez Vice President Investor Relations (647) 260-1503
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