(Kitco News) - On Wednesday, Torex Gold (TSX: TXG) reported that in Q3 2022, the company produced 122,200 ounces of gold from its El Limón Guajes mining complex in Mexico, up 10% over Q3 2021 (111,229 ounces).
The company said that with 357,830 ounces produced through the end of the third quarter, it is tracking towards the upper end of 2022 production guidance of 430,000 to 470,000 ounces.
President & CEO Jody Kuzenko commented, “We delivered another quarter of solid operational results with gold production of 122,200 ounces, driven largely by excellent mill performance, record-setting gold recoveries of close to 90%, and sustained elevated underground mining rates at 1,550 tpd. With 357,830 ounces of gold produced year to date, we are well on track to deliver towards the upper end of 2022 production guidance, high end of total cash cost guidance and mid-point of all-in sustaining cost guidance.
“At ELG Underground, we completed the Portal #3 ramp to the existing reserve at depth and started exploration drilling. In addition, raise boring began with a view to completing ore pass construction in Q1 2023 to connect the upper levels to this new area. Development activities at Media Luna continue to ramp-up with the procurement phase well underway and long lead earthworks progressing to plan.”
“Overall, we are well positioned to close out 2022 exactly as we planned, delivering on full year guidance for the fourth year in a row and carrying strong momentum on operations and project execution into 2023,” she added.
Torex is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometres southwest of Mexico City. The company’s principal asset is the Morelos complex, which includes the El Limón Guajes mining complex, Media Luna project, processing plant and related infrastructure.
