Torex produces 474,035 ounces of gold in 2022, beats guidance

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(Kitco News) - Torex Gold Resources (TSX: TXG) today reported record annual gold production of 474,035 ounces in 2022 following fourth quarter production of 116,196 ounces.

The company said that full year gold production surpassed the upper end of the guided range of 430,000 to 470,000 ounces, marking the fourth year in a row original production guidance has been achieved.

During the year, the company sold 473,122 ounces of gold, including 121,913 ounces during the fourth quarter.

President and CEO Jody Kuzenko commented, "We delivered an outstanding year operationally in 2022. The results we achieved in 2022 are a direct result of the ongoing hard work, adherence to disciplined systems and processes, and dedication of our team to deliver safe and reliable production on each and every shift. This consistent performance has enabled Torex to achieve annual production guidance for the fourth year in a row."

In a press release, the company said it is well positioned to deliver another solid year operationally in 2023 as it looks to maintain the steady performance in the mill, increase underground mining rates to 1,800 tonnes per day by year-end, and continue to build the company's future through construction and development of the Media Luna project.

Importantly, Torex noted that during the quarter, steady progress was made at the Media Luna project with key engineering and procurement activities advancing, adding that record development rates were achieved in the Guajes Tunnel during December with an average advance rate of 7.2 metres per day.

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 mine complex, the Media Luna project, a processing plant, and related infrastructure.