The ELG Mine consists of two open pits and a cyanide leach/carbon in pulp processing plant, approximately 180 km southwest of Mexico City. It is in the final stages of construction, and has started the commissioning of the Guajes primary crusher, with its first gold pour expected in Q4/2015.
The ELG Mine and the Media Luna resource are on the same property, and the Company’s upcoming Preliminary Economic Assessment of the Media Luna resource required it to also update the ELG mine plan to ensure that the Technical Report for the entire property is current and complete.
Torex president and CEO Fred Stanford said: "The 2015 mine plan delivers slightly more gold ounces overall, with more ounces produced earlier in the mine life. The Guajes resource has been reduced by approximately 9% based on new understandings obtained from the Media Luna evaluation, as to which intrusive dikes and sills in the ore zone came after the mineralization phase. However, the addition of El Limón Sur reserves to the mine plan has more than offset the difference.
"The El Limón resource will be evaluated through 2015, utilizing the data from a recently completed drill program, and that resource estimate will be updated in 2016. A soon to be released ‘PEA’ for Media Luna will also highlight the potential to process additional high grade material through the ELG processing plant."
He added: "On the cost side, foreign exchange benefits have offset inflationary pressures. The schedule for production is also rapidly de-risking with the construction required for first gold, now more than 75% complete."
