Torex Gold Resources is targeting a first gold pour before year-end 2015 at its El Limon-Guajes open-pit gold-silver project on its extensive Morelos gold property in Guerrero state, Mexico. The processing plant has a designed throughput rate of 14,000 mt/d. Production in doré bars for the first 10 years of mine life is projected to average 337,000 oz/y of gold and 211,000 oz/y of silver.
For the period beyond the first 10 years, efforts will be made to extend production through exploration activities by upgrading ounces currently categorized as inferred and making new discoveries on the 29,000-ha Morelos land package.
Development of the El Limon-Guajes project is based on the mining of two independent open pits. The pits will feed a centrally located cyanide leach/carbon-in-pulp plant, with dry stack tailings deposited just to the west of the plant.
The estimated cost to complete the project is $800 million.
The El Limon-Guajes deposits have current measured and indicated resources of 4.95 million oz of gold at a grade of 2.79 g/mt, plus inferred resources of 576,000 oz of gold at a grade of 1.95 g/mt. Reserves, included in the resources, stand at 4.1 million oz of gold at a grade of 2.61 g/mt.