Torex Gold Announces Management and Board Succession Plans

TORONTO, Oct. 29, 2019 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the a??Companya?? or a??Torexa??) (TSX: TXG) announces organizational changes to take effect at the Companya??s annual general meeting (a??AGMa??) in June 2020. At the next AGM, Terry MacGibbon will continue to stand for election to the Board but will step down as the Chair of the Company. At the same meeting, the Board intends to appoint Fred Stanford as the Executive Chair and Jody Kuzenko as President and Chief Executive Officer and to nominate her for election as a Director of the Company.Terry MacGibbon, Chair of the Torex Board of Directors, stated:a??Since co-founding Torex over 10 years ago, I am very proud of the Companya??s success and its evolution to a well-established Canadian intermediate gold producer. The Company is on a great trajectory with its foundational asset, the El LimA?n Guajes (a??ELGa??) mining complex, a highly experienced and respected management team, and strong growth opportunities. ELG is generating meaningful cash flow which will be leveraged to pay down long term debt and advance the planned development of growth with the Media Luna deposit. In addition to this strong organic growth, Torexa??s proprietary technology, the Muckahi Mining System (a??Muckahia??), has the potential to add further value to Media Luna and to create other significant growth opportunities as an industry disruptive technology.a??With this solid foundation in place, the next generation of leaders are well equipped to push forward on Torexa??s outstanding growth potential. As Fred Stanford moves into the Executive Chair role from the President & CEO role, he will be actively involved in the development of Media Luna and preparing the business for a future fueled by Muckahi based growth. Freda??s long-term compensation package in this new role will be aligned with these key areas of focus. Jody Kuzenko, the Companya??s current Chief Operating Officer, will move into the President and CEO role, and will lead the business as it exists today, including the development of Media Luna. Fred and Jody will collaborate on corporate development and capital markets responsibilities.a??About Torex Gold Resources Inc.
Torex is an intermediate gold producer based in Canada, engaged in the exploration, development and operation of its 100% owned Morelos Gold Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometers southwest of Mexico City. The Companya??s principal assets are the El LimA?n Guajes mining complex (a??ELGa?? or the a??ELG Mine Complexa??), comprised of the El LimA?n, Guajes and El LimA?n Sur open pits, the El LimA?n Guajes underground mine including zones referred to as Sub-Sill and El LimA?n Deep (a??ELDa??), and the processing plant and related infrastructure, which is in the commercial production stage as of April 1, 2016, and the Media Luna deposit, which is an early stage development project, and for which the Company issued an updated preliminary economic assessment in September 2018 (the a??Technical Reporta??). The property remains 75% unexplored.
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