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Torex Reports Fiscal Year End Results, Net Loss Widens; Shares Down 4.4%

Torex Gold Resources (TXG.TO) today reported its financial results.

The net loss for fiscal 2012 increased to $75.3 million compared with a net loss of $33.9 million for the twelve months ended October 31, 2011. Exploration and evaluation expenditures totalled $60.3 million for Fiscal 2012 compared to $24.7 million for Fiscal 2011.

The Company's cash position increased by $364.9 million during Fiscal 2012 compared with a decrease of $26.5 million for Fiscal 2011. At December 31, 2012, the Company had $626.4 million in assets including $401.1 million of cash and had a working capital balance of $400.4 million compared with $249.9 million in assets including $36.2 million of cash and a working capital balance of $36.3 million as at October 31, 2011.

The Company has changed its fiscal year end from October 31 to December 31, effective as of December 31, 2012. For the new 2012 fiscal period, the Company has reported its annual consolidated financial statements for the fourteen month period ending December 31, 2012 compared to the twelve month period ended October 31, 2011.

Torex is down 8 cents to $1.72.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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