News & Media

TORONTO, Ontario, November 20, 2018 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) announces the results from 57 holes, from its in-fill and step-out drilling programs in the Sub-Sill Zone of its El Limón Guajes (ELG) Underground Mine in Southwest Mexico.Highlighted intercepts from this program include 30.2g/t Au over 8.1 m in borehole SST-101, 48.9g/t Au over 3.6 m in borehole SST-118 and 34.4g/t Au over 4.6m in borehole SSUG-059. The deposit remains open in several directions.

Fred Stanford, President and CEO of Torex stated:

“Today’s results confirm the potential to expand resources in the Sub-Sill Zone.The drilling program continues to discover new skarn zones and the deposit remains open in both down-dip and down-plunge directions.Down-dip is expected to be the higher priority for near term programs with a purpose of adding to reserves.

The 57 holes reported today represent all Sub-Sill results received up to September 5, 2018. The results come from four drill programs, each with a different purpose.First is near reserve in-fill drilling with a purpose of upgrading inferred resources to the indicated category for near term inclusion in reserves.Second is in-fill drilling in nearby resource areas with a purpose of upgrading known mineralization to the inferred category.Third is step-outs from known mineralization.Fourth is large step-outs from known mineralization with a purpose of testing the extent of the mineralizing system.Results from all these programs are included in this set of 57 holes.

Diamond drilling is currently underway in the El Limon Deep (ELD) area as well.Results are expected before year end.”

Highlights of drilling results at the Sub-Sill

Notes to drilling results table:

1. Intersections are not reported as true thickness
2. Interval lengths for holes dipping between -45 to -90º have been selected to represent a minimum mining height of 3.5 meters
3. Interval lengths for holes dipping between 0 and -45º have been selected to represent a minimum horizontal length of 3.5 meters

Please refer to Table 1 for a complete list and expanded description of the borehole intercepts reported in this press release. Refer to Sections 1-3 for general borehole locations and assay results.

Geology

The Sub-Sill deposit occurs at the south end of the El Limon deposit in the Mesozoic carbonate-rich Morelos Platform, which has been intruded by Paleocene granodiorite stocks, sills and dikes. Skarn-hosted gold mineralization is developed along the contacts of the intrusive rocks and the enclosing carbonate-rich sedimentary rocks of the Cuautla and Morelos formations. Gold mineralization at El Limon open pit is hosted in skarn developed immediately above a large granodiorite sill. At the Sub-Sill area, multiple skarn zones have been recognized underneath the El Limon Sill, developed along the contacts between marbles of the Morelos formation and multiple granodiorite sills that are interpreted as late stage porphyritic intrusions that emanate from the main body of granodiorite. The best developed skarn zones at the Sub-Sill area, strike NE-SW and dip between 35° and 45° to the northwest.They host multiple horizons with high grade gold mineralization that vary in strike length from approximately 50 meters up to 200 meters, with apparent widths varying from 2 meters to 36 meters. The trend of the overall skarn body in the Sub-Sill area is N-S to NE-SW and appears to connect to previously recognized skarn and gold mineralization at the Limon Sur deposit 200 meters to the SW.

Mineralization at the Sub-Sill deposit is primarily gold, strongly associated with bismuth and variable contents of silver and copper. Gold occurs in variably sulfidized pyrrhotite enriched skarn, while silver and copper mineralization is primarily determined by the degree of sulfidation of the host skarn. Mineralization is associated with retrograde alteration characterized by amphibole, calcite and quartz, with lessor amounts of chlorite ± epidote, affecting pyroxene-garnet exoskarn and granodiorite-related endoskarn. Locally mineralization occurs in narrow lenses of massive sulfides.

QA/QC and Qualified Person

Torex maintains an industry-standard QA/QC program to monitor laboratory performance and ensure high quality assays.The sampling and analytical work for the two step-out drill programs is performed by SGS de Mexico S.A. de C.V. (“SGS”) in Durango, Mexico and the sampling and analytical work for the two in-filling drill programs is SGS in Nuevo Balsas, Mexico. ICP analysis for the two step-out drill programs is performed by SGS Mineral Services in Vancouver, Canada. External check assays for QA/QC purposes are performed at ALC Chemex de Mexico S.A. de C.V.

The scientific and technical data contained in this news release pertaining to the Sub-Sill exploration program has been reviewed and approved by Mr. Mark Hertel.Mr. Hertel is a Registered Member of the Society for Mining, Metallurgy & Exploration, has experience relevant to the style of mineralization under consideration and is an independent consultant. Mr. Hertel has verified the data disclosed, including sampling, analytical, and test data underlying the drill results and he consents to the inclusion in this release of said data in the form and context in which it appears.

Additional information on the Sub-Sill deposit, sampling and analyses, analytical labs, and methods used for data verification is available in the Company’s most recent annual information form and the technical report entitled “Morelos Property, NI 43-101 Technical Report, ELG Mine Complex, Life of Mine Plan and Media Luna Preliminary Economic Assessment, Guerrero State, Mexico “ with an effective date of March 31, 2018 (filing date September 4, 2018) filed on SEDAR at www.sedar.com and the Company’s website at www.torexgold.com.

About Torex

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 Company’s principal assets are the El Limón Guajes mining complex (the “ELG Mine Complex”), comprised of the El Limón, Guajes and El Limón Sur open pits, the El Limón Guajes underground mine including zones referred to as Sub-Sill and El Limón Deep, 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 property remains 75% unexplored.

For further information, please contact:

TOREX GOLD RESOURCES INC.
Fred Stanford
President and CEO
Tel. (647) 260-1502
Email: moc.dlogxerot@drofnats.derf

Gabriela Sanchez
Vice President Investor Relations
Tel. (647) 260-1503
Email: moc.dlogxerot@zehcnas.aleirbag

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This press release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities legislation. Notwithstanding the Company’s efforts, there can be no guarantee that the Company will not face unforeseen delays or disruptions.Forward-looking information includes, without limitation, information with respect the potential increase in the size of the Sub-Sill deposit, expectation that the deposit remains open both down-dip and down-plunge directions, potential for the down dip extension of the deposit to add to mineral reserves of the Company, achieving the purpose of each of the four drill programs, including the upgrading of inferred mineral resources to indicated mineral resources category and upgrading known mineralization to the inferred mineral resource category for near term inclusion in mineral reserves, and the expectation that results from the ELD drill program will be available by year end. Generally, forward-looking information can be identified by the use of terminology such as “purpose”, “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will be taken”, “occur” or “be achieved”.Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including, without limitation, risks related to the risk factors associated with drilling programs, risk that mineralization or mineral resources, as the case may be, may not be upgraded to mineral resources or a higher category of mineral resources or reserves, as the case may be, and those risk factors identified in the Company’s annual information form and management’s discussion and analysis. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.