Torex completes financing, provides operations update

Wednesday, February 7, 2018

TORONTO, Ontario, February 7, 2018 - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX:TXG) is pleased to announce that it has closed its previously announced offering (the "Offering") of common shares of the Company (the "Common Shares") with a syndicate of underwriters (the "Underwriters") led by BMO Capital Markets. An aggregate of 4,895,000 Common Shares were issued by the Company at a price per Common Share of C$12.60, including 525,000 Common Shares issued on the partial exercise of the over-allotment option, for aggregate gross proceeds of C$61,677,000.

The net proceeds of the Offering will be used to fund and provide liquidity for its working capital obligations during the re-start and ramp-up of the ELG Mine Complex, as required, and for general corporate purposes.

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The Common Shares issued pursuant to the Offering have not been and will not be registered under the US Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws, and accordingly may not be offered or sold within the United States except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy the Common Shares, nor will there be any sale of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Operations Update

The processing plant continues to process between 10,000 - 13,000 tonnes per day. Recoveries have been approximately 85%, and grades have been close to 3 grams per tonne. Ore is being processed from all three open pits, El Limon, Guajes, and El Limon Sur. Additional employees ar