TSX: TXG

Torex Gold’s Media Luna Deposit:

The Most Recent Discovery in the Guerrero Gold Belt
of Mexico
Steven D Bussey 2, Alejandro Kakarieka 1, G Bradford Margeson 2,
Cristian Puentes 1 and Barton J Suchomel 2

29 January 2015
1Torex Gold Resources Inc., 145 King St. West, Suite 1502, Ontario Canada M5H 1J8
2Western Mining Services LLC, 7343 South Alton Way, Suite 100, Centennial, Colorado, USA 80112
 Safe Harbour Statement
This presentation contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information
includes, but is not limited to, information regarding future exploration and development plans for the Company’s mineral projects, the Feasibility Study (as
defined below) and the Media Luna Report (as defined below), including with respect to mineral resource and mineral reserve estimates, the ability to realize
estimated mineral reserves, the Company’s expectations that the El Limón and Guajes project will be profitable with positive economics, recoveries, grades,
annual production, receipt of required permitting and approvals, parameters and assumptions underlying mineral resource estimates, mineral reserve
estimates and financing analysis, anticipated gold prices, securing of surface rights in the future, adequacy of the Company’s financial resources, business
plans and strategy and other events or conditions that may occur in the future. Generally, forward-looking information can be identified by the use of
terminology such as “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 information, including, without limitation, risks related to: exploration, development, mining and the
mining industry generally, such as economic factors as they effect same; future commodity prices; obtaining financing; market conditions; changes in
interest rates; safety and security; access to the Company’s mineral projects, including securing surface rights; actual results of current exploration and
development activities not being consistent with expectations, or unexpected events and delays impacting such activities; required permits and approvals
not being obtained on a timely basis; estimated mineral reserves and annual production not being realized; parameters and assumptions underlying mineral
resource estimates, mineral reserve estimates and financial analyses being incorrect; government regulation; political, social or economic developments;
environmental matters; insurance; capital expenditures; operating or technical difficulties in connection with development activities; hiring the required
personnel and maintaining personnel relations; the speculative nature of gold exploration and development; contests over property title; changes in project
parameters as plans for the El Limón and Guajes project continue to be refined; and those risk factors included in the Company’s current annual information
form and management’s discussion and analysis. Forward-looking information is based on 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.
For additional information, please see the technical reports entitled “Morelos Gold Project, 43-101 Technical Report Feasibility Study, Guerrero, Mexico”,
dated effective September 4, 2012 (the “Feasibility Study”) and “Media Luna Gold–Copper Project, Guerrero State, Mexico NI 43-101 Technical Report”, dated
effective September 13, 2013 (the “Media Luna Report”). The technical information contained in this presentation is based upon the information contained in
the Feasibility Study and Media Luna Report, prepared by or under the supervision of the authors of the Feasibility Study and Media Luna Report, who are
each qualified persons for the purposes of National Instrument 43‐101.
2
 Torex Gold’s Media Luna Deposit:
The Most Recent Discovery in the Guerrero Gold Belt of Mexico

• Introduction

• History of Discovery in the GGB

• Current Known Endowment

• Why so much gold in the GGB?

• Potential Upside at the Media Luna Deposit

3
Introduction - Project Location

4
 Introduction - Regional Geologic Setting

• Guerrero-Morelos platform
G O
sedimentary rocks underlain by
Mz-Proterozoic age Acatlan-
M Oaxacan block
J
• Major fold and thrust belt
associated with collision of
Guerrero terrane in Laramide
• Emplacement of Paleocene
intrusions associated with end
of Laramide deformation

modified after Martini et al., 2009

5
Introduction - Regional Geologic Setting

6
Introduction - Regional Geologic Setting

? 7
 History of Discovery in the GGB

1924 Gold discovered at Xochipala, small mine/mill operates until 1988; ~360,000 oz Au
1947 Small high grade UG mining begins at Nukay; 1947-1964 ~290,000 oz Au
1977-80’s Morelos National Mineral Reserve created
1986 Peñoles-Newmont JV announce discovery of El Bermejal gold deposit
1993 Nukay taken over by Miranda Mining, forms JV with Teck to explore & develop surrounding claims
1995 Teck-Miranda JV discovers skarn and intrusion-hosted gold mineralization at Los Filos; Mexican
Gov announce plans to privatize Morelos Mineral Reserve which is divided into north and south
blocks
1998 Teck and Miranda form JV company (Mineral Media Luna) to bid for and win Morelos Norte lottery;
Grupo Mexico wins the Morelos Sur lottery
2000 Limon deposit discovered by MML

8
 History of Discovery in the GGB

2003 Wheaton River Minerals Inc. (via Luismin) makes a series of corporate actions to acquire 100% of
the Nukay and Los Filos Mines, 21.2% of the Morelos Norte Project and 100% of Ana Paula
prospect
2005 Goldcorp acquires Wheaton (Los Filos) and 100% of the Bermejal deposit (~2.4 Moz) from
Peñoles. Teck and Goldcorp are now the partners for MML with Teck as operator
2007 The first gold pour at Goldcorp’s Los Filos project in mid-2007
2009-10 Gleichen Resources Ltd acquire 100% of the Morelos project from Teck and Goldcorp. Gleichen
changes company name to Torex Gold Resources Inc.; Newstrike acquires Ana Paula Project from
Goldcorp.
2011 Newstrike announces discovery at Ana Paula
2012 June: Torex announces discovery of Media Luna
2012 September: Torex announces El Limón-Guajes resource: 5.43 Moz Au (4.81 M M&I + 0.62 Inf)
2013 Torex announces Media Luna maiden inferred resource (5.84 M oz. Au eq.); Newstrike announces
maiden resource at Ana Paula (2.26 Au equiv ounces)

9
 Current Gold Endowment of the GGB

Geologic Resource
Deposit Disc Au (g/t) Au Ag Cu Style
Year (Moz) (Moz) content
Xochipala 1927 0.36 oxidized skarn
Nukay (LF UG) 1947 8.18 3.4 2.71 ~0.19% oxidized skarn
El Bermejal 1986 0.78 9.1 86.6 0.13% oxidized skarn
Los Filos 1995 0.74 8.3 49.7 up to oxidized intrusion-
0.3% hosted + skarn
Limon-Guajes 2000 2.78 5.43 9.75 0.15% oxidized skarn
Ana Paula 2011 1.41 1.93 7.74 As-rich breccia
Media Luna 2012 2.6 3.38 31.4 0.9 % Cu-rich unoxidized
skarn
TOTAL 31.9 187.9 852 M lb

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 Current Gold Endowment of the GGB

Total Gold Endowment for GGB

~ 32 Moz gold
Moz

Media
Luna

Limon Guajes

Los Filos
Xochipala Bermejal
Ana Paula
Nukay
Todos Santos
before 1980

Year
11
 Why So Much Gold in the GGB?
Ore genesis as the Conjunction of Three Independent Sets
of Favorable Conditions:

Focus on Favorable
Transient Geodynamics

Hronsky et al. (2012)

12
 Geodynamic Setting of the GGB

• At about 75 Ma, a major period of tectonic re-organization occurred along the

SW margin of Laurentia
• Compressional tectonics continued but were distributed over much broader area
• This event, referred to as the Laramide Orogeny, is interpreted to represent a
major flat-slab subduction event
• It is associated with the largest PCD-forming episode in western North America
• In Mexico, it is associated with approach and collision of the Guerrero terrane
along the west coast
• In southern Mexico, collapse of the Laramide orogeny was diachronous, ranging
from about 65 Ma in the west to 45 Ma in the east

13
Highly Compressional Subduction Zones and PCDs

The spatial association between highly

compressional subduction zones and
porphyry copper deposits was presented by
Cooke et al (2005)
• Subduction of aseismic ridges, seamount
chains and oceanic plateaus
• Flat-slab subduction, crustal thickening,
and adakitic magmatism coeval with PCD
provinces

Cooke et al. (2005)

14
Highly Compressional Subduction Zones and PCDs

Loucks and Ballard (2002) and Loucks (2014)

documented distinct geochemical signature of
magmas formed in highly compressional
subduction setting:
• Crust thickened due to compression
• Magma cannot easily erupt, accumulates in
chamber at base of crust
• Trapped for long time undergoing multiple
cycles of replenishment and fractionation
• High pressure suppresses plagioclase,
advances hornblende crystallization
resulting in high Sr and low Y in resultant
magmas
Rohrlach & Loucks (2005)
• Metals and volatiles are enriched
15
Geochemistry of Intrusions in Highly Compressional
Subduction Zones
Global Reference Suite of:
Cu Ore Productive intrusives Thousands of published geochemical analyses
Cu+Au Ore Productive intrusives
Alaska Neogene-Quaternary Suites
compiled by Loucks and Ballard (2002) and
Alaska Penninsula & Aluetians 153-175°W Loucks (2014):
Chile Neogene-Quaternary Suites:
21.2-25.7°S (Unprospective for Cu)
35-46.5°S (Unprospective for Cu)
Japan Pliocene-Quaternary Suites:
+ Eastern Hokkaido & Northern Honshu
(Unprospective for Cu)
Average Late Cenozoic Arc Volcanics
Oceanic arc
Continental arc

16
Geochemistry of Intrusions in Highly Compressional
Subduction Zones
Global Reference Suite of:
Cu Ore Productive intrusives Thousands of published geochemical analyses
Cu+Au Ore Productive intrusives
Alaska Neogene-Quaternary Suites
compiled by Loucks and Ballard (2002) and
Alaska Penninsula & Aluetians 153-175°W Loucks (2014)
Chile Neogene-Quaternary Suites:
21.2-25.7°S (Unprospective for Cu)
35-46.5°S (Unprospective for Cu) Normal (unprospective) calc-alkaline arc rocks
Japan Pliocene-Quaternary Suites:
+ Eastern Hokkaido & Northern Honshu
follow a trend of continuously decreasing Sr/Y
(Unprospective for Cu) ratio as silica increases
Average Late Cenozoic Arc Volcanics
Oceanic arc • Due to low P (shallow depth) fractionation
Continental arc
dominated by plagioclase crystallization

17
Geochemistry of Intrusions in Highly Compressional
Subduction Zones
Global Reference Suite of:
Cu Ore Productive intrusives Thousands of published geochemical analyses
Cu+Au Ore Productive intrusives
Alaska Neogene-Quaternary Suites
compiled by Loucks and Ballard (2002) and
Alaska Penninsula & Aluetians 153-175°W Loucks (2014)
Chile Neogene-Quaternary Suites:
21.2-25.7°S (Unprospective for Cu)
35-46.5°S (Unprospective for Cu) Normal (unprospective) calc-alkaline arc rocks
Japan Pliocene-Quaternary Suites:
+ Eastern Hokkaido & Northern Honshu
follow a trend of continuously decreasing Sr/Y
(Unprospective for Cu) ratio as silica increases
Average Late Cenozoic Arc Volcanics
Oceanic arc • Due to low P (shallow depth) fractionation
Continental arc
dominated by plagioclase crystallization

Cu and Cu+Au productive intrusions follow a

trend of increasing Sr/Y ratio as silica
increases
• Due to high P fractionation dominated by
hornblende

18
 Geochemistry of Intrusions in the GGB

• Paleocene intrusions in the Guerrero Gold

Belt follow the trend of increasing Sr/Y ratio
Paleocene intrusions of GGB
with increasing silica content
• We interpret this to indicate that the magmas
that ultimately formed the GGB intrusions
were trapped at the base of crust thickened
Sr/Y due to anomalously strong compression
during the Laramide orogeny
• Relaxation of this compression at about 65
Ma allowed a pulse of intrusive activity that
formed the skarn-related Au (± Cu) deposits
in the GGB

SiO2 wt%

19
 Geochemistry of Intrusions in the GGB

• Paleocene intrusions in the Guerrero Gold

Belt follow the trend of increasing Sr/Y ratio
Paleocene intrusions of GGB
with increasing silica content
• We interpret this to indicate that the magmas
that ultimately formed the GGB intrusions
were trapped at the base of crust thickened
Sr/Y due to anomalously strong compression
during the Laramide orogeny
• Relaxation of this compression at about 65
Ma allowed a pulse of intrusive activity that
formed the skarn-related Au (± Cu) deposits
in the GGB
• Interestingly, geochemical data for 2 samples
of 45-35 Ma intrusions in the GGB plot along
Samples from 35 Ma intrusions in GGB
the unprospective trend
(from Meza-Figueroa et al. 2003)

SiO2 wt%

20
What About Future Discoveries in the GGB?

21
Potential Upside at the Media Luna Deposit

¹
• Black outlines are mag highs
from RTP with 3km HP filter
XC 1984977N • Deposit exhibits strong
footprint in mag
• Au, Cu and Ag associated with
retrograde altered magnetite
and pyrrhotite skarn
• Mineralization forms layer
along granodiorite-marble
contact

22
Potential Upside at the Media Luna Deposit
SW NE

Looking NW

XC 1984977N

23
Potential Upside at the Media Luna Deposit

¹ Possible ultimate size of

Media Luna Resource:
Only ~30% of the area covered
by the magnetic anomalies
shown here has been drilled to
an inferred resource level

24
Morelos Project – District Potential

Limon-
Guajes

Media
Luna

25
 Summary

• Deposits in GGB formed during relatively short pulse of

favorable intrusive activity at end of Laramide deformation (66-
62 Ma)
• True size potential of the belt only recently recognized
• Discovery of Los Filos in 1995 was probably the turning point
• Known endowment has risen from <10 Moz to >30 Moz in the
last 10 years
• More gold ounces will be added to the Media Luna Resource
• Belt has potential to host several more multi-million oz deposits
26
Thank You