08:16 AM EDT, 04/14/2020 (MT Newswires) -- Torex Gold Resources Inc. (TXG.TO) may add to the near 11% gained yesterday after announcing Tuesday that its Q1 2020 gold production was 108,530 ounces while gold sold during the quarter was 108,060 ounces at an average realized gold price of $1,570 per ounce. Shares surged almost 11% on Monday.

In a statement, the Canadian-based intermediate gold producer said Q1 operational highlights were: plant throughput averaged 12,460 tonnes per day (tpd), underground ore mined averaged 1,110 tpd, open pit ore mined averaged 19,080 tpd, open pit strip ratio of 6.8:1.

Torex confirmed Q1 financial results will be released before market open on May 6, 2020. The company also reiterated that prior to the recent COVID-19 related suspension of operations it was on track to achieve 2020 production guidance of 420,000 to 480,000 ounces of gold.

"We are preparing for the restart of operations under various scenarios, including a scenario where social distancing requirements enable only a partial restart," added Fred Stanford, president and chief executive of Torex, in the statement. "During this period, we continue to advance Media Luna, with design and engineering work for the feasibility study ongoing and permitting work continuing."

Excavation of the Media Luna tunnel was scheduled to start this summer, with portal design and tunnel plans advancing as scheduled, noted Stanford, adding that the feasibility study could be delayed a quarter, but it won't affect the schedule of the Media Luna Project.

Monday, shares ended 10.7% higher at $15.18 on the Toronto Stock Exchange in a 52-week range of $8.79-$22.46.