News
Construction Activities Resume At Torex’s El Limon Guajes Project
February 13, 2015
TORONTO, Ontario, February 13, 2015 — Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) announces that construction activities at its El Limon Guajes Project are resuming in all areas, after being curtailed over the last few days, following a regional security incident and the associated protective / rescue response.
Fred Stanford, President & CEO of Torex stated: “This has been an extraordinarily difficult time for several of the communities that are located within a few kilometers of the El Limon Guajes construction site, and given these communities’ concerns and complexities, the interruptions to our construction activities are less pertinent at this time. To the best of our knowledge, 13 persons were abducted this past Friday and 11 have been returned to their community. One was released by his captors and the other 10 were freed this past Sunday through the quick action of the Mexican Army. The 10 freed by the Army were found within a few kilometers of the community of Nuevo Balsas, in seasonal crop tending housing that is empty at this time of year. The remaining two missing persons have not been found yet. There was a possibility that these persons were being held in some of the rugged territory to the east of the mine site. The community closed access to the Project until the rugged area could be searched so that construction traffic did not interfere with the rescue effort. The Company understood and supported that decision. Now that this area has been extensively searched, unfortunately without the apprehension of the perpetrators, the community has re-opened the road to the Project site. Looking forward, there is a strong interest from the community for a permanent government security presence in the area. All three levels of government have been very supportive of this request and accelerated discussions will continue in the coming weeks, as the search for the remaining two missing persons continues.” He added; “There will be a resulting delay to the start of production, certainly into Q4 of this year. We are in the most labour intense portion of the construction process, so until the contractor labour force ramps back up to planned levels, it would be premature to specifically quantify the length of the delay.”
Torex is a growth-oriented, Canadian-based resource company engaged in the exploration and development 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. Within this property, Torex has two projects: the El Limon-Guajes Project, currently under development, and the Media Luna Project, at an advanced stage of exploration. Torex intends to identify a pipeline of future economic deposits within its property, which 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 also includes, but is not limited to, the availability and performance of construction contractors, suppliers and consultants, the expected completion, commissioning and start-up of the mine and processing facilities of the Project, and expected revenues from operations, the further advances of funds pursuant to the loan facility (which are subject to certain customary conditions precedent), safety and security, and access to the Project. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates” or “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, or “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 actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including 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 its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Although the Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because the Company can give no assurance that such expectations will prove to be correct. 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. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Fred Stanford, President & CEO of Torex stated: “This has been an extraordinarily difficult time for several of the communities that are located within a few kilometers of the El Limon Guajes construction site, and given these communities’ concerns and complexities, the interruptions to our construction activities are less pertinent at this time. To the best of our knowledge, 13 persons were abducted this past Friday and 11 have been returned to their community. One was released by his captors and the other 10 were freed this past Sunday through the quick action of the Mexican Army. The 10 freed by the Army were found within a few kilometers of the community of Nuevo Balsas, in seasonal crop tending housing that is empty at this time of year. The remaining two missing persons have not been found yet. There was a possibility that these persons were being held in some of the rugged territory to the east of the mine site. The community closed access to the Project until the rugged area could be searched so that construction traffic did not interfere with the rescue effort. The Company understood and supported that decision. Now that this area has been extensively searched, unfortunately without the apprehension of the perpetrators, the community has re-opened the road to the Project site. Looking forward, there is a strong interest from the community for a permanent government security presence in the area. All three levels of government have been very supportive of this request and accelerated discussions will continue in the coming weeks, as the search for the remaining two missing persons continues.” He added; “There will be a resulting delay to the start of production, certainly into Q4 of this year. We are in the most labour intense portion of the construction process, so until the contractor labour force ramps back up to planned levels, it would be premature to specifically quantify the length of the delay.”
Torex is a growth-oriented, Canadian-based resource company engaged in the exploration and development 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. Within this property, Torex has two projects: the El Limon-Guajes Project, currently under development, and the Media Luna Project, at an advanced stage of exploration. Torex intends to identify a pipeline of future economic deposits within its property, which 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 also includes, but is not limited to, the availability and performance of construction contractors, suppliers and consultants, the expected completion, commissioning and start-up of the mine and processing facilities of the Project, and expected revenues from operations, the further advances of funds pursuant to the loan facility (which are subject to certain customary conditions precedent), safety and security, and access to the Project. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates” or “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, or “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 actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including 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 its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Although the Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because the Company can give no assurance that such expectations will prove to be correct. 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. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.