News
Torex Announces A Temporary Suspension Of Activities At Its El Limon-Guajes Mine Due To An Illegal Blockade
April 4, 2016
TORONTO, Ontario, April 4, 2016 — Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) announced that it is suspending operations at its El Limon-Guajes Mine (ELG) until further notice due to an illegal blockade initiated by three families demanding unjustified payments for purported environmental damages. This attempt to damage the Company’s reputation through unsubstantiated claims can be easily refuted with environment monitoring data and the Company will not succumb to this sort of tactic by making the demanded payments. We prefer to suspend operations until the authorities re-establish law and order.
Fred Stanford, President & CEO of Torex stated: “It is truly unfortunate that a selfish few put their wants above the need of so many that worked so hard to make this project a success. The majority of the community has not supported these families and community representatives have lodged legal complaints against their activities. If the Company were to submit to this sort of extortion then we would be vulnerable to similar threats throughout what we expect could be a very long life operation on the Morelos Property. Rather than establish such a precedent, we prefer to suspend operations until the authorities take the next step in providing a law and order environment in which we can operate. The authorities have been actively involved in resolving the situation and we hope that their efforts are successful soon. It would be a shame if the actions of a selfish few were allowed to destroy the potential for so many to improve the opportunities for themselves and their families.”
About Torex
Torex is an emerging intermediate gold producer based in Canada, engaged in the exploration, development and exploitation 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 the El Limon-Guajes (ELG) Mine, which started production in December 2015, and the Media Luna Project, at an advanced stage of exploration, with a positive preliminary economic assessment (PEA) completed in July of 2015. 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 also includes, but is not limited to, the suspension of operations at the ELG Mine, completing the remaining construction and commissioning of the mine and processing facilities of the ELG Mine, achieving full production, expected metal recoveries, gold production and revenues from operations, and the safety, security and access to the ELG Mine. 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: “It is truly unfortunate that a selfish few put their wants above the need of so many that worked so hard to make this project a success. The majority of the community has not supported these families and community representatives have lodged legal complaints against their activities. If the Company were to submit to this sort of extortion then we would be vulnerable to similar threats throughout what we expect could be a very long life operation on the Morelos Property. Rather than establish such a precedent, we prefer to suspend operations until the authorities take the next step in providing a law and order environment in which we can operate. The authorities have been actively involved in resolving the situation and we hope that their efforts are successful soon. It would be a shame if the actions of a selfish few were allowed to destroy the potential for so many to improve the opportunities for themselves and their families.”
About Torex
Torex is an emerging intermediate gold producer based in Canada, engaged in the exploration, development and exploitation 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 the El Limon-Guajes (ELG) Mine, which started production in December 2015, and the Media Luna Project, at an advanced stage of exploration, with a positive preliminary economic assessment (PEA) completed in July of 2015. 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 also includes, but is not limited to, the suspension of operations at the ELG Mine, completing the remaining construction and commissioning of the mine and processing facilities of the ELG Mine, achieving full production, expected metal recoveries, gold production and revenues from operations, and the safety, security and access to the ELG Mine. 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.