Press release from Marketwire
Torex Starts Construction of Its El Limon-Guajes Mine
Tuesday, October 22, 2013
Torex Starts Construction of Its El Limon-Guajes Mine06:00 EDT Tuesday, October 22, 2013
TORONTO, ONTARIO--(Marketwired - Oct. 22, 2013) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX:TXG)(TSX:TXG.WT.A) is pleased to announce that permit conditions to start construction have been satisfied and site construction has begun at its Morelos Gold Property in Mexico.
Fred Stanford, President & CEO of Torex stated: "Contractors are being mobilized, with November 1, 2013, slated as the official start date of the 21-month build out of our first mine / mill complex." He added, "Our collective teams have accomplished a great deal to get us to this point, and all have been waiting for this moment when they can begin turning intentions into reality. That reality is going to be a few more grey hairs and a mine that takes its place amongst the largest and lowest cost gold mines in the world. A mine that we intend to operate in a fashion that will allow all of our stakeholders to be proud of their contribution to making it happen."
Progress on the project has continued with detailed engineering 43% complete. Procurement and contracting commitments are also advancing. Work has progressed at site within the previously permitted areas with the completion of the dozer trails to access the Guajes Pit, the building of the construction camp, and the assembly of equipment. In addition, water well drilling for the new village of El Potrerillo has started.
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 kilometres southwest of Mexico City. Within this property, Torex has two projects: the El Limon and 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.
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. Forward-looking information includes, but is not limited to, information with respect to the acceptance of environmental protection programs and construction of the Company's Morelos Gold 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 current annual information form. 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. The forward-looking information contained herein is presented for the purposes of assisting investors in understanding the Company's exploration results and the Company's plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
TOREX GOLD RESOURCES INC.
President and CEO
TOREX GOLD RESOURCES INC.
Vice President Investor Relations