|July 24, 2012|
Torex Receives Water Usage Permit For Mining Operations
|TORONTO, Ontario, July 24, 2012 - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX:TXG) is pleased to announce that its wholly owned subsidiary, Minera Media Luna S.A. de C.V. (MML), has received the water concession required for the future operations of its proposed mine and mill at its Morelos Gold Project in Mexico. The permit was issued by the Ministry of Environment and Natural Resources (SEMARNAT), through its National Water Commission (CONAGUA) and provides for the annual use of up to five million cubic meters of water from an underground aquifer. |
"This is another important step as we continue to de-risk the project and advance the development of this high grade open pit deposit." said Fred Stanford, President and CEO of Torex. "We appreciate the efforts of our field technical personnel for locating the water source, and the members of SEMARNAT and CONAGUA, for their efforts in confirming that the aquifer can support the needs of the Morelos Gold Project," he added.
Torex has drilled and tested the three wells needed to meet the required volumes. The wells are located approximately 14 km from the proposed plant site and are adjacent to the eastern access road, which is in the final stages of design.
Torex Gold Resources Inc. is a well funded, growth-oriented, Canadian mining company engaged in the exploration and development of precious metal resources with a focus on gold. It owns 100% of the Morelos Gold Project, an advanced stage gold exploration property, located 180km southwest of Mexico City in the highly prospective Morelos Gold Belt. The project covers an area of 29,000ha of which more than 75% remains unexplored.
For further information, please contact:
TOREX GOLD RESOURCES INC.
President and CEO
Tel. (647) 260-1502
Vice President Investor Relations
Tel. (647) 260-1503
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 initial drill program at its Media Luna target and the results of the program contained herein. 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 based on the reasonable assumptions, estimates, analysis and opinions of management made at the date that such statements are made. 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. 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. 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 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.