The independent technical report, entitled “Morelos Property, NI 43-101 Technical Report, El Limón Guajes Mine Plan and Media Luna Preliminary Economic Assessment, Guerrero State, Mexico ” (the “Technical Report”), dated September 3, 2015, effective date of August 17, 2015, was prepared by M3 Engineering & Technology Corporation of Tucson, Arizona, Amec Foster Wheeler E&C Services Inc. of Reno, Nevada, Amec Foster Wheeler Environment & Infrastructure a Division of Amec Foster Wheeler Americas Limited of Mississauga, Ontario, SRK Consulting (Canada) Inc. of Toronto, Ontario, SRK Consulting (U.S.) Inc. of Denver Colorado, Golder Associates Inc. of Gainesville, Florida and AMC Mining Consultants (Canada) Ltd. of Toronto, Ontario. The Technical Report was authored by Daniel H. Neff, P.E., Robert Davidson, P.E., Thomas L. Drielick, P.E., Edward J.C. Orbock III, RM SME, Mark Hertel, RM SME, Prabhat Habbu, P. Eng., Brian Connolly, P. Eng., Michael Levy, P.E., P.G., Vladimir Ugorets, MMSAQP, Benny Susi, P.E., and Jim Monaghan, P.Eng., all Qualified Persons as defined by NI 43-101 and independent of Torex. The Technical Report is available on SEDAR at www.sedar.com and will also be made available on the Company’s website at www.torexgold.com.
There were no material differences in the mineral resources or mineral reserves between the Technical Report and the technical disclosure contained in the News Releases.
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 Limón-Guajes (“ELG”) mine, 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||Gabriela Sanchez|
|President and CEO||Vice President Investor Relations|
|Tel. (647) 260-1502||Tel. (647) 260-1503|
PRELIMINARY ECONOMIC ASSESSMENT
A preliminary economic assessment should not be considered a prefeasibility study or feasibility study, as the economics and technical viability of the Media Luna project have not been demonstrated at this time. The Media Luna preliminary economic assessment (the “PEA”) is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. It cannot be assumed that all or any part of the inferred mineral resources will ever be upgraded to a higher category. Furthermore, there is no certainty that the conclusions or results as reported in the PEA will be realized. Mineral resources that are not mineral reserves do not do not have demonstrated economic viability.
FORWARD LOOKING STATEMENTS
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, information with respect to the Company’s feasibility study and updated ELG mine plan, including with respect to mineral resource and mineral reserve estimates; the ability to realize estimated mineral reserves; the Company’s expectation that the ELG mine will be profitable with positive economics from mining; recoveries, grades and annual production; receipt of all necessary approvals; the parameters and assumptions underlying the mineral resource and mineral reserve estimates and the financial analysis; gold prices, expected date of completion, commissioning and start-up of the ELG mine and processing facilities of the ELG mine and expected revenues from operations and pre-production processing costs, the further advances of funds pursuant to the debt facility (which are subject to certain customary conditions precedent), the expected timing and receipt of other sources of funds, proposed exploration and development activities and their timing, resource estimates and potential mineralization, the PEA, including estimates of capital and sustaining costs, anticipated internal rates of return, mine production, estimated recoveries, mine life, estimated payback period, net present values, and earnings before interest, depreciation and amortization. Generally, forward-looking information can be identified by the use of terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, “potential”, or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “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 Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including, without limitation, forward-looking statements and assumptions pertaining to the following: uncertainty as a result of the preliminary nature of the PEA and the Company’s ability to realize the results of the PEA, uncertainty regarding the inclusion of inferred mineral resources in the mineral resource estimate and the Company’s ability to upgrade the inferred mineral resources to a higher category, uncertainty regarding the ability to convert any part of the mineral resource into mineral reserves, uncertainty involving resource estimates and the ability to extract those resources economically, or at all, uncertainty involving drilling programs and the Company’s ability to expand and upgrade existing resource estimates, the regulatory process and actions, and 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 perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. 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. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.