TORONTO, Ontario, June 29, 2011 - Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) announced that drilling at its Morelos Gold Project in Mexico has restarted, with three drills currently turning on its “north of the river” deposits. A fourth rig is setting up on its first hole, and a fifth rig is expected to arrive on site at the end of this week. The drill program will ramp up through to the end of August and will be expanded to 14 rigs to complete 68,000 meters of core drilling before year end. The first rigs on site will focus on the north of the river deposits, to complete the 40,000 metres required to support the new resource estimate that is scheduled for late Q4/11. Rigs that arrive later in the ramp up schedule will be directed south of the Balsas River in search of new deposits.
The Company also announced that the land access agreement with the Ejido of Rio Balsas, which expired May 25th, has been renewed for one additional year. This agreement allows the Company to continue road construction, exploration and all work necessary for the completion of pre-feasibility study work for potential future operations on this Ejido owned land. Pre-feasibility study work has now identified the land that will be required for potential future operations. There will be negotiations with two Ejidos to secure long term tenure to these lands. Negotiations with the Ejido of Rio Balsas have started; the start of negotiations with the Ejido of Real del Limon is being scheduled.
“We are looking forward to the opportunities to create value that the expanded drill program presents. The geological team has incorporated our recent exploration successes into updated drilling plans and is now eager to execute on those plans. The focus continues to be on delivering on our internal goal of five million ounces of gold north of the Balsas River, and to find new deposits south of the river”, said Fred Stanford, President and CEO of Torex. “We are also encouraged by the support of the Ejidos, the community, and all levels of government, as we work together toward the objective of developing a world class mine that will benefit all stakeholders involved,” he added.
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
Email: email@example.comCAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
Except for statements of historical fact relating to the Company, certain information in this press release constitutes “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to future exploration and development plans concerning the Morelos Gold Project, including expected timing for mobilizing drills on the project, expected drilling results and the timing within which the Company expects to receiving drilling results, anticipated timing for the completion of a pre-feasibility study and other technical studies on the project and expected securing of long term tenure to the land required for potential future operations through successful negotiations with the Ejidos. 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, including but not limited to risks related to: unexpected events and delays impacting the timing of the completion of a pre-feasibility study, other technical studies and an update resource estimate for the Morelos Gold Project; the possibility that anticipated exploration results will not be consistent with the Company’s expectations; successfully negotiating with the Ejidos to secure long term tenure to the land required for potential future operations; as well as the risk factors disclosed in the Company’s Annual Information Form and Management’s Discussion and Analysis for the year ended October 31, 2010 and other public disclosure available at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purposes of assisting investors in understanding the Company’s expected financial and operating performance 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.