TORONTO, Ontario, March 24, 2011 - Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) reported that it has temporarily suspended surface exploration programs, including diamond drilling, at its Morelos Gold Project in Mexico in order to provide the Company sufficient time to implement additional internal and external security measures that will safeguard Company and contractor employees and equipment.
Fred Stanford, President and CEO of Torex stated, “The Company has recently experienced criminal activity and violence in the immediate area that culminated in the recent armed robbery of several of the Company’s trucks. None of Torex’s or its contractor’s employees have been physically harmed. However, given the recent events and in the interest of our employees’ safety, we have decided to suspend drilling for now and have moved our personnel offsite to continue their data processing and compilation.”
He added, “We are working with our security advisors and the Mexican authorities to implement appropriate safeguards and security measures that will allow us to recommence our exploration program as soon as possible. We are totally committed to the safety of our people and expect that with the support of the local, state and federal authorities and the implementation of additional security measures and safeguards our personnel can return to the site and resume drilling.”
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:
Fred Stanford, President and CEO, Tel. (647) 260-1502, Email: email@example.com
Gabriela Sanchez, Vice President Investor Relations, Tel. (647) 260-1503, Email: firstname.lastname@example.org
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 future surface exploration and other activities including future drilling plans at the Morelos Gold Project and the expected timing for future surface exploration to resume. 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 the risk factors disclosed elsewhere in the Company’s public disclosure. 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.