Torex Back on Schedule at Its Morelos Gold Project in Mexico
TORONTO, ONTARIO -- (Marketwire) -- 09/14/11 -- Torex Gold Resources Inc. (the 'Company' or 'Torex') (TSX: TXG) is pleased to report that by prioritizing work schedules and continuing with advanced geological and engineering work during the temporary cessation of drilling on the site in Q2, the Company is now back on track to complete the 2011 drill program, the release of new mineral resource estimates, the preparation of a bankable feasibility study, and pending positive results, to start project commissioning by the end of calendar 2014 as planned. In addition, one-year surface access agreements have been successfully renewed with the Rio Balsas, Puente Sur Balsas and Real Del Limon Ejidos, and long-term land lease agreement discussions with the Rio Balsas and Real Del Limon Ejidos have begun.
The on-going drill programs at the Morelos Gold Project continue to encounter significant gold intersections and to expand the size of the known deposits. Step-out drilling has intercepted high grade gold mineralization that continues to expand the Guajes East deposit in the direction of the Guajes West deposit. These encouraging results extend the high grade mineralization approximately 65 metres to the south-west of previously reported step-out holes. The high grade zone remains open along strike and appears to be at least 300 metres in strike length. True thicknesses are at a minimum 80% of reported interval lengths.
Drill highlights include:
15.73 g/t Au over 7.5m in borehole TMP-1149,
7.00 g/t Au over 62.9m in borehole TMP-1152, and
6.82 g/t Au over 19.1m and 6.45 g/t Au over 13.8m in borehole TMP-1157.
'The possible continuation of high grade mineralization between our Guajes East and Guajes West deposits continues to be supported with positive drill intersections between the two deposits' said Fred Stanford, President and CEO of Torex Gold. He added 'We expect to have sufficient drilling capacity for the rest of the year to complete the planned 2011 drill program on the three known Morelos Gold Project deposits north of the Balsas River by the end of calendar 2011. We also expect to resume drilling south of the Balsas River during the fourth quarter of calendar 2011 and we will, as drilling is completed on the known deposits north of the river, deploy those rigs south of the river, on high potential gold targets, in the search for new discoveries'.
Highlights for step-out drilling to the southwest of the Guajes East deposit:
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Interval (m)
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Interval
Length Au
BH ID Area From To (m) (g/t) Lithology
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Hornfels,
TMP-1149 Guajes East 12.00 19.50 7.5 15.73 skarn
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29.75 34.25 4.5 1.09 Skarn
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Skarn,
TMP-1152 Guajes East 35.00 97.90 62.9 7.00 intrusive
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Skarn,
with 35.00 88.00 53.0 8.19 intrusive
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Skarn,
with 35.00 56.00 21.0 12.36 intrusive
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with 73.40 88.00 14.6 11.34 Skarn
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TMP-1157 Guajes East 38.55 52.30 13.8 6.44 Skarn
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with 41.55 52.30 10.8 7.81 Skarn
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72.45 91.58 19.1 6.82 Skarn
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with 72.45 76.95 4.50 17.28 Skarn
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Please refer to Table 1 for a full list of significant intercepts and Figure 1 for borehole locations and previously released boreholes that emphasize the high grade area on the west end of the Guajes East deposit. The deposit remains open in all directions.
Quality Assurance/Quality Control
At the Morelos Gold Project, all of the analytical work is performed by SGS de Mexico S.A. de C.V. ('SGS') in Mexico. Sample preparation is done at a dedicated sample preparation laboratory operated by SGS at the project site in Nuevo Balsas, Guerrero, Mexico. The Au analyses (fire assay with an atomic absorption or gravimetric finish) and multi-element geochemical analyses are completed by SGS at their analytical facilities in Durango, Durango, Mexico. Torex has a Quality Assurance/Quality Control ('QA/QC') program in place that includes 5% each of the Certified Reference Materials, blanks, field duplicates and preparation duplicates. The QA/QC program as designed has been approved by AMEC E&C Services, Inc.
Mr. Edward Orbock, Principal Geologist with AMEC E&C, is the Qualified Person who is responsible for the technical drill hole information reported in this news release, including verification of the data disclosed, the sampling, analytical and test data underlying the technical information.
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.
CAUTIONARY 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 completion of the 2011 drill program on the project, expected drilling results and updated resource estimates, and the timing within which the Company expects to receiving drilling results, anticipated timing for the completion of a bankable feasibility study and other technical studies on the project, expected timing for project commissioning 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 the 2011 drill program, completing of a bankable 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 plans, objectives and operations 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.
To view figure 1, please visit the following link: http://media3.marketwire.com/docs/727928FIG1.pdf
To view the table associated with this press release, please visit the following link: http://media3.marketwire.com/docs/727928Table.pdf
Contacts:
Torex Gold Resources Inc.
Fred Stanford
President and CEO
(647) 260-1502
fred.stanford@torexgold.com
Torex Gold Resources Inc.
Gabriela Sanchez
Vice President Investor Relations
(647) 260-1503
gabriela.sanchez@torexgold.com
www.torexgold.com