Torex Clarifies Media Misinformation Regarding Land Lease Agreement
February 26 2018 - 05:00AM
Torex Gold Resources Inc.
(the
“Company” or
“Torex”)
(TSX:TXG) issued a statement today in response to misinformation
being circulated by external groups and the local media in Guerrero
regarding the Company’s land access agreement (the “
Lease
Agreement”) with the Real Del Limon Ejido (the
“
Ejido”).
The Company has a valid, generous and binding
30-year land Lease Agreement in place with the Ejido. The media
article, which was based primarily on an interview with a Los
Mineros Union leader, suggests the Ejido has terminated the Lease
Agreement. This is untrue. The Company is in compliance with the
terms of the Lease Agreement and it is in good standing. This could
have been easily confirmed if the media outlet had contacted Torex
for comment rather than allowing itself to be manipulated and used
as a propaganda tool.
What is true is that a small group of families
in the Ejido, with the apparent support of the Los Mineros Union,
is trying to extort the Company. Their tool of extortion is to
attempt to interrupt the mining of the El Limon Pit. These
individuals have trespassed onto the land and set up camp near the
El Limon crusher facility. The Company was not scheduled to work in
El Limon last week, so there were no workers present. These
trespassers appear to believe that if they can interrupt mining,
they can force the Company to reopen the Lease Agreement and
ultimately pay more to access the land. The Company wants to be
clear in saying this will not happen.
Fred Stanford, President & CEO of Torex
stated: “Our understanding is that the Lease Agreement in place is
the second most generous land agreement for mining in the country.
The fact is this small group of families does not have the legal
authority to speak for the Ejido, and they do not have the support
of the Ejido to challenge the Lease Agreement or to conduct these
illegal activities. We have no intention of being extorted to
change what is already a fair and lucrative contract.” He added:
“This illegal, thuggish behavior on the part of a few families and
an outside union is a blatant attempt to intimidate and extort the
Company. I want to be clear in saying that when Torex is scheduled
to return to mining in EL Limon Pit, the Company’s employees will
do so, and will not be intimidated.”
If the Ejido was ever authorized to challenge
the Lease Agreement by a vote of the members at a duly called
assembly, the Ejido would then have to take the matter to the
Agrarian Unitary Tribunal and the Tribunal would assess whether the
Lease Agreement was fair and had been negotiated in good faith. To
the Company’s knowledge, there has been no such vote by the Ejido
and the Ejido has not taken the matter to the Tribunal.
Torex calls on the government to put an end to
this continued illegal activity and to enforce the law. The
thuggish actions of a few are discrediting the character of the
great many wonderful people in the region. These rogue groups are
also damaging the reputation of Mexico, and Guerrero in particular,
as a place to invest. Absent consequences, these individuals have
shown no inclination to change their illegal behaviors.
About TorexTorex is an
intermediate gold producer based in Canada, engaged in the
exploration, development and operation of its 100% owned Morelos
Gold Property, an area of 29,000 hectares in the highly prospective
Guerrero Gold Belt located 180 kilometers southwest of Mexico City.
Within this property, Torex has the ELG Open Pits, The ELG
Underground Mine, and the Media Luna Project, which is an early
stage development project, and for which the Company issued a
preliminary economic assessment (PEA) in 2015. The property 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 |
Email:
fred.stanford@torexgold.com |
|
|
Email:
gabriela.sanchez@torexgold.com |
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. Notwithstanding the
Company’s efforts, there can be no guarantee that the Company will
not face unforeseen delays or disruptions, including delays and
disruptions connected to the trespassers illegal activities or
other extortion attempts against the Company. Forward-looking
information includes, but is not limited to, statements regarding
attempts to interrupt mining, the schedule for mining in El Limon
Pit, attempts to change, as well as the process for changing, the
terms of the Lease Agreement, and ability to deploy the employees
work in the El Limon Pit. 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”, “will” 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 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 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 Company does not undertake to update any
forward-looking information, except in accordance with applicable
securities laws.
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