Los Mineros Union Withdraws Its Application to Represent ELG Mine Complex Employees
April 11 2018 - 5:00AM
Torex Gold Resources Inc.
(the
“Company” or
“Torex”)
(TSX:TXG) received a notification from the Federal Labour Board
advising the Company that the Los Mineros Union has withdrawn its
challenge to be the legally constituted union for the
union-eligible ELG Mine Complex employees. This withdrawal
action means that there is no longer a choice between unions to be
made by employees and it results in the termination of the
government sanctioned union selection process.
Fred Stanford, President & CEO of Torex
stated: “Enough has already been said about the disruption caused
by this union representation challenge and associated illegal
blockade. With the recent end of the blockade and now the end
of the union representation challenge, we can move forward with an
absolute focus on value creation for shareholders and all
stakeholders. 2018 promises to be a year of many catalysts
and the entire team looks forward to delivering on the full value
of the asset.” He added, “Torex has always supported the
legally sanctioned, democratic union selection process. We
see this Los Mineros Union withdrawal from the union selection
process as a tacit acknowledgement that the incumbent CTM Union has
the support of the majority of union eligible employees.”
About Torex
Torex 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.
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For further
information, please contact: |
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TOREX GOLD RESOURCES
INC. |
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Fred Stanford |
Gabriela Sanchez |
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President and CEO |
Vice President Investor
Relations |
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Tel. (647)
260-1502 |
Tel. (647)
260-1503 |
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Email:
fred.stanford@torexgold.com |
Email:
gabriela.sanchez@torexgold.com |
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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 that may be connected to other illegal blockades in the
future. Forward-looking information includes, but is not limited
to, statements regarding resuming normal operations, creating value
for shareholders and stakeholders, the promise of catalysts,
delivering on the full value of the asset, the view that Los
Mineros tacitly admits the CTM union has the majority support of
the employees, , the resolution of the union selection vote.
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 without limitation,
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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