Torex Gold Granted Key Environmental Permit Amendment for Media Luna Project
April 06 2021 - 5:00AM
Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG)
announces that the Company has received approval from Mexico’s
Secretariat of Environment and Natural Resources (“SEMARNAT”) on
the amendment of a key environmental permit for its Media Luna
project. The approval (“MIA Modification Phase II”) allows for
construction activities beyond the boundary of the Company’s
existing permit, which is necessary for the continuation of the
early works program to access the Media Luna deposit.
Jody Kuzenko, President & CEO of Torex,
stated:
“We are very pleased to have the approval of the
MIA modification in hand, which is a permitting milestone for the
execution of our Media Luna early works program. While we had been
permitted for early works activities on the north side of the
Balsas River, this amendment extends permit boundaries and allows
for the construction of key infrastructure on the south side of the
river.
“We are continuing with our strategic objective
of de-risking and advancing Media Luna, with four key areas of
focus in 2021. These include execution of our early works program
to access the deposit from both the north and south sides of the
river; advancing the feasibility study to completion in Q1 2022;
continuation of the infill drilling program; and executing the
permitting plan.
“Building on our established long-term
agreements with Ejidos and individual landowners, and having
received the Change in Land Use (“CUS”) permit for south side works
in November 2020, this latest approval allows for the collaring and
development of the South Portal to begin. It also provides
environmental authorization to continue the Guajes Tunnel under the
Balsas River, subject to approval of a construction permit from the
national water regulator (“CONAGUA”), which will be submitted now
that we have received the approval from SEMARNAT.
“We will also continue to work on the
application for our MIA ‘Integral’, which is the permit that will
environmentally assess the integration of the existing and new
footprint on both the north and south sides of the river. All the
while, we will continue to work with our government stakeholders
and local communities to maintain productive relationships, make a
positive social and economic impact, attend to the natural
environment, and leave a net positive legacy where we operate.”
ABOUT TOREX GOLD RESOURCES
INC.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. The Company’s principal assets are the El
Limón Guajes mining complex (“ELG” or the “ELG Mine Complex”)
comprising the El Limón, Guajes and El Limón Sur open pits, the El
Limón Guajes underground mine including zones referred to as
Sub-Sill and El Limón Deep (“ELD”), and the processing plant and
related infrastructure, which commenced commercial production as of
April 1, 2016, and the Media Luna deposit, which is an advanced
stage development project, and for which the Company issued an
updated preliminary economic assessment in September 2018. The
property remains 75% unexplored.
FOR FURTHER INFORMATION, PLEASE
CONTACT:
TOREX GOLD RESOURCES INC. |
|
Jody
Kuzenko |
Dan
Rollins |
President
and CEO |
Vice
President, Corporate Development & Investor Relations |
Direct:
(647) 725-9982 |
Direct:
(647) 260-1503 |
jody.kuzenko@torexgold.com |
dan.rollins@torexgold.com |
CAUTIONARY NOTE REGARDING FORWARD LOOKING
INFORMATION
This press release contains "forward-looking
statements" and "forward-looking information" within the meaning of
applicable Canadian securities legislation. Forward-looking
information also includes, but is not limited to, expected
continuation of the early works program to access the Media Luna
deposit; expected continuation with our strategic objective of
de-risking and advancing Media Luna, with four key areas of focus
in 2021, including, execution of our early works program to access
the deposit from both the north and south sides of the river,
advancing the feasibility study to completion in Q1 2022,
continuation of the infill drilling program, and executing the
permitting plan; plans for the collaring and development of the
South Portal to begin; expected continuation of the Guajes Tunnel
under the Balsas River; plans to submit an application to CONAGUA
for a construction permit; expected continuation of the work on the
application for our MIA ‘Integral’; and expected continuation of
working with our government stakeholders and local communities to
maintain productive relationships, make a positive social and
economic impact, attend to the natural environment, and leave a net
positive legacy where we operate. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as “schedule”, “continue” and "expects" or
variations of such words and phrases or statements that certain
actions, events or results “will”, “will result”, or “is expected
to" occur. 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, risks and uncertainties associated with: the ability of
the Company to conclude a feasibility study of the Media Luna
Project that demonstrates within a reasonable confidence that the
Media Luna Project can be successfully constructed and operated in
an economically viable manner, the ability of the Company to obtain
required permits, and those risk factors identified in the
technical report titled “NI 43-101 Technical Report ELG Mine
Complex Life of Mine Plan and Media Luna Preliminary Economic
Assessment” dated effective March 31, 2018 (the “Technical Report”)
and the Company’s annual information form and management’s
discussion and analysis or other unknown but potentially
significant impacts. Forward-looking information are based on the
assumptions discussed in the Technical Report and such other
reasonable assumptions, estimates, analysis and opinions of
management made in light of its experience and perception of
trends, current conditions and expected developments, and other
factors that management believes are relevant and reasonable in the
circumstances at the date such statements are made. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
the forward-looking information, there may be other factors that
cause results not to be as anticipated. 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. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, whether as a
result of new information or future events or otherwise, except as
may be required by applicable securities laws.
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