Feb 16 2015
Torex Gold Resources Inc. (the "Company" or "Torex") announces that construction activities at its El Limon Guajes Project are resuming in all areas, after being curtailed over the last few days, following a regional security incident and the associated protective / rescue response.
Fred Stanford, President & CEO of Torex stated: "This has been an extraordinarily difficult time for several of the communities that are located within a few kilometers of the El Limon Guajes construction site, and given these communities' concerns and complexities, the interruptions to our construction activities are less pertinent at this time. To the best of our knowledge, 13 persons were abducted this past Friday and 11 have been returned to their community. One was released by his captors and the other 10 were freed this past Sunday through the quick action of the Mexican Army. The 10 freed by the Army were found within a few kilometers of the community of Nuevo Balsas, in seasonal crop tending housing that is empty at this time of year. The remaining two missing persons have not been found yet. There was a possibility that these persons were being held in some of the rugged territory to the east of the mine site. The community closed access to the Project until the rugged area could be searched so that construction traffic did not interfere with the rescue effort. The Company understood and supported that decision. Now that this area has been extensively searched, unfortunately without the apprehension of the perpetrators, the community has re-opened the road to the Project site. Looking forward, there is a strong interest from the community for a permanent government security presence in the area. All three levels of government have been very supportive of this request and accelerated discussions will continue in the coming weeks, as the search for the remaining two missing persons continues." He added; "There will be a resulting delay to the start of production, certainly into Q4 of this year. We are in the most labour intense portion of the construction process, so until the contractor labour force ramps back up to planned levels, it would be premature to specifically quantify the length of the delay."
Torex is a growth-oriented, Canadian-based resource company engaged in the exploration and development 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 two projects: the El Limon-Guajes Project, currently under development, and the Media Luna Project, at an advanced stage of exploration. Torex intends to identify a pipeline of future economic deposits within its property, which remains 75% unexplored.
Source: http://www.torexgold.com/