Torex Gold Resources Inc. (the "Company" or "Torex") announced today that it has received final acceptance of the Environmental Impact Assessment (MIA) and The Change of Land Use (ETJ) Permits for its Morelos Gold Project in southwestern Mexico.
The environmental protection programs, required during construction, have been requested by the regulator (SEMARNAT) and have been submitted by Torex. Upon acceptance of these submissions, construction is anticipated to start in July of this year.
Permits were previously granted for the upgrading of the existing portions of the east service road from the site to Highway I95, and for the construction of roads that will allow drill access to high priority targets in the Media Luna Exploration Area, including Media Luna, Media Luna West and Todos Santos. The Company is also in receipt of water usage concessions for all the water needs of the processing plant and other infrastructure.
Fred Stanford, President & CEO of Torex stated: "Our special recognition goes to the Torex teams, and supporting consultants, for their respectful and professional handling of the permitting process, to the local communities for their continuing support, and to the regulators for making the permitting process a timely, efficient and transparent exercise."
Mr. Stanford also stated: "In anticipation of the receipt of the construction and operation permits, the Company pre-ordered approximately US$90 million of long lead-time equipment. In addition, the mobilization of mining equipment is well advanced with purchased equipment at an assembly location near the project site. Contractor selection for early works is also well advanced. With the previous receipt of permits for portions of the east service road and the water well fields, construction activities in those areas have already begun". He added: "With these significant de-risking milestones behind us, we look forward to building a high quality, and environmentally sound project that will deliver significant economic benefit to our shareholders and which all of our stakeholders will be proud to be a part of."
Torex is a growth-oriented, Canadian-based resource company engaged in the exploration and development of precious metal resources with a focus on gold. It owns 100% of the Morelos Gold Project, a development stage project, located 180 kilometres southwest of Mexico City in the highly prospective Morelos Gold Belt. Torex is aggressively exploring within its property to identify a pipeline of additional future economic deposits. The project covers an area of 29,000 hectares of which more than 75% remains unexplored.