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Torex Gold Resources Inc (2)
Symbol TXG
Shares Issued 85,672,972
Close 2021-04-06 C$ 17.36
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Torex amends environmental permit for Media Luna

2021-04-06 09:19 ET - News Release

Ms. Jody Kuzenko reports


Torex Gold Resources Inc. 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 and chief executive officer 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-per-cent-owned Morelos gold property, an area of 29,000 hectares in the highly prospective Guerrero gold belt located 180 km southwest of Mexico City. The company's principal assets are the El Limon Guajes mining complex (ELG) comprising the El Limon, Guajes and El Limon Sur open pits, the El Limon Guajes underground mine including zones referred to as Sub-Sill and El Limon 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 per cent unexplored.

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