Torex Gold Receives Notice of Temporary Suspension from the Ministry of Economy
Rhea-AI Summary
Torex Gold Resources has received a notification from the Director General of Mines under the Federal Ministry of Economy to temporarily suspend all activities within the Morelos Property. The suspension is to facilitate their inspection following a fatal incident at the El Limón Guajes underground mine on December 5th that resulted in three fatalities.
The company's operational and project activities within the Morelos Complex have been temporarily halted pending official permission to resume. Mining Unit officials are expected to arrive on Tuesday for inspection. Despite the suspension, the company maintains its full year 2024 production guidance and the Media Luna Project schedule remains unchanged.
Positive
- Full year 2024 production guidance remains unchanged
- Media Luna Project schedule maintained despite suspension
Negative
- Temporary suspension of all operations at Morelos Property
- Fatal incident resulting in three deaths at ELG Underground
- Complete halt of operational and project activities pending regulatory approval
News Market Reaction – TORXF
In the trading session that priced this news, TORXF declined 4.16%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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Toronto, Ontario--(Newsfile Corp. - December 9, 2024) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) reports that the Company has received a notification from the Director General of Mines under the Federal Ministry of Economy that all activities within the Morelos Property are to be temporarily suspended to support their inspection associated with the fatal incident at the El Limón Guajes underground mine ("ELG Underground") on December 5th. As a result, all operational and project activities within the Morelos Complex have been temporarily halted pending permission from officials to resume activities.
Jody Kuzenko, President & CEO of Torex, stated:
"This afternoon we were presented with a notice from the Director General of Mines to temporarily suspend activities at our Morelos Property to facilitate their inspection associated with the tragic incident that claimed three lives last week. Officials from the Mining Unit are expected to arrive to our operations on Tuesday and they will receive our full cooperation. We will work with officials to expedite all information they require to allow for the re-start of operational and project activities."
Full year 2024 production guidance and the Media Luna Project schedule are unchanged.
ABOUT TOREX GOLD RESOURCES INC.
Torex is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its
FOR FURTHER INFORMATION, PLEASE CONTACT:
TOREX GOLD RESOURCES INC.
Jody Kuzenko
President and CEO
Direct: (647) 725-9982
jody.kuzenko@torexgold.com
Dan Rollins
Senior Vice President, Corporate Development & Investor Relations
Direct: (647) 260-1503
dan.rollins@torexgold.com
CAUTIONARY NOTES ON 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 includes the expected arrival date of the Mining Unit Officials to conduct the inspection, the confirmation of the full-year 2024 production guidance and the Media Luna Project schedule and the Company's key strategic objectives. 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 identified in the Technical Report released on March 31, 2022, entitled "NI 43-101 Technical Report ELG Mine Complex Life Of Mine Plan and Media Luna Feasibility Study", which has an effective date of March 16, 2022, and the Company's annual information form ("AIF") and management's discussion and analysis ("MD&A") or other unknown but potentially significant impacts. Forward-looking information and statements are based on the assumptions discussed in the Technical Report, AIF and MD&A 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. The Technical Report, MD&A and AIF are filed on SEDAR+ at www.sedarplus.ca and available on the Company's website at www.torexgold.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233138