Torex Gold Resources Inc.
TSX : TXG

Torex Gold Resources Inc.

May 30, 2011 06:00 ET

Torex Continues to Expand the El Limon Deposit at Its Morelos Gold Project

TORONTO, ONTARIO--(Marketwire - May 30, 2011) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX:TXG) continues to encounter high grade gold mineralization in step-out drilling to the east of the southern end of its El Limon deposit. The extension of the deposit by some 280 meters to the east could more than triple the known width of the deposit at that southern end, which continues to be open further to the east.

The three most easterly boreholes drilled to date all have significant mineralized intervals at encouraging grades. One of them, TMP-1060, delivered results of 2.70g/t over 44.28m including 4.79g/t over 10.76m. Further to the north and closer to the known deposit, step-out borehole TMP-1036 delivered results of 12.33g/t over 5.65m and an additional 4.06g/t over 7.55m.

Elsewhere in the El Limon deposit, in-fill drilling continues to increase confidence in the current resource estimate. Results include 10.97 g/t over 33.2m and an additional 1.27g/t over 10.3m from borehole TMP-1019. Borehole TMP-1013 delivered results that included 5.77g/t over 47.6m and an additional 8.09g/t over 13.4m.

To date, Torex has drilled a total of 99 boreholes (15,446 metres) at the El Limon deposit. The 23 boreholes (3,500 meters) being reported today were completed prior to the temporary suspension of drilling announced March 24, 2011. Assays results for an additional 15 boreholes (1,475 metres) are pending and will be announced upon receipt.

Fred Stanford, President & CEO of Torex stated: "Today's results support our confidence in attaining our goal of defining a global resource of 5 million ounces of gold north of the Balsas River. The potential to significantly increase the width of the El Limon pit at the southern end of the deposit could not only add significant ounces of gold but could also enhance the productivity and profitability of potential mining operations." He added, "We are looking forward to the resumption of drilling activities in June to further define and expand the known deposits and to continue the search for new deposits. By the time we get back up to full drill performance, the delay will be about three months which will push our next resource estimate out until Q4/11. In the meantime, our staff have returned to the project site and are resuming activities as planned."

Highlights for step-out drilling on the southern part of El Limon deposit:
Interval (m)Interval
BH IDAreaFromToLength (m)Au (g/t)Lithology
TMP-1026El Limon32.0535.053.002.07Porphyry
And68.5573.054.57.50Porphyry
TMP-1036El Limon18.1023.755.6512.33Skarn
And40.5047.857.352.08Breccia, Hornfels
And55.4062.957.554.06Skarn, Hornfels, SkarnEn
TMP-1060El Limon34.8679.1444.282.69Skarn, Porphyry, SkarnEn, Marble
With46.8657.6210.764.79Skarn
Or48.3657.629.265.11Skarn
Or74.7679.144.383.95SkarnEn, Marble, Skarn
TMP-1070El Limon46.4455.238.795.23Skarn
With49.4453.944.509.06Skarn
TMP-1106El Limon47.9362.1914.262.25Porphyry, SkarnEn
With50.0753.633.568.25SkarnEn
Highlights for in-fill drilling on the northern portion of El Limon deposit:
Interval (m)Interval
BH IDAreaFromToLength (m)Au (g/t)Lithology
TMP-1013El Limon30.89149.50118.612.90Hornfels, Skarn
With64.0078.0014.003.67Hornfels
Including66.0069.003.0015.72Hornfels
With81.00128.5647.565.77Skarn, Hornfels
Including81.0097.3016.309.40Skarn
And115.12128.5613.448.08Skarn
TMP-1019El Limon163.10196.2533.1510.97SkarnEx, SkarnEn, Skarn
With164.60184.5019.9017.57SkarnEx, SkarnEn, Skarn
Including169.60176.657.0520.69Skarn, SkarnEn
Including172.50176.654.1532.32Skarn
Including180.00184.504.5038.66Skarn

Please refer to Table 1 for a full list of significant intercepts and Figure 1 and Figure 2 for borehole locations. Figure 2 includes previously released boreholes to emphasize the continuity and widening of the mineralized area to the east of the southern end of the El Limon deposit.

Quality Assurance/Quality Control

At the Morelos Gold Project, all of the analytical work is performed by SGS de Mexico S.A. de C.V. ("SGS") in Mexico. Sample preparation is done at a dedicated sample preparation laboratory operated by SGS at the project site in Nuevo Balsas, Guerrero, Mexico. The Au analyses (fire assay with an atomic absorption or gravimetric finish) and multi-element geochemical analyses are completed by SGS at their analytical facilities in Durango, Durango, Mexico. Torex has a Quality Assurance/Quality Control ("QA/QC") program in place that includes 5% each of the certified reference materials, blanks, field duplicates and preparation duplicates. The QA/QC program as designed has been approved by AMEC E&C Services Inc. and is overseen by Dr. Jeffrey W. Brooks, Chief Geologist for Torex.

The Company follows strict QA/QC protocol measures in keeping with industry standards and regulatory reporting requirements. Mr. Jerry E. Snider, B.Sc. Mining Engineering, MBA, Project Manager of Torex, is the Qualified Person who has reviewed this news release, and is responsible for the technical information reported herein, including verification of the data disclosed, the sampling, analytical and test data underlying the technical information.

Further information regarding the Morelos Gold Project is contained in the Technical Report entitled "Torex Gold Resources Inc. Morelos Gold Project Guerrero, Mexico, NI 43-101 Technical Report – Underground and Open Pit Resources", dated January 26, 2011 and effective October 22, 2010.

Torex Gold Resources Inc. is a well funded, growth-oriented, Canadian mining company engaged in the exploration and development of precious metal resources with a focus on gold. It owns 100% of the Morelos Gold Project, an advanced stage gold exploration property, located 180km southwest of Mexico City in the highly prospective Morelos Gold Belt. The project covers an area of 29,000ha of which more than 75% remains unexplored.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to future surface exploration and other activities including future drilling plans at the Morelos Gold Project and the expected timing for future surface exploration to resume. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "estimates", "intends", "anticipates" or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made at the date that such statements are made. 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 the risk factors disclosed elsewhere in the Company's public disclosure. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purposes of assisting investors in understanding the Company's expected financial and operating performance and the Company's plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/700295_fig_1.pdf

To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/700295_fig_2.pdf

To view Table 1, please visit the following link: http://media3.marketwire.com/docs/700295_El_Limon_Significant_Intervals_May_2011.pdf

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