Torex Gold Resources Inc.
TSX : TXG

Torex Gold Resources Inc.

November 01, 2011 06:00 ET

Torex Continues to Expand the El Limon Deposit

TORONTO, ONTARIO--(Marketwire - Nov. 1, 2011) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX:TXG) continues to encounter high grade gold mineralization as it defines and expands its El Limon deposit in Mexico. Drilling results suggest the continued eastern extension of the southern end of the deposit, and a new opportunity with a south-western extension. These results indicate the potential to add significant ounces to the upcoming resource estimate scheduled for March of 2012.

Significant mineralized intervals at the eastern end of the deposit include 18.01g/t over 8.0m including 29.23g/t over 3.20m in borehole TMP-1241, 5.08g/t over 23.3m including 31.75g/t over 3.0m in borehole TMP-1222 and 6.38g/t over 10.6m including 36.97g/t over 1.4m in borehole TMP-1228.

"These excellent results from our largest deposit continue to give us the confidence that we will attain the 5.0 million ounces of gold (M&I) in our new resource estimate" said Fred Stanford, President & CEO of Torex. "We are also paying particular attention to the results from borehole TMP-1138 to the southwest of the deposit. The results from this borehole, support our model that the mineralization 'rings around' the intrusion and provides initial indication that the mineralization may continue towards the south in the direction of the Balsas River, similar to previously reported results at our Guajes West deposit," he added.

Highlights for step-out drilling southwest and southeast of El Limon deposit:

Interval (m)
BH ID Area From To Interval
Length (m)
Au (g/t) Lithology
TMP-1138 El Limon 84.95 88.45 3.50 4.65 Porphyry
TMP-1222 El Limon 28.24 51.50 23.26 5.08 Skarn
Including 41.50 44.50 3.00 31.71 Skarn
69.50 78.00 8.50 2.87 Skarn
TMP-1224 El Limon 18.45 22.75 4.30 3.31 Hornfels
TMP-1225 El Limon 34.35 49.70 15.35 3.63 Hornfels, Skarn
Including 42.35 48.25 5.90 5.76 Skarn
72.12 79.50 7.38 3.06 Skarn
TMP-1227 El Limon 57.00 70.80 13.80 2.45 Skarn
TMP-1228 El Limon 22.10 32.65 10.55 6.38 Skarn
Including 23.60 25.00 1.40 36.97 Skarn
TMP-1241 El Limon 30.00 37.95 7.95 18.01 Skarn
Including 33.00 36.20 3.20 29.23 Skarn
TMP-1242 El Limon 43.20 48.10 4.90 5.04 Skarn

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 Alejandro Kakarieka, Vice President of Exploration 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 effective October 6, 2009 and entitled "Gleichen Resources Ltd., Morelos Gold Project, Guerrero, Mexico, NI 43-101 Technical Report".

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

Except for statements of historical fact relating to the Company, certain information in this press release constitutes "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 exploration and development plans concerning the Morelos Gold Project, including expected timing for completion of the 2011 drill program on the project, expected drilling results and updated resource estimates, and the timing within which the Company expects to receiving drilling results, anticipated timing for the completion of a bankable feasibility study and other technical studies on the project, expected timing for project commissioning and expected securing of long term tenure to the land required for potential future operations through successful negotiations with the Ejidos. 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 but not limited to risks related to: unexpected events and delays impacting the timing of the completion of the 2011 drill program, completing of a bankable feasibility study, other technical studies and an update resource estimate for the Morelos Gold Project; the possibility that anticipated exploration results will not be consistent with the Company's expectations; successfully negotiating with the Ejidos to secure long term tenure to the land required for potential future operations; as well as the risk factors disclosed in the Company's Annual Information Form and Management's Discussion and Analysis for the year ended October 31, 2010 and other public disclosure available at www.sedar.com. 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 plans, objectives and operations 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 Table 1, please visit the following link: http://media3.marketwire.com/docs/limon31.pdf

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/limonfig131.pdf

To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/limonfig231.pdf

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