Torex Gold Resources Inc.
TSX : TXG

Torex Gold Resources Inc.

October 11, 2011 06:00 ET

Torex Continues to Expand the Strike Length of the Guajes West Deposit

TORONTO, ONTARIO--(Marketwire - Oct. 11, 2011) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX:TXG) is pleased to report that its on-going drill program continues to verify the geological model of mineralization adjacent to the granodiorite intrusion at its Morelos Gold Project in Mexico. Step out drilling results, at its Guajes West deposit, further confirm the continuation of high grade mineralization along the intrusion to the northwest, in the direction of the Guajes East deposit. Main intercepts include 21.4g/t Au over 3.4m in borehole TMP-1146, 15.22g/t over 20.1m in borehole TMP-1213 and 3.01g/t over 15.2m in borehole TMP-1150. Step out drilling to the southwest of the Guajes West deposit in the direction of the Balsas River, returned intercepts that suggest for the first time a possible continuation of the deposit and that extend the known mineralized zone of the deposit by approximately 150m to the southwest.

"We are excited to see that the gap between Guajes West and Guajes East deposits is rapidly closing," said Fred Stanford, President & CEO of Torex. "In addition, we are seeing for the first time, results that suggest the possible extension of the Guajes West deposit to the southwest, in the direction of the Balsas River. This adds to the evidence that the mineralization continues along the main intrusion. We expect to continue our resource drilling program north of the Balsas River until the end of this year and look forward to meeting our internal goal of 5 million ounces of gold in the measured and indicated category by the time we announce our new resource estimate by the end of Q1/2012," he added.

Highlights for step-out drilling to the northeast of the Guajes West deposit:

BH ID Area Interval (m) Interval
Length (m)
Au (g/t) Lithology
From To
TMP-1146 Guajes West 85.76 89.12 3.36 21.38 Skarn
136.10 139.10 3.00 1.80 Skarn
TMP-1147 Guajes West 135.20 151.00 15.80 1.02 Skarn, Hornfels
With 142.72 146.95 4.23 2.49 Hornfels, Skarn
TMP-1150 Guajes West 124.28 139.50 15.22 3.01 Skarn
With 128.78 138.00 9.22 4.22 Skarn
TPM-1198 Guajes West 101.84 138.55 36.71 1.34 Skarn
With 114.53 137.05 22.52 1.93 Skarn
152.27 159.00 6.73 2.49 Skarn
With 152.27 156.00 3.73 4.42 Skarn
TMP-1205 Guajes West 131.00 164.65 33.65 1.17 Skarn
With 133.60 154.60 21.00 1.73 Skarn
With 151.60 154.60 3.00 4.84 Skarn
TMP-1213 Guajes West 27.00 47.11 20.11 15.22 Skarn

Highlights for step-out drilling to the southwest of the Guajes West deposit:

BH ID Area Interval (m) Interval
Length (m)
Au (g/t) Lithology
From To
TMP-1156 Guajes West 67.15 70.15 3.00 0.61 Hornfels
TMP-1171 Guajes West 24.08 75.50 51.42 0.77 Hornfels
With 27.95 51.75 23.80 1.14 Hornfels, Breccia

Please refer to Table 1 for a full list of significant intercepts and Figure 1 for borehole locations.

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 Figure 1, please visit the following link: http://media3.marketwire.com/docs/TXGFigure1.pdf

To view Table 1, please visit the following link: http://media3.marketwire.com/docs/TXGTable1.pdf

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