Torex Initiates Re-Start of Operations at Elg MINE: Blockade at Main Access Gate Remains IN Place
Corporate Office: 130 King St. West, Suite 740, Toronto, ON M5X 2A2, Canada – Tel. (647) 260 1500 Fax (416) 304 4000
www.torexgold.com
LEGAL*45111760.1
TOREX INITIATES RE-START OF OPERATIONS AT ELG MINE:
BLOCKADE AT MAIN ACCESS GATE REMAINS IN PLACE
TORONTO, Ontario, January 15, 2018 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG)
announces that the sequential re-start of the ELG Mine Complex, located in southwest Mexico, has begun. A team of
unionized employees and management has initiated the re-start in priority areas of the plant. More employees will be
called back as additional sections of the mine and plant are brought on line. This re-start has been made possible, in
large part due to the actions of the Community of Nuevo Balsas and the CTM Union, who worked with management
to re-establish and secure plant access through a road used during construction.
Unfortunately, a subset of the Real del Limon Ejido continues to actively support the blockade and the Los Mineros
Union, which does not represent the ELG’s already -unionized workers. In media interviews, Los Mineros has been
reported as having dropped the pretense of wanting to ‘win’ the collective agreement through a vote by secret ballot
of union eligible employees. Instead, it wants the collective agreement to be ‘given’ to them, regardless of the wishes
of the majority of employees. The Company remains committed to finding a legal solution to the blockade, but clearly,
taking the collective agreement from one union and simply giving it to another union is not a legal solution.
Fred Stanford, President and CEO of Torex stated: “ The re-start of operations is an encouraging development, as is
the support of so many community members and employees. The majority of employees want to return to work, and
even in the face of threats of violence and sabotage from the blockaders, they have been returning to the ELG Mine
Complex to assist with the re-start of the operations.” He added: “It is unclear whether these threats are a negotiating
tactic or an expression of their intention. We certainly hope they are just a negotiating tactic and will not be acted
upon. However, we cannot be sure. ” Mr. Stanford stated further: “We thank the communities of Nuevo Balsas and
Valerio Trujano, the members of the CTM union, and the employees for their public support for the mine and their
continued requests for government intervention to enforce the rule of law. Although the uncertainty continues as to
whether the rule of law will prevail, great courage has been demonstrated by employees and community members as
they look for ways to get the operations re-started for the benefit off all.”
The Federal Gendarmerie is on site to protect personnel and productive assets while the sequential re -start of the
ELG Mine Complex continues. Torex hopes the Gendarmerie will hold their ground if the blockaders attempt to deny
others their right to work, or to deny owners their right to benefit from the productive assets they have built in good
faith, based on contractual agreements with the Ejido landowners.
Torex is an emerging intermediate gold producer based in Canada, engaged in the exploration, development and
operation of its 100% owned Morelos Gold Property, an area of 29,000 hectares in the highly prosp ective Guerrero
Gold Belt located 180 kilometers southwest of Mexico City. Within this property, Torex has the El Limón Guajes Mine,
which announced commercial production in March of 2016, the Sub -Sill Project, currently under development, and
the Media Luna Project, an early stage development project for which the Company issued a preliminary economic
assessment (PEA) in 2015. The property remains 75% unexplored.
For further information, please contact:
TOREX GOLD RESOURCES INC.
Fred Stanford Gabriela Sanchez
President and CEO Vice President Investor Relations
Tel. (647) 260-1502 Tel. (647) 260-1503
Email: [email protected] Email: [email protected]
Torex Gold Resources Inc. Page 2
Corporate Office: 130 King St. West, Suite 740, Toronto, ON M5X 2A2, Canada – Tel. (647) 260 1500 Fax (416) 304 4000
www.torexgold.com
LEGAL*45111760.1
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This press release contains “forward -looking statements” and “forward -looking information” within the meaning of app licable
Canadian securities legislation. Forward -looking information includes, but is not limited to, the availability of the government
sanctioned process to resolve the labour dispute, including the vote to elect the union, the outcome of such process, t he time
period to complete the re-start operations in the event that the blockade is removed, the continued support of the communities of
Nuevo Balsas and Valerio Trujano and continued access to the mine site through the road previously used during construction,
the expectation that progress will continue in getting the operations re-started (including the call back of additional employees as
additional sections are brought on line) , the possible response of the blockaders to the restart of the opera tions (including that
they may follow through on threats of violence ), the prospect that operations may again be shut down and the circumstances of
such shut down , and the ability to establish and maintain security of the site for the work crews. Generally, forward-looking
information can be identified by the use of forward -looking terminology such as “budget”, “goal”, “plans”, “expects”, “estimates”,
“possibility”, “depending”, “believes” or “optimistic” or variations of such words and phrases or state that certain actions, events or
results “may”, “could”, “would”, “might”, or “will”, “occur”, “scheduled”, “predicted” or “be achieved”. Forward-looking information
is subject to known and unknown risks, uncertainties and other factors that may caus e 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, those risk factors identified in the Company’ s annual information form and
management’s discussion and analysis. Notwithstanding the Company’s efforts, there can be no guarantee that the blockade will
be removed or that the Company will not face unforeseen delays or disruptions in re -starting operati ons. Forward-looking
information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its
experience and its perception of trends, current conditions and expected developments, as well as other factors tha t
management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which
may prove to be incorrect. Although the Company believes that the assumptions and expectations reflected in such forward -
looking information are reasonable, undue reliance should not be placed on forward -looking information because the Company
can give no assurance that such expectations will prove to be correct. There can be no assurance that such information will
prove to be accur ate, as actual results and future events could differ materially from those anticipated in such information. The
Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.