Construction Activities Commences At TOREX GOLD RES INC (OTCMKTS:TORXF) El Limon Guajes Project

TOREX GOLD RES INC (OTCMKTS:TORXF) announced that the construction operations at its El Limon Guajes Project have resumed in all regions, after being stopped over the last few days. The operations were stopped due to a regional security incident and related protective and rescue response.

The management view

Fred Stanford, the President and CEO of Torex said that it had been an extremely tough time for a number of communities located within a nearby range of the El Limon Guajes construction location. The interruptions to the construction activities hold no importance ahead of the communities’ concerns and complexities. As per the report, thirteen individuals were abducted past Friday out of which eleven have been returned to the respective community. One individual was released by his captors while the other ten were rescued past Sunday by the Mexican Army.

The details

Stanford of TOREX GOLD RES INC (OTCMKTS:TORXF) said that the ten individuals rescued by the Army were located within a few kilometers of the community adjacent to Nuevo Balsas. They were found in seasonal crop tending house that remains empty at this point of the year. However, the army was unable to locate the remaining two persons. There can be a case that these individuals were being held captive in some of the rugged territories.

The closure

The affected community closed access to Torex’s project till the time search in rugged area is not completed. The construction traffic will not interfere with the rescue measures. The management of Torex supported the decision. As the area has been searched without the apprehension of captors, the community has agreed to reopen the road to site. The company said that there will be a delay in the start of production, certainly into 4Q of FY2015. The operations are in the most intense level of the construction process. Therefore, until the contractor labor workforce completes the workup to planned levels, the duration of the delay cannot be disclosed.

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