Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
TORONTO, ONTARIO–(Marketwire – Nov. 16, 2011) – Torex Gold Resources Inc. (“Torex” or the “Company”) (TSX:TXG) is pleased to announce that 63.9 million common share purchase warrants have been exercised into an equivalent number of common shares of the Company at a price of $1.30 per share, for total proceeds to the Company of $83 million. Of this total, three million warrants were exercised before July 31, 2011.
“We want to thank our shareholders for their confidence and support since we first acquired the Morelos Gold Project two years ago.” said Fred Stanford, President and CEO of Torex. “These additional funds will allow us to accelerate the de-risking of the Morelos Gold Project and to aggressively search for new discoveries on the property.” he added.
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 regarding future exploration and development plans of the Morelos Gold Project and other statements relating to the Company’s financial and business prospects. Generally, forward-looking information can be identified by the use of 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”, or “will be taken”, “occur”, or “be achieved”. Forward-looking information is based on the reasonable assumptions, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, as well as other factors that it believes to be relevant and reasonable in the circumstances, 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 the risk factors disclosed in the Company’s Annual Information Form and Management’s Discussion and Analysis for the year ended October 31, 2010, available at www.sedar.com. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated or intended. There can be no assurance that such statements will prove to be accurate. 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.
