Torex Gold: Los Mineros Union Withdraws Its Application to Represent ELG Mine Complex Employees
TORONTO, April 11, 2018 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) received a notification from the Federal Labour Board advising the Company that the Los Mineros Union has withdrawn its challenge to be the legally constituted union for the union-eligible ELG Mine Complex employees. This withdrawal action means that there is no longer a choice between unions to be made by employees and it results in the termination of the government sanctioned union selection process.
Fred Stanford, President & CEO of Torex stated: “Enough has already been said about the disruption caused by this union representation challenge and associated illegal blockade. With the recent end of the blockade and now the end of the union representation challenge, we can move forward with an absolute focus on value creation for shareholders and all stakeholders. 2018 promises to be a year of many catalysts and the entire team looks forward to delivering on the full value of the asset.” He added, “Torex has always supported the legally sanctioned, democratic union selection process. We see this Los Mineros Union withdrawal from the union selection process as a tacit acknowledgement that the incumbent CTM Union has the support of the majority of union eligible employees.”
Torex is an 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 prospective Guerrero Gold Belt located 180 kilometers southwest of Mexico City. Within this property, Torex has the ELG Open Pits, the ELG Underground Mine, and the Media Luna Project, which is an early stage development project, and 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|
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This press release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities legislation. Notwithstanding the Company’s efforts, there can be no guarantee that the Company will not face unforeseen delays or disruptions, including delays and disruptions that may be connected to other illegal blockades in the future. Forward-looking information includes, but is not limited to, statements regarding resuming normal operations, creating value for shareholders and stakeholders, the promise of catalysts, delivering on the full value of the asset, the view that Los Mineros tacitly admits the CTM union has the majority support of the employees, , the resolution of the union selection vote. 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”, “will” 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 without limitation, those risk factors identified in the Company’s annual information form and management’s discussion and analysis. 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 that 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 accurate, 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.