Torex Gold Receives Key Environmental Permit for Media Luna

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MIA Integral will enable integrated operations at both ELG and Media Luna
(All amounts are in US dollars unless otherwise stated)

TORONTO, Oct. 03, 2022 (GLOBE NEWSWIRE) — Torex Gold Resources Inc. (the « Company » or « Torex ») (TSX: TXG) announces that the Company has received approval from the Mexican Secretariat of Environmental and Natural Resources ( » SEMARNAT”) on the key, resulting in the environmental permit for the Media Luna project. The approval (« MIA Integral ») allows operations to start at Media Luna and builds on the receipt of the MIA amendment received last year, which allowed the execution of development activities on the south bank of Balsas River. The Company also received approval to increase the site’s power consumption to 45 megawatts (“MW”).

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Jody Kuzenko, President and CEO of Torex, said:

« The receipt of the MIA Integral represents another key step in de-risking the Media Luna project, and further demonstrates the continued support of local communities and state and federal government endorsement of the social and environmental aspects of this project.

“The MIA Integral follows on from the MIA Land Use Alteration and Change Permits received over the past two years and integrates our environmental requirements on both sides of the Balsas River under one permit. With the MIA Integral in hand, the Company now has all the environmental approvals required to develop and operate Media Luna. Discussions on the future deposit of tailings in the pit and the expansion of the exploration limits are ongoing.

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“The company also recently received approval to increase Morelos’ power consumption to 45 MW to accommodate ELG and Media Luna operations. Discussions with the utility authorities to further increase power consumption to 65 MW, necessary to sustainably ensure the full production of Media Luna, are also underway. »

ABOUT TOREX GOLD RESOURCES INC.
Torex is a Canada-based mid-tier gold producer engaged in the exploration, development and operation of its 100% owned Morelos property, a 29,000 hectare area within the highly prospective Guerrero gold belt located 180 miles southwest of Mexico City. The Company’s principal asset is the Morelos complex, which includes the El Limón Guajes (“ELG”) mining complex, the Media Luna project, processing plant and related infrastructure. Commercial production of the Morelos Complex began on April 1, 2016 and an updated technical report for the Morelos Complex was released in March 2022. Torex’s primary strategic objectives are to expand and optimize production from the ELG mining complex , reduce risk and advance Media Luna to commercial production, build on ESG excellence and grow through continued exploration across the Morelos property.

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CAUTION

Forward-looking information
This press release contains « forward-looking statements » and « forward-looking information » within the meaning of applicable Canadian securities laws. Forward-looking information also includes, but is not limited to, Torex’s key strategic objectives of expanding and optimizing production at the ELG mining complex, reducing risk and transitioning Media Luna to commercial production, leveraging the ESG excellence and grow through continued exploration across the entire Morelos property. Generally, forward-looking information and statements can be identified by the use of forward-looking terminology such as « forecast », « plans », « expects », « strategic » or variations of such words and expressions or statements that some actions, events or results « will occur », « could », « could » or « would occur ». Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause the actual results, level of activity, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking information, including, without limitation, the risks and uncertainties regarding the Company’s ability to satisfy the conditions of the MIA Integral and the risks and uncertainties identified in the technical report (the « report report) published on March 31, 2022, entitled “NI 43-101 Technical Report ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study”, effective date March 16, 2022, together with the annual and the Company’s MD&A or other unknown but potentially material impacts. Forward-looking information and statements are based on the assumptions discussed in the technical report and on other reasonable assumptions, estimates, analyzes and opinions of management made in light of its experience and perception of trends, current conditions and expected developments; and other factors that management believes are relevant and reasonable in the circumstances on the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated. 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. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as required by applicable securities laws.