El Limon-Guajes will produce a life-of-mine average 369,000 ounces per year
Investors in Torex Gold Resources (TSX:TXG) saw their patience rewarded on Friday with an 11.5 percent bump in the stock price.
The Toronto-based, Mexico-focused gold explorer has seen its stock nearly triple in value, having recovered from a 52-week low of $0.85 to its current $2.23 a share – a 76.9 percent gain year to date.
The spike is all down to the opening of the company’s principle asset- the El Limon-Guajes mine located in the prospective Guerrero Gold Belt north of Acapulco. According to Newstrike Capital (TSXV:NES) which is exploring the area including its flagship Ana Paula property, the belt holds a gold inventory of over 30 million ounces. Newstrike acquired Ana Paula from Goldcorp (NYSE:GG, TSX:G) in 2010 and the belt is also host to Goldcorp’s Los Filos mine.
Last week the state governor was on hand to officially inaugurate Torex’s mine, which sits on its Morelos Gold Property. Along with El Limon-Guajes, Morelos also contains the Media Luna Project, which Torex describes as “advanced exploration” stage.
A PEA for that project was completed in July 2015. Governor Héctor Astudillo praised Torex for spending $42-million to build 169 houses for locals. Mexico News Daily quoted him saying “that there had never been an investment — ‘neither a hotel nor a highway’ — that matched that of the new mine.”
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