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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers
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To: onepath who wrote (71933)10/12/2011 10:30:29 AM
From: Veteran98  Read Replies (1) of 78424
 
From Canaccord this morning...

Torex Gold Resources* (TXG : TSX : $1.34), Net Change: 0.06, % Change: 4.69%, Volume: 646,464

Time for a Mexican Hat Dance. Torex Gold announced additional drill results from the company’s Morelos Gold project in

Mexico. Highlights from the step-out drilling include hole TMP-1213, which returned 20.11 m of 15.22 g/t gold. The drilling

results from the Guajes West deposit continue to suggest that this zone may connect up with Guajes East, as well as extend the

zone to the southwest by 150 m. A Bay Street analyst noted that Morelos is the second-highest-grade, open-pit resource not

owned by a major, and that Torex is near the top of many companies acquisition list, especially considering it is currently

trading at about 50% of its NAV. Fred Stanford, President & CEO of Torex, said, “We are seeing for the first time, results that

suggest the possible extension of the Guajes West deposit to the southwest, in the direction of the Balsas River. This adds to the

evidence that the mineralization continues along the main intrusion. We expect to continue our resource drilling program north

of the Balsas River until the end of this year and look forward to meeting our internal goal of 5 million ounces of gold in the

measured and indicated category.” The company is expected to provide its next resource update at the end of Q1/2012.



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