Latest news with #Torex
Toronto Star
2 days ago
- Business
- Toronto Star
Torex Gold to Acquire Prime Mining
(All amounts expressed in Canadian dollars unless otherwise stated) TORONTO, July 28, 2025 (GLOBE NEWSWIRE) — Torex Gold Resources Inc. ('Torex', the 'Company') (TSX:TXG) (OTCQX:TORXF) and Prime Mining Corp. ('Prime Mining') (TSX: PRYM) (OTCQX: PRMNF) (Frankfurt: O4V3) are pleased to announce that they have entered into a definitive agreement (the 'Arrangement Agreement') whereby Torex will acquire all of the issued and outstanding common shares of Prime Mining (the 'Prime Mining Shares') pursuant to a plan of arrangement (the 'Transaction').
Hamilton Spectator
2 days ago
- Business
- Hamilton Spectator
Torex Gold to Acquire Prime Mining
(All amounts expressed in Canadian dollars unless otherwise stated) TORONTO, July 28, 2025 (GLOBE NEWSWIRE) — Torex Gold Resources Inc. ('Torex', the 'Company') (TSX:TXG) (OTCQX:TORXF) and Prime Mining Corp. ('Prime Mining') (TSX: PRYM) (OTCQX: PRMNF) (Frankfurt: O4V3) are pleased to announce that they have entered into a definitive agreement (the 'Arrangement Agreement') whereby Torex will acquire all of the issued and outstanding common shares of Prime Mining (the 'Prime Mining Shares') pursuant to a plan of arrangement (the 'Transaction'). The Transaction will result in Torex owning a 100% interest in Prime Mining's multi-million ounce Los Reyes gold-silver project ('Los Reyes' or the 'Los Reyes Project'). The Los Reyes Project is located in Mexico, a jurisdiction in which Torex has successfully worked since 2010 and built unrivalled local expertise in terms of operational excellence, project development, project permitting, community relations, and stakeholder engagement. The Los Reyes Project is a highly prospective, advanced exploration/development-stage asset hosting a combined underground and open-pit mineral resource of approximately 1.5 million ounces ('Moz') gold and 54.0 Moz silver in the Indicated category and 538 thousand ounces ('koz') gold and 21.6 Moz silver in the Inferred category.(1) Pursuant to the terms of the Arrangement Agreement, Prime Mining shareholders will receive 0.060 of a common share of Torex (each whole share, a 'Torex Share') for each Prime Mining Share held (the 'Exchange Ratio' or the 'Consideration'), implying a 32.4% premium to the 30-day volume-weighted average price ('VWAP') of the Prime Mining Shares based on the 30-day VWAP of the Torex Shares for the period ended July 25, 2025 and an 18.5% premium to the closing price of the Prime Mining Shares on the Toronto Stock Exchange ('TSX') on July 25, 2025. The Exchange Ratio represents a price of $2.57 per Prime Mining Share based on the closing price of the Torex Shares on the TSX on July 25, 2025 and implies an equity value for Prime Mining of approximately $449 million (US$327 million). Upon completion of the Transaction, Torex will issue approximately 10.5 million Torex Shares to Prime Mining shareholders and existing Prime Mining shareholders will own approximately 10.7% of Torex. STRONG STRATEGIC RATIONALE AND BENEFITS FOR TOREX SHAREHOLDERS AN ATTRACTIVE TRANSACTION FOR PRIME MINING SHAREHOLDERS CEO AND SHAREHOLDER COMMENTARY Jody Kuzenko, President and Chief Executive Officer of Torex, stated: 'The Los Reyes Project represents a unique opportunity for the Torex team to develop a high-quality asset with the potential for a high margin, low capital, and long-life operation in a jurisdiction that we know very well. The acquisition of Prime Mining, and the previously announced all-cash acquisition of Reyna Silver, support our strategy to systematically build a diversified, Americas-focused precious metals producer with a portfolio of producing, development, and exploration stage assets. 'Our extensive due diligence reinforced the scarcity of an asset of this quality, and we look forward to demonstrating the significant value we see in this exciting project. Los Reyes has multiple high-potential mineralized zones which remain open along strike and at depth, and we are confident that the project has strong untapped upside with numerous avenues for growth. 'Over the last 15 years, the Torex team has demonstrated the technical and in-country expertise to successfully advance projects from exploration through to development and production in Mexico, delivering considerable value to our shareholders. We will leverage these competencies, along with our significant expected free cash flow from the now completed Media Luna Project, to unlock and maximize the value of Los Reyes through development and production. We look forward to building strong relationships with the local communities in Cosalá, and we will work with them to ensure that the project delivers meaningful and sustainable benefits, just as we have and continue to do at Morelos.' Scott Hicks, Chief Executive Officer and Director of Prime Mining, added: 'The addition of Prime Mining's high-quality Los Reyes Project to the Torex pipeline as its next development asset presents both Prime Mining and Torex shareholders with substantial value enhancement through this share-based acquisition. In addition to gaining exposure to Torex's free-cash flowing Morelos Complex, Prime Mining shareholders can continue to realize significant value creation as Los Reyes is developed with the benefit of Torex's operational and development experience in Mexico. Both companies are aligned in their community and employee-focused values, approach to environmental stewardship and commitment to ensuring that all stakeholders will benefit through this combination. Prime looks forward to working with Torex through the transitionary period. 'Our Board, Management, and key shareholders view this opportunity as a great way to de-risk and unlock the full exploration and project potential that we collectively see in Los Reyes through our meaningful pro-forma ownership in Torex. I would like to take this opportunity to thank the Prime Mining team, Board of Directors, and our other stakeholders for all their outstanding contributions in getting Prime Mining to this exciting stage.' Pierre Lassonde, commented: 'I am truly excited to be a part of this business combination. Jody and her team are, like us, proven creators of shareholder value. The Morelos Complex is a world class asset that, combined with our high-grade Los Reyes gold-silver deposit, will deliver outsized shareholder returns. I would like to thank Scott, Murray, and the team at Prime Mining for advancing the high-grade, gold-silver system at Los Reyes, and I look forward to working with Jody, Rick, and the team at Torex as we aim to do our part in building a new high-margin, intermediate gold producer.' TRANSACTION SUMMARY The Transaction will be completed pursuant to a court-approved plan of arrangement under the Business Corporations Act (British Columbia). The Transaction will require approval of at least: (i) 662/3% of the votes cast by the shareholders of Prime Mining; (ii) 662/3% of the votes cast by the shareholders of Prime Mining and the holders of options ('Options'), restricted share units ('RSUs'), deferred share units ('DSUs'), and warrants ('Warrants'), voting together as a single class; and (iii) a simple majority of the votes cast by the shareholders of Prime Mining, excluding those votes attached to Prime Mining Shares held by persons required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ('MI 61-101'), at a special meeting of Prime Mining securityholders expected to be held in September 2025. The Transaction does not require a vote of Torex shareholders. Pierre Lassonde as well as the directors and senior officers of Prime Mining, who collectively own 23% of the Prime Mining Shares, have entered into voting support agreements, pursuant to which, subject to the terms and conditions set forth therein, they will vote their securities held, as applicable, in favour of the Transaction. In addition to securityholder and court approvals, the Transaction is subject to applicable regulatory approvals (including approvals of the TSX and clearance under Mexican antitrust laws) and the satisfaction of certain other closing conditions customary for a transaction of this nature. The Arrangement Agreement includes customary deal protections, including fiduciary-out provisions, non-solicitation covenants, and the right to match any superior proposals. Additionally, a termination fee payable in an amount of US$12.5 million is payable to Torex by Prime Mining in certain circumstances if the Transaction is not completed. Pursuant to the Arrangement Agreement, all outstanding Prime Mining RSUs and DSUs which remain outstanding at the effective time of the Transaction will be deemed to be exercised or settled, for their in-the-money value net of withholding taxes, as applicable, under the arrangement for Prime Mining Shares, which will be exchanged for Torex Shares based on the Exchange Ratio. Outstanding Options will be adjusted to, among other things, be exercisable for Torex Shares, and outstanding Warrants will be adjusted in accordance with their terms. Subject to the satisfaction of customary closing conditions, including the parties obtaining the requisite regulatory approvals, the Transaction is expected to close in H2 2025, subject to the timing of clearance under Mexican antitrust laws. The Prime Mining Shares are expected to be delisted from the TSX promptly after closing of the Transaction. Full details of the Transaction will be included in the meeting materials to be prepared by Prime Mining in connection with the special meeting of securityholders, which are expected to be mailed to such securityholders in September 2025. None of the securities to be issued pursuant to the Transaction have been or will be registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act'), or any state securities laws, and any securities issued pursuant to the Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. BOARD OF DIRECTORS' AND SPECIAL COMMITTEE RECOMMENDATIONS The Arrangement Agreement has been unanimously approved by the Board of Directors of Torex (the 'Torex Board'), with Rick Howes not participating in deliberations of the Torex Board or voting on the Transaction given his role as CEO of Gold Candle Ltd., which has major shareholders in common with Prime Mining. Additionally, the Torex Board received a fairness opinion from CIBC World Markets Inc., which states that as of the date of such opinion and based upon and subject to the assumptions, limitations and qualifications set forth therein, the Consideration payable by Torex pursuant to the Arrangement Agreement, is fair, from a financial point of view, to Torex. The Board of Directors of Prime Mining (the 'Prime Mining Board') appointed a special committee of independent directors (the 'Special Committee') to, among other things, consider and make a recommendation to the Prime Mining Board with respect to the Transaction. After consultation with its financial and legal advisors, and on the unanimous recommendation of the Special Committee, the Prime Mining Board unanimously determined that the Transaction is in the best interests of Prime Mining and approved the Arrangement Agreement. Accordingly, the Prime Mining Board and the Special Committee recommend that Prime Mining securityholders vote in favour of the Transaction. The Prime Mining Board and the Special Committee received a fairness opinion from BMO Nesbitt Burns Inc., which states that as of the date of such opinion and based upon and subject to the various assumptions, limitations, qualifications and scope of review set forth therein, the Consideration to be received by Prime Mining shareholders (other than those Prime Mining shareholders whose votes are required to be excluded from the vote pursuant to Section 8.1(2) of MI 61-101), pursuant to the Transaction, is fair, from a financial point of view, to such Prime Mining shareholders. ADVISORS AND COUNSEL CIBC World Markets Inc. is acting as exclusive financial advisor to Torex. Cassels Brock & Blackwell LLP is acting as Torex's legal advisor. Trinity Advisors Corporation is acting as financial advisor to Prime Mining and its Board of Directors, and BMO Nesbitt Burns Inc. provided a fairness opinion to the Special Committee and the Prime Mining Board. Blake, Cassels & Graydon LLP is acting as Prime Mining's legal advisor. CONFERENCE CALL AND WEBCAST Senior management from Torex and Prime Mining will host a conference call and webcast on Monday, July 28, 2025 at 8:00 AM (ET) for members of the investment community to discuss the Transaction. Telephone Access For expedited access to the conference call, registration is open to obtain an access code in advance, which will allow participants to join the call directly at the scheduled time. Alternatively, dial-in details are as follows: Toronto local or International: 1-647-846-8914 Toll-Free (North America): 1-833-752-3842 Please join the conference call approximately ten minutes prior to the scheduled start time if using the dial-in details above. Webcast Access A webcast will be available on the Company's website at . The webcast will also be archived on the Company's website. ABOUT TOREX GOLD RESOURCES INC. Torex Gold Resources Inc. is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometres southwest of Mexico City. The Company's principal asset is the Morelos Complex, which includes the producing Media Luna Underground, ELG Underground, and ELG Open Pit mines, the development stage EPO Underground Project, a processing plant, and related infrastructure. Commercial production from the Morelos Complex commenced on April 1, 2016 and an updated Technical Report for the Morelos Complex was released in March 2022. Torex's key strategic objectives are: deliver Media Luna to full production and build EPO; optimize Morelos production and costs; grow reserves and resources; disciplined growth and capital allocation; retain and attract best industry talent; and industry leader in responsible mining. In addition to realizing the full potential of the Morelos Property, the Company is seeking opportunities to acquire assets that enable diversification and deliver value to shareholders. FOR FURTHER INFORMATION, PLEASE CONTACT: ABOUT PRIME MINING CORP. Prime Mining is managed by an ideal mix of successful mining executives, strong capital markets personnel, and experienced local operators all focused on unlocking the full potential of Los Reyes. Prime Mining has a well-planned capital structure with a strong management team and insider ownership. Prime Mining is targeting a material resource expansion at Los Reyes through a combination of new generative area discoveries and growth, while also building on technical de-risking activities to support eventual project development. FOR FURTHER INFORMATION, PLEASE CONTACT: TECHNICAL INFORMATION (1) Prime Mining's current mineral resource estimate is comprised of 49.0 million tonnes Indicated Resources (1,491,000 ounces contained Au at 0.95 g/t and 54.00 million ounces contained Ag at 34.2 g/t) and an additional 17.2 million tonnes (538,000 ounces contained Au at 0.97 g/t and 21.56 million ounces contained Ag at 39.0 g/t) of Inferred material and has an effective date of October 15, 2024. Additional information is available in Prime Mining's technical report (the 'Prime Mining Technical Report') entitled 'The Los Reyes Project, México' with report date November 27, 2024 and effective date October 15, 2024, and amended report date of June 27, 2025 on SEDAR+ at . (2) The mineral resource estimate for Torex's Morelos Complex can be found in the table below. Additional information is available in Torex's technical report (the 'Torex Technical Report') entitled the 'Morelos Property, NI 43-101 Technical Report, ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study, Guerrero State, Mexico', dated effective March 16, 2022, which was filed on March 31, 2022, and in Torex's annual information form dated March 21, 2025, each filed on SEDAR+ at . Mineral Resource Estimate – Morelos Complex (December 31, 2024) Notes to accompany the mineral resource table: Notes to accompany Media Luna Underground mineral resources: Notes to accompany ELG Underground mineral resources: Notes to accompany EPO Underground mineral resources: Notes to accompany the ELG Open Pit mineral resources: About the Los Reyes Gold and Silver Project Los Reyes is a high-grade, low-sulphidation epithermal gold-silver project located in Sinaloa State, Mexico. On October 15, 2024, Prime announced an updated multi-million-ounce high-grade open pit and underground resource based on exploration drilling up to July 17, 2024. Since acquiring Los Reyes in 2019, Prime has spent more than $64 million on direct exploration activities and has completed over 221,000 metres of drilling to date. On January 28, 2025, drilling was paused in response to a deterioration in the security situation in parts of Sinaloa, including the Los Reyes area. Drill rigs remain on site and drill contractors are on standby to resume drilling as soon as security improves. Prime will continue to work with local authorities to monitor the current situation. Drilling and geological interpretation suggests that the three known main deposit areas (Guadalupe, Central and Z-T) are larger than previously reported. Potential also exists for new discoveries where mineralized trends have been identified outside of the currently defined resource areas. Historic operating results indicate that an estimated 1 million ounces of gold and 60 million ounces of silver were recovered from five separate operations at Los Reyes between 1770 and 1990. Prior to Prime's acquisition, recent operators of Los Reyes had spent approximately US$20 million on exploration, engineering, and prefeasibility studies. QA/QC Protocols and Sampling Procedures Drill core at the Los Reyes project is drilled in predominantly HQ size (63.5 millimetres 'mm'), reducing to NQ (47.6 mm) when required. Drill core samples are generally 1.50 m long along the core axis with allowance for shorter or longer intervals if required to suit geological constraints. After logging intervals are identified to be sampled, the core is cut and one half is submitted for assay. Sample QA/QC measures include unmarked certified reference materials, blanks, and field duplicates as well as preparation duplicates are inserted into the sample sequence and make up approximately 8% of the samples submitted to the laboratory for each drill hole. Samples are picked up from the Project by the laboratory personnel and transported to their facilities in Durango or Hermosillo, Mexico, for sample preparation. Sample analysis is carried out by Bureau Veritas and ALS Labs, with fire assay, including over limits fire assay re-analysis, completed at their respective Hermosillo, Mexico laboratories and multi-element analysis completed in Vancouver, Canada. Drill core sample preparation includes fine crushing of the sample to at least 70% passing less than 2 mm, sample splitting using a riffle splitter, and pulverizing a 250 gram split to at least 85% passing 75 microns. Gold in diamond drill core is analyzed by fire assay and atomic absorption spectroscopy of a 30 g sample (code FA430 or Au-AA23). Multi-element chemistry is analyzed by 4-Acid digestion of a 0.25-gram sample split (code MA300 or ME-ICP61) with detection by an inductively coupled plasma emission spectrometer for a full suite of elements. Gold assay techniques FA430 and Au-AA23 have an upper detection limit of 10 g/t. Any sample that produces an over-limit gold value via the initial assay technique is sent for gravimetric finish via method FA-530 or Au-GRA21. Silver analyses by MA300 and ME-ICP61 have an upper limit of 200 g/t and 100 g/t, respectively. Samples with over-limit silver values are re-analyzed by fire assay with gravimetric finish FA530 or Au-GRA21. Both Bureau Veritas and ALS Labs are ISO/IEC accredited assay laboratories. Additional Notes Prime's MRE as of October 15, 2024 is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ('CIM') 'CIM Definition Standards - For Mineral Resources and Mineral Reserves' adopted by the CIM Council (as amended, the 'CIM Definition Standards') and in accordance with the requirements of NI 43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Metres is represented by 'm'; 'etw' is Estimated True Width and is based on drill hole geometry or comparisons with other on-section drill holes; 'Au' refers to gold, and 'Ag' refers to silver; 'g/t' is grams per metric tonne; some figures may not sum due to rounding; Composite assay grades presented in summary tables are calculated using a Au grade minimum average of 0.20 g/t or 1.0 g/t as indicated in 'Au Cut-off' column of Summary Tables. Maximum internal waste included in any reported composite interval is 3.00 m. The 1.00 g/t Au cut-off is used to define higher-grade 'cores' within the lower-grade halo. Additional details are available in the associated Technical Report with effective date of October 15, 2024, filed on November 27, 2024 with amended filing on June 27, 2025. QUALIFIED PERSONS The mineral resource estimate for Torex's Morelos Complex was prepared by Rochelle Collins, Principal, Mineral Resource Geologist with Torex, who is a 'qualified person' as defined by NI 43-101. The scientific and technical information in this press release pertaining to the mineral resources of Prime Mining has been reviewed and approved by Scott Smith, Executive Vice President of Exploration with Prime Mining, who is a 'qualified person' as defined by NI 43-101. CAUTIONARY NOTES ON FORWARD-LOOKING STATEMENTS This press release contains 'forward-looking statements' and 'forward-looking information' (collectively 'forward-looking statements') within the meaning of applicable Canadian securities legislation, including statements regarding the plans, intentions, beliefs and current expectations of Torex and Prime Mining with respect to future business activities and operating performance. Forward-looking statements are statements that are not historical facts which address events, results, outcomes, or developments that Torex or Prime Mining expect to occur. Forward-looking statements are statements that are not historical facts and are often identified by words such as 'expect', 'plan', 'anticipate', 'project', 'target', 'potential', 'schedule', 'forecast', 'budget', 'estimate', 'intend' or 'believe' and similar expressions or their negative connotations, or that events or conditions 'will', 'would', 'may', 'could', 'should' or 'might' occur, and include information regarding: the Transaction, including the timing, satisfaction of closing conditions, consummation and terms of the Transaction, including the consideration thereunder and benefits derived therefrom; the perceived merit of Prime Mining's properties, including additional exploration potential of Los Reyes; the anticipated significant free cash flow generation as Media Luna continues to ramp up operations; the proposed acquisition of Reyna Silver; potential quantity and/or grade of minerals; the potential size of the mineralized zone; metallurgical recoveries; Torex's and Prime Mining's exploration and development plans in Mexico; and Torex's key strategic objectives, which are: deliver Media Luna to full production and build EPO; optimize Morelos production and costs; grow reserves and resources; disciplined growth and capital allocation; retain and attract best industry talent; and industry leader in responsible mining. Forward-looking statements are based on the beliefs, estimates and opinions of Torex and Prime Mining management on the date the statements are made. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding the price of gold, silver and copper; the accuracy of mineral resource estimations; that there will be no material adverse change affecting Prime Mining or its properties; that all required approvals will be obtained, including concession renewals and permitting; that political and legal developments will be consistent with current expectations; that currency and exchange rates will be consistent with current levels; and that there will be no significant disruptions affecting Prime Mining or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements also involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: risks related to uncertainties inherent in the preparation of mineral resource estimates, including but not limited to changes to the cost assumptions, variations in quantity of mineralized material, grade or recovery rates, changes to geotechnical or hydrogeological considerations, failure of plant, equipment or processes, changes to availability of power or the power rates, ability to maintain social license, changes to interest or tax rates, changes in project parameters, delays and costs inherent to consulting and accommodating rights of local communities, environmental risks, title risks, including concession renewal, commodity price and exchange rate fluctuations, risks relating to COVID-19 and other future pandemics, delays in or failure to receive access agreements, on-going receipt of amended and/or operating permits, risks inherent in the estimation of mineral resources; and risks associated with executing Torex's and Prime Mining's objectives and strategies, including costs and expenses, physical access to the property, security risks, availability of contractors and skilled labour, as well as those risk factors discussed in the Torex Technical Report, Prime Mining Technical Report, Torex's and Prime Mining's respective annual information forms, Torex's financial statements and related MD&A for the financial year ended December 31, 2024, and Prime Mining's financial statements and related MD&A for the financial year ended December 31, 2024, all filed with the securities regulatory authorities in certain provinces of Canada and available under each of Torex's and Prime Mining's respective profile at . The risk factors are not exhaustive of the factors that may affect Torex's and Prime Mining's forward-looking statements. Torex's and Prime Mining's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management of Torex and Prime Mining at such time. Torex and Prime Mining do not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, undue reliance should not be placed on forward-looking statements. Neither Torex nor Prime Mining undertakes to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws. The Torex Technical Report, AIF, and financial statement and related MD&A are filed on SEDAR+ at and on Torex's website at . The Prime Mining Technical Report, AIF, and financial statement and related MD&A are filed on SEDAR+ at and on Prime Mining's website at . CAUTIONARY NOTES TO U.S. INVESTORS CONCERNING RESOURCE ESTIMATES This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms 'mineral reserve', 'proven mineral reserve', 'probable mineral reserve', 'inferred mineral resources,' 'indicated mineral resources,' 'measured mineral resources' and 'mineral resources' used or referenced in this presentation are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the CIM Standards. The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the 'SEC') in Regulation S-K Subpart 1300 (the 'SEC Modernization Rules') under the U.S. Securities Act of 1933, as amended (the 'Securities Act'). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, Prime Mining is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, Prime Mining's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had Prime Mining prepared the information under the standards adopted under the SEC Modernization Rules.
Yahoo
16-07-2025
- Business
- Yahoo
Torex Gold Reports Excellent Drilling Results from EPO
Outstanding high-grade intercepts indicate strong potential to continue to expand resources to the north of the deposit (All amounts expressed in U.S. dollars unless otherwise stated) Toronto, Ontario--(Newsfile Corp. - July 16, 2025) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) announces assay results from the Company's ongoing drilling program in the northern extension of EPO. The results to date support the Company's goal of expanding resources to the north of the EPO deposit, which, in conjunction with drilling within the ELG and Media Luna clusters, is aimed at enhancing and extending the current production profile of the Morelos Complex beyond 2035. Results contained in this news release include notable highlights from drilling at EPO that were included in the year-end 2024 mineral reserve and resource update, as well as drilling results from this year's program through May 15, 2025. Jody Kuzenko, President & CEO of Torex, stated: "We continue to be impressed with the significant exploration potential at EPO, our newest mine development on the Morelos Property. The strong drilling results we are seeing in the northern portion of EPO build on the success we had in that area in 2024 when we added more than 233,000 gold equivalent ounces ("oz AuEq") to Inferred Resources. "The most recent drill results include several impressive intercepts including a remarkable 55.18 grams per tonne ("gpt") AuEq over 20.1 metres ("m") in ML24-1049DA as well as 4.92 gpt AuEq over 35.7 m and 8.98 gpt over 20.1 m in drill hole ML24-1042. To date, mineralization encountered in the northern portion of EPO extends over an extensive area of at least 500 x 200 m, with vertical continuity of over 100 m. "These latest drilling results at EPO, along with results released earlier this year at ELG Underground, Media Luna East, and Media Luna West, underline the prolific nature of the Morelos Property and our potential to continue to enhance and extend the reserve case production profile released in September 2024. With the first blast taken to access the EPO deposit from the Guajes Tunnel in late May, we remain on track to deliver first production from EPO by the end of 2026, which firmly establishes a minimum of at least 450,000 oz AuEq produced annually through 2030 and likely well beyond that as we continue to unlock the full potential of Morelos through drilling and exploration." HIGHLIGHTS The 2024 EPO drilling program successfully added approximately 233,000 oz AuEq of Inferred Resources, primarily from exploration success in the northern area of the deposit.(i) The most notable intercepts encountered in this area that were included in the 2024 year-end resource update include ML24-1041 (5.65 gpt AuEq over 10.1 m, 4.55 gpt AuEq over 15.0 m, and 6.34 gpt AuEq over 14.6 m) and ML24-1042 (4.92 gpt AuEq over 35.7 m, 8.98 gpt AuEq over 20.1 m, and 4.70 gpt AuEq over 7.6 m). These results added new resources at EPO's northern extension and defined the focus area for follow-up drilling in this year's program. Drilling from this year's program in the northern area of EPO has continued to return strong results, particularly drill hole ML24-1049DA which returned notable intercepts of 55.18 gpt AuEq over 20.1 m and 2.97 gpt AuEq over 13.4 m. This hole was a follow-up of drill hole ML24-1041 over a north-south section and confirmed a mineralized vertical column of at least 100 m (Figure 2). These intercepts indicate strong potential to expand resources in the north of the deposit and upgrade Inferred Resources to the Indicated Resources category with the year-end 2025 mineral reserve and resource update. The follow-up of drill hole ML24-1042 over a north-south section located 120 m to the east of drill hole ML24-1049DA also returned multiple mineralized intercepts, notably 6.17 gpt AuEq over 15.0 m, 4.97 gpt AuEq over 11.2 m, and 4.09 gpt AuEq over 14.5 m in ML24-1048D, and 2.85 gpt AuEq over 12.1 m and 5.60 gpt AuEq over 13.9 m in ML24-1055D. These results indicate that mineralization extends to the north, further supporting an expected increase in resources at EPO. (i) For additional information on EPO resources, please refer to Table 2 of this news release. EPO DRILLING PROGRAM Drilling at EPO remains a key focus as the Company aims to expand mineral resources to the north (Figure 1) and upgrade Inferred Resources to Indicated Resources, with an ultimate target of enhancing the production profile and economics outlined in the internal EPO pre-feasibility study released in September 2024.(i) The drilling program to the north of EPO has confirmed the vertical continuity of the mineralization with outstanding high-grade intercepts that could open new mining fronts, if proven to be economic and brought into future reserves. Figure 1: Plan view of the Media Luna Cluster which includes EPO To view an enhanced version of this graphic, please visit: Having defined the main mineralization control following a west-northwest trend, drilling is being conducted along north-south sections using a fan arrangement of directional holes to have a better understanding of the mineralized zones to support the geological interpretation. Drilling in the northern area of EPO to date in 2025 has been focused on the northern block of the west-northwest La Avispa fault (Figure 2), which controls a dike swarm of an estimated width of 150 to 200 m that represents a discontinuity between the main EPO mineralized zone to the south and its northern extension within the hanging wall of the fault. Mineralization at the southern end of the La Avispa fault is controlled by the contact between the limestones and the intrusive bodies that host most of the mineralization at the Media Luna Cluster, while, at its northern extension, most of the mineralization is bound by the pre-mineral west-northwest dikes that intruded through the same structures as the mineralization feeders in this area (Figures 3 and 4). The current mineralization footprint in the north extends approximately 500 x 200 m with a west-northwest strike that has a significant vertical continuity ranging between 15 m to over 100 m between the interpreted boundaries of the favourable alteration zone that vertically extends for ~200 m. The lateral continuity of the mineralization is defined by the spacing between the dikes that varies from approximately 5 to 35 m, defining several mineralized blocks. Mineralization remains open to the north following the favourable alteration zone. (i) For more information related to the EPO pre-feasibility study results, please refer to press release dated September 4, 2024 titled: Torex Gold Integrates EPO Deposit into Morelos Mine Plan. Drill hole ML24-1041 (Figure 3 and 4) suggests a continuity at depth of the mineralization for up to 50 m towards the contact between the Morelos Formation limestones and the underlying granodiorite. The vertical continuity of the high-grade mineralization intercepted by drill hole ML24-1049DA at shallower elevations will be defined through follow-up drilling later this year. The positive initial results of the drilling program support the potential to upgrade Inferred Resources to Indicated Resources with the year-end 2025 mineral reserve and resource update. Table 1: Highlights from the advanced exploration drilling program in the northern extension of EPO Drill Hole From(m) To(m) Core Length(m) Au(gpt) Ag(gpt) Cu(%) AuEq(gpt) ML24-1046 672.9 674.5 1.6 0.47 49.3 1.21 3.10 ML24-1048D 713.2 727.7 14.5 1.08 48.7 1.44 4.09 including 720.1 727.7 7.6 0.99 71.6 2.28 5.67737.0 752.0 15.0 0.51 88.9 2.74 6.17 including 739.5 740.9 1.4 0.67 184.2 5.71 12.48 including 745.1 747.6 2.5 1.05 144.1 4.47 10.29784.7 791.1 6.5 2.86 79.2 1.78 3.60 including 786.3 786.9 0.6 17.50 222.4 4.99 28.61798.7 809.8 11.2 0.63 97.5 1.87 4.97839.1 843.6 4.5 0.44 115.0 2.64 6.29901.7 903.4 1.7 0.96 83.7 3.55 7.90 ML24-1049DA 711.9 714.8 2.9 2.25 16.2 0.02 2.50815.1 828.5 13.4 2.47 8.4 0.24 2.97 including 815.1 818.0 2.9 1.25 11.0 0.47 2.16 including 822.4 823.9 1.5 3.22 8.1 0.20 3.65 including 826.7 828.5 1.8 11.69 16.4 0.15 12.14858.5 861.4 3.0 7.37 18.3 0.54 8.49 including 860.5 861.4 1.0 13.60 43.0 1.04 15.88889.9 910.0 20.1 45.87 96.6 4.89 55.18 including 896.9 897.6 0.7 148.90 67.5 2.62 154.09 including 901.0 903.7 2.7 175.54 88.0 3.66 182.72928.0 933.4 5.4 0.60 34.3 1.38 3.31 ML24-1055D 725.4 728.1 2.6 0.49 91.2 2.59 5.95733.4 745.5 12.1 0.28 44.9 1.20 2.85 including 733.4 734.9 1.6 0.54 80.2 2.14 5.11 including 736.4 739.4 3.0 0.28 57.5 1.79 3.96 including 744.1 745.5 1.4 0.64 84.0 1.67 4.49752.1 766.1 13.9 1.34 67.6 2.05 5.60 including 758.7 766.1 7.3 2.16 99.0 3.21 8.74781.6 782.8 1.3 0.44 66.7 2.25 5.02818.3 820.5 2.2 0.39 59.0 1.71 3.98871.0 876.0 5.0 1.06 4.3 0.54 2.01 ML25-1058D 740.7 744.0 3.4 1.84 35.5 1.25 4.36775.8 777.2 1.4 2.73 14.6 0.68 4.04791.6 793.5 1.8 0.41 52.3 1.88 4.19855.4 857.9 2.6 0.97 31.0 1.49 3.82 ML25-1061D 724.4 729.6 5.2 1.16 10.8 0.55 2.20 including 728.8 729.6 0.9 0.21 28.1 1.49 3.03 ML25-1064D 829.2 830.7 1.5 0.80 48.0 1.26 3.50 Notes to Table:1) Drill hole intercepts are core length. True width/thickness will be determined once the geological modelling is completed.2) Core lengths reflect drilling core recovery of 89.1-100% and are subject to rounding. Assay results are uncapped.3) Coordinates are WGS 1984 UTM Zone 14N.4) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0130) + (Cu (%) * 1.6480) and use the same metal prices ($1,650/oz Au, $22/oz Ag, and $3.75/lb Cu) and metallurgical recoveries (87% Au, 85% Ag, and 92% Cu) used in the year-end 2024 mineral resource estimate for EPO Underground. Torex has budgeted approximately $10 million towards drilling at EPO, $5 million of which is related to drilling and exploration within the northern extension of EPO. Drilling is progressing with four rigs in the area. The Company is on track to achieve the planned 12,000 m of drilling specific to the northern extension of EPO by the end of the year, with 9,430 m completed by mid-May over 12 drill holes. This supports the overall program of 27,000 m at EPO planned for 2025. Drill results, including those that have been previously reported, can be found in Tables 3 through 8. AuEq grades use the same metal prices ($1,650/oz gold ("Au"), $22/oz silver ("Ag"), and $3.75/lb copper ("Cu")) and metallurgical recoveries (87% Au, 85% Ag, and 92% Cu) used in the current mineral resource estimate for EPO Underground (effective date of December 31, 2024) and has been applied to the assay results for newly published drill holes as well as previously published drill holes. The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0130) + (Cu (%) * 1.6480). EPO GEOLOGY The main host unit at EPO is the Morelos Formation, cut by an intrusive phase of the Media Luna granodiorite and followed by multiple generations of late felsic dikes predominantly oriented northwest and northeast. A dome and phreatomagmatic breccia event with an apparent north-south control crosscuts the whole sequence. EPO is located to the east of the major Cuajiote fault within a structural block characterized by multiple second-order structures. These structures are recognized at surface and in drill core, and exhibit north-south, north-northeast, and west-northwest orientations. The north-south oriented Copalillo and Todos Santos bound the main alteration-mineralization event. The EPO northern extension is located to the north of the west-northwest La Avispa fault controlling a dike swarm of an estimated width of 150 to 200 m that represents a discontinuity of the mineralization towards the main mineralized body to the south of the fault. Mineralization at the south of the La Avispa fault is controlled by the contact between the limestones and the intrusive bodies that host most of the mineralization at the Media Luna Cluster, while, at its northern extension most of the mineralization is bounded by the west-northwest dikes that represent the mineralization feeders in this area. Early-stage calc-silicate alteration is related to a proximal "aborted" skarn event containing anomalous molybdenum values and traces of Cu and Au. The latter grades into CRD-style mineralization that is associated with the main Cu and Ag mineralization event. Mineralizing fluids are believed to have originated from a deeper magmatic source, younger than the Media Luna granodiorite stocks, which have not yet been identified at surface. A late intermediate sulphidation-epithermal mineralization event, related to the phreatomagmatic activity, increases the Au volume and grade. Dikes and sills are deemed to have been previously emplaced along the same feeder structures of the mineralization event and constitute traps for the mineralized bodies. Given that Au precipitates due to the buffer exerted by the early stage calc-silicate alteration and sulfide mineralization, it occurs as free Au and is dissociated from the early Cu event mainly related to chalcopyrite. QA/QC AND QUALIFIED PERSON Torex maintains an industry-standard analytical quality assurance and quality control ("QA/QC") and data verification program to monitor laboratory performance. Results from this program confirm the reliability of the assay results. The exploration program and analytical QA/QC program for Media Luna Cluster drilling is currently overseen by José Antonio San Vicente Díaz, Chief Exploration Geologist for Minera Media Luna, S.A. de C.V. All samples reported have been checked against Company and Lab standards and blanks. No core duplicate samples are taken. HQ-size core is sawn in half with half the core retained in the core box and the other half bagged and tagged for shipment to the sample preparation facility. Sample preparation is carried out by Bureau Veritas ("BV"), an accredited laboratory, at its facilities in Durango, Mexico and consists of crushing a 1 kg sample to >70% passing 2 mm followed by pulverization of 500 g to >85% passing 75 μm. Au is analyzed at the BV facilities in Hermosillo, Mexico following internal analytical protocols (FA430) and comprises a 30 g fire assay with an atomic absorption finish. Samples yielding results >10 g/t Au are re-assayed by fire assay with gravimetric finish (FA530). Cu and Ag analyses are completed at the BV facilities in Vancouver, Canada as part of a multi-element geochemical analysis by an aqua regia digestion and/or four acid digestion with detection by ICPES/MS using BV internal analytical protocol AQ270/AQ370. Overlimits for the multi-element package are analyzed by internal protocol AQ374. Approximately 5% of the samples collected from exploration are sent for analyses checks and assayed for Au, Ag, and Cu. External pulp check assays for QA/QC purposes are performed at ALS Chemex, de Mexico S.A. de C.V., an accredited laboratory. Internal and external check control results are reviewed daily by MML database team, and an external audit by GeoSoporte Mexico is carried out monthly. The pulp check samples are analysed for Au, Ag and Cu. Overall comparability between Bureau Veritas and ALS Chemex is good to excellent, with high correlation. Scientific and technical information contained in this news release, other than the expected commencement of mining at EPO and the estimated annual production for the Morelos property, has been reviewed and approved by Rochelle Collins, (PGO #1412), Principal, Mineral Resource Geologist with Torex Gold Resources Inc. a "qualified person" ("QP") as defined by NI 43-101. Ms. Collins has verified the information disclosed, including sampling, analytical, and test data underlying the drill results. Verification included visually reviewing the drill holes in three dimensions, comparing the assay results to the original assay certificates, reviewing the drilling database, and reviewing core photography consistent with standard practice. Ms. Collins consents to the inclusion in this release of said information in the form and context in which they appear. Scientific and technical information contained in this news release regarding the expected commencement of mining at EPO and the estimated annual production for the Morelos property, has been reviewed and approved by Dave Stefanuto, P. Eng, Executive Vice President, Technical Services and Capital Projects of Torex Gold Resources Inc. and a QP. Additional information on sampling and analyses, analytical labs, and methods used for data verification is available in the Company's technical report entitled the "Morelos Property, NI 43-101 Technical Report, ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study, Guerrero State, Mexico", dated effective March 16, 2022 filed on March 31, 2022 (the "2022 Technical Report") and in the annual information form ("AIF") dated March 21, 2025, each filed on SEDAR+ at and the Company's website at Additional information on the EPO mineral resource estimate can also be found in the AIF. ABOUT TOREX GOLD RESOURCES INC. Torex Gold Resources Inc. is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometres southwest of Mexico City. The Company's principal asset is the Morelos Complex, which includes the producing Media Luna Underground, ELG Underground, and ELG Open Pit mines, the development stage EPO Underground Project, a processing plant, and related infrastructure. Commercial production from the Morelos Complex commenced on April 1, 2016 and an updated Technical Report for the Morelos Complex was released in March 2022. Torex's key strategic objectives are: deliver Media Luna to full production and build EPO; optimize Morelos production and costs; grow reserves and resources; disciplined growth and capital allocation; retain and attract best industry talent; and industry leader in responsible mining. In addition to realizing the full potential of the Morelos Property, the Company is seeking opportunities to acquire assets that enable diversification and deliver value to shareholders. FOR FURTHER INFORMATION, PLEASE CONTACT: TOREX GOLD RESOURCES KuzenkoPresident and CEODirect: (647) Dan RollinsSenior Vice President, Corporate Development & Investor RelationsDirect: (647) CAUTIONARY NOTES ON FORWARD-LOOKING STATEMENTS This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information also includes, but is not limited to, statements about: outstanding high-grade intercepts indicate strong potential to continue to expand resources to the north of the deposit; the results to date support the Company's goal of expanding resources to the north of the EPO deposit, which, in conjunction with drilling within the ELG and Media Luna clusters, is aimed at enhancing and extending the current production profile of the Morelos Complex beyond 2035; these latest drilling results at EPO, along with results released earlier this year at ELG Underground, Media Luna East, and Media Luna West, underline the prolific nature of the Morelos Property and our potential to continue to enhance and extend the reserve case production profile released in September 2024; the Company remains on track to deliver first production from EPO by the end of 2026, which firmly establishes a minimum of at least 450,000 oz AuEq produced annually through 2030 and likely well beyond; drilling results in the northern area of EPO indicate strong potential to expand resources in the north of the deposit and upgrade Inferred Resources to the Indicated Resources category with the year-end 2025 mineral reserve and resource update; results from drill hole ML24-1042 over a north-south section located 120 m to the east of drill hole ML24-1049DA indicate that mineralization extends to the north, further supporting an expected increase in resources at EPO; the drilling program to the north of EPO has confirmed the vertical continuity of the mineralization with outstanding high-grade intercepts that could open new operating fronts, if proven to be economic and brought into future reserves; results of drill hole ML24-1041 suggests a continuity at depth of the mineralization for up to 50 m towards the contact between the Morelos Formation limestones and the underlying granodiorite; Torex has budgeted approximately $10 million towards drilling at EPO, $5 million of which is related to drilling and exploration within the northern extension of EPO; the Company is on track to achieve the planned 12,000 m of drilling specific to the northern extension of EPO by the end of the year, with 9,430 m completed by mid-May over 12 drill holes; this supports the overall program of 27,000 m at EPO planned for 2025; and; and Torex's key strategic objectives are to optimize and extend production from the ELG Mine Complex, de-risk and advance Media Luna to commercial production, build on ESG excellence, and to grow through ongoing exploration across the entire Morelos Property. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "objective", "strategy", "target", "continue", "potential", "focus", "aim" or variations of such words and phrases or statements that certain actions, events or results "will", "would", or "is expected to" occur. 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, risks and uncertainties associated with: the ability to upgrade mineral resources to categories of mineral resources with greater confidence levels or to mineral reserves; risks associated with mineral reserve and mineral resource estimation; uncertainty involving skarn deposits; and those risk factors identified in the Technical Report and the Company's annual information form and management's discussion and analysis or other unknown but potentially significant impacts. Forward-looking information is based on the assumptions discussed in the Technical Report and such other reasonable assumptions, estimates, analysis 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 at 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 may be required by applicable securities laws. The Technical Report, AIF and MD&A are filed on SEDAR+ at and the Company's website at Table 2: Mineral Resource Estimate - EPO Underground (December 31, 2024)Tonnes Au Ag Cu Au Ag Cu AuEq AuEq(kt) (gpt) (gpt) (%) (koz) (koz) (Mlb) (gpt) (koz) EPO UndergroundMeasured - - - - - - - - - Indicated 7,060 2.66 31.2 1.28 604 7,082 200 5.18 1,176 Measured & Indicated 7,060 2.66 31.2 1.28 604 7,082 200 5.18 1,176 Inferred 6,883 1.76 39.3 1.24 390 8,690 188 4.31 954 Notes to accompany the mineral resource table:1. Mineral resources were prepared in accordance with the CIM Definition Standards (May 2014).2. The effective date of the estimates is December 31, 2024.3. Mineral resources are depleted above a mining surface or to the as-mined solids as of December 31, 2024.4. Gold equivalent ("AuEq") of total mineral resources is established from combined contributions of the various deposits.5. Mineral resources for all deposits are based on an underlying gold ("Au") price of $1,650/oz, silver ("Ag") price of $22/oz, and copper ("Cu") price of $3.75/lb.6. Mineral resources are inclusive of mineral reserves (ex-stockpiles). Mineral resources that are not mineral reserves do not have demonstrated economic viability.7. Numbers may not add due to rounding.8. Mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.9. The estimate was prepared by Mrs. Rochelle Collins, (Ontario), Principal, Mineral Resources. Notes to accompany EPO Underground mineral resources:1. Mineral resources for EPO Underground are reported above a 2.0 gpt AuEq cut-off grade. The assumed mining method is from underground methods, using long-hole open stoping.2. Mineral resources were estimated using ID3 methods applied to 1.0 m capped downhole assay composites within lithology domains and internal grade domains. Block model size is 5 m x 5 m x 5m with 2.5 m x 2.5 m x 2.5 m sub-blocks.3. Metallurgical recoveries at EPO average 87% Au, 85% Ag, and 92% Cu.4. The dataset allowed the bulk density to be directly estimated into the domains with an average bulk density of 3.5 g/cm3.5. EPO Underground AuEq = Au (gpt) + (Ag (gpt) * 0.0130) + (Cu (%) * 1.6480), accounting for underlying metal prices and metallurgical recoveries. Figure 2: Drilling results from the northern extension of EPO showing the proximity to the La Avispa fault. To view an enhanced version of this graphic, please visit: Figure 3: Drilling results from EPO that lay at the northern block of the west-northwest La Avispa fault showing most of the mineralization is found between the west-northwest dikes. To view an enhanced version of this graphic, please visit: Figure 4: Detailed internal grades of mineralized intercepts at EPO that lay at the northern block of the west-northwest La Avispa fault showing that most of the mineralization is found between the west-northwest dikes with open vertical and along strike continuity. To view an enhanced version of this graphic, please visit: Table 3: Drilling results from the late 2024 and 2025 year-to-date exploration and drilling program in the northern area of EPO. InterceptDrill Hole Program UTM-E (m) UTM-N (m) Elevation (m) Azimuth (°) Dip (°) Final Depth (m) From(m) To(m) Core Length(m) Au (gpt) Ag (gpt) Cu(%) AuEq(gpt) CoreRecovery(%) ML24-1046 Del. 421983.6 1985609.8 1440.5 359 -48 957 672.9 674.5 1.6 0.47 49.3 1.21 3.10 100.0% ML24-1048D Del. 422198.7 1985619.7 1460.6 3 -55 929 713.2 727.7 14.5 1.08 48.7 1.44 4.09 100.0% including720.1 727.7 7.6 0.99 71.6 2.28 5.67 100.0% 737.0 752.0 15.0 0.51 88.9 2.74 6.17 100.0% including739.5 740.9 1.4 0.67 184.2 5.71 12.48 100.0% including745.1 747.6 2.5 1.05 144.1 4.47 10.29 100.0% 784.7 791.1 6.5 2.86 79.2 1.78 3.60 99.9% including786.3 786.9 0.6 17.50 222.4 4.99 28.61 99.9% 798.7 809.8 11.2 0.63 97.5 1.87 4.97 100.0% 839.1 843.6 4.5 0.44 115.0 2.64 6.29 100.0% 901.7 903.4 1.7 0.96 83.7 3.55 7.90 100.0% ML24-1049D Del. 422101.2 1985627.1 1447.1 360 -60 540 No significant values ML24-1049DA Del. 422101.2 1985627.1 1447.1 360 -60 945 711.9 714.8 2.9 2.25 16.2 0.02 2.50 100.0% 815.1 828.5 13.4 2.47 8.4 0.24 2.97 100.0% including815.1 818.0 2.9 1.25 11.0 0.47 2.16 100.0% including822.4 823.9 1.5 3.22 8.1 0.20 3.65 100.0% including826.7 828.5 1.8 11.69 16.4 0.15 12.14 100.0% 858.5 861.4 3.0 7.37 18.3 0.54 8.49 100.0% including860.5 861.4 1.0 13.60 43.0 1.04 15.88 100.0% 889.9 910.0 20.1 45.87 96.6 4.89 55.18 95.9% including896.9 897.6 0.7 148.90 67.5 2.62 154.09 100.0% including901.0 903.7 2.7 175.54 88.0 3.66 182.72 100.0% 928.0 933.4 5.4 0.60 34.3 1.38 3.31 100.0% ML24-1053D Del. 421983.6 1985609.8 1440.5 359 -48 1014 No significant values Notes to Table1) Drill hole intercepts are core length. True width/thickness will be determined once the geological modelling is completed.2) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0130) + (Cu (%) * 1.6480) and use the same metal prices ($1,650/oz Au, $22/oz Ag, and $3.75/lb Cu) and metallurgical recoveries (87% Au, 85% Ag, and 92% Cu) used in the year-end 2024 mineral resource estimate for EPO Underground.3) Core lengths subject to rounding. Assay results are uncapped.4) Coordinates are WGS 1984 UTM Zone 14N.5) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data. Table 3 (continued): Drilling results from the late 2024 and 2025 year-to-date exploration and drilling program in the northern area of EPO. InterceptDrill Hole Program UTM-E (m) UTM-N (m) Elevation (m) Azimuth (°) Dip (°) Final Depth (m) From(m) To(m) Core Length(m) Au (gpt) Ag (gpt) Cu(%) AuEq(gpt) CoreRecovery(%) ML24-1055D Del. 422198.7 1985619.7 1460.6 3 -55 938 725.4 728.1 2.6 0.49 91.2 2.59 5.95 100.0% 733.4 745.5 12.1 0.28 44.9 1.20 2.85 100.0% including733.4 734.9 1.6 0.54 80.2 2.14 5.11 100.0% including736.4 739.4 3.0 0.28 57.5 1.79 3.96 100.0% including744.1 745.5 1.4 0.64 84.0 1.67 4.49 100.0% 752.1 766.1 13.9 1.34 67.6 2.05 5.60 100.0% including758.7 766.1 7.3 2.16 99.0 3.21 8.74 100.0% 781.6 782.8 1.3 0.44 66.7 2.25 5.02 100.0% 818.3 820.5 2.2 0.39 59.0 1.71 3.98 100.0% 871.0 876.0 5.0 1.06 4.3 0.54 2.01 100.0% ML24-1057 Del. 421928.7 1985579.6 1432.1 358 -48 513 No significant values ML25-1058D Del. 422101.2 1985627.1 1447.1 360 -60 1009 740.7 744.0 3.4 1.84 35.5 1.25 4.36 98.7% 775.8 777.2 1.4 2.73 14.6 0.68 4.04 89.1% 791.6 793.5 1.8 0.41 52.3 1.88 4.19 100.0% 855.4 857.9 2.6 0.97 31.0 1.49 3.82 100.0% ML25-1061D Del. 421928.7 1985579.6 1432.1 358 -48 841 724.4 729.6 5.2 1.16 10.8 0.55 2.20 100.0% including728.8 729.6 0.9 0.21 28.1 1.49 3.03 100.0% ML25-1064D Del. 421928.7 1985579.6 1432.1 358 -48 945 829.2 830.7 1.5 0.80 48.0 1.26 3.50 100.0% ML25-1067 Del. 422101.3 1985627.3 1447.5 0 -53 411 No significant values Notes to Table1) Drill hole intercepts are core length. True width/thickness will be determined once the geological modelling is completed.2) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0130) + (Cu (%) * 1.6480) and use the same metal prices ($1,650/oz Au, $22/oz Ag, and $3.75/lb Cu) and metallurgical recoveries (87% Au, 85% Ag, and 92% Cu) used in the year-end 2024 mineral resource estimate for EPO Underground.3) Core lengths subject to rounding. Assay results are uncapped.4) Coordinates are WGS 1984 UTM Zone 14N.5) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data. Table 4: Drilling results included in the year-end 2024 mineral resource estimate but not previously reported. InterceptDrill Hole Program UTM-E (m) UTM-N (m) Elevation (m) Azimuth (°) Dip (°) Final Depth (m) From(m) To(m) Core Length(m) Au (gpt) Ag (gpt) Cu(%) AuEq(gpt) CoreRecovery(%) ML24-1041 Del. 422101.2 1985627.1 1447.1 360 -60 1006 742.2 744.5 2.3 3.80 11.6 0.15 4.20 100.0% 849.0 859.1 10.1 4.24 28.4 0.63 5.65 95.3% including849.0 850.5 1.5 4.39 4.1 0.01 4.45 100.0% including853.6 859.1 5.5 6.58 51.0 1.15 9.15 89.3% 866.0 881.0 15.0 1.66 32.9 1.49 4.55 100.0% including873.7 875.2 1.6 9.64 157.7 7.01 23.23 100.0% 893.4 899.4 6.0 5.02 7.9 0.19 5.44 100.0% including898.4 899.4 1.0 21.50 6.4 0.08 21.72 100.0% 921.1 928.1 7.0 1.27 11.2 0.96 2.99 100.0% including927.1 928.1 1.0 5.78 19.9 1.38 8.31 100.0% 938.7 943.3 4.6 1.23 13.6 0.94 2.96 100.0% including938.7 939.8 1.2 3.82 25.3 1.56 6.72 100.0% 959.9 974.4 14.6 4.24 27.2 1.06 6.34 100.0% including962.9 967.7 4.8 5.88 47.8 1.95 9.72 100.0% ML24-1042 Del. 422198.7 1985619.7 1460.6 3 -55 947 711.0 746.6 35.7 0.94 65.6 1.90 4.92 100.0% including725.5 728.4 2.9 2.03 163.7 5.99 14.04 100.0% including731.2 746.6 15.4 0.85 84.2 2.40 5.90 100.0% 755.3 775.4 20.1 1.91 114.9 3.38 8.98 100.0% including765.3 767.3 2.0 1.91 146.9 5.01 12.08 100.0% including769.0 773.0 4.0 2.49 198.9 5.71 14.49 100.0% 806.4 814.0 7.6 3.78 28.6 0.33 4.70 100.0% including810.1 810.7 0.5 19.50 27.3 0.00 19.86 100.0% including813.0 814.0 1.0 11.50 37.6 0.65 13.06 100.0% 863.9 865.0 1.1 0.31 45.4 1.57 3.49 100.0% 872.0 874.9 2.9 0.53 31.1 1.31 3.10 100.0% Notes to Table1) Drill hole intercepts are core length. True width/thickness will be determined once the geological modelling is completed.2) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0130) + (Cu (%) * 1.6480) and use the same metal prices ($1,650/oz Au, $22/oz Ag, and $3.75/lb Cu) and metallurgical recoveries (87% Au, 85% Ag, and 92% Cu) used in the year-end 2024 mineral resource estimate for EPO Underground.3) Core lengths subject to rounding. Assay results are uncapped.4) Coordinates are WGS 1984 UTM Zone 14N.5) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data. Table 5: Previously reported drilling results. For more information, please refer to the Company's press release titled "Torex Gold Reports Results from the Ongoing 2024 EPO Exploration Program" (November 13, 2024). InterceptDrill Hole Program UTM-E (m) UTM-N (m) Elevation (m) Azimuth (°) Dip (°) Final Depth (m) From(m) To(m) Core Length(m) Au (gpt) Ag (gpt) Cu(%) AuEq(gpt) CoreRecovery(%) ML24-1017 EPO 421982.4 1985608.2 1440.4 17 -54 958 699.5 707.5 8.0 1.47 21.6 0.46 2.51 100.0% 721.0 722.7 1.7 3.43 23.5 0.17 4.02 100.0% 791.7 796.3 4.6 0.96 16.9 0.55 2.09 100.0% 847.1 859.3 12.2 1.07 33.7 1.16 3.43 100.0% Notes to Table1) Drill hole intercepts are core length. True width/thickness will be determined once the geological modelling is completed.2) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0130) + (Cu (%) * 1.6480) and use the same metal prices ($1,650/oz Au, $22/oz Ag, and $3.75/lb Cu) and metallurgical recoveries (87% Au, 85% Ag, and 92% Cu) used in the year-end 2024 mineral resource estimate for EPO Underground.3) Core lengths subject to rounding. Assay results are uncapped.4) Coordinates are WGS 1984 UTM Zone 14N.5) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data. Table 6: Previously reported drilling results. For more information, please refer to the Company's press release titled "Torex Reports Results From 2023 Drilling at EPO" (September 5, 2023). InterceptDrill Hole Program UTM-E (m) UTM-N (m) Elevation (m) Azimuth (°) Dip (°) Final Depth (m) From(m) To(m) Core Length(m) Au (gpt) Ag (gpt) Cu(%) AuEq(gpt) CoreRecovery(%) ML23-942 Adv. Ex. 421981.6 1985607.0 1440.4 16 -50 977 603.0 606.6 3.6 2.94 4.1 0.07 3.11 88.8% 762.0 765.0 3.0 2.43 23.6 0.40 3.38 100.0% 791.9 807.7 15.8 3.26 58.9 1.36 6.27 100.0% including791.9 793.9 2.0 23.53 18.5 0.71 24.93 100.0% 873.3 876.0 2.8 0.09 75.8 1.88 4.17 100.0% 912.5 923.7 11.2 1.54 27.1 1.35 4.12 100.0% including921.0 923.7 2.7 2.34 98.9 4.21 10.57 100.0% ML23-949A Adv. Ex. 421983.8 1985606.6 1440.5 23 -54 988 747.0 765.2 18.2 0.50 62.9 1.94 4.51 100.0% including747.0 754.1 7.1 0.64 115.6 3.72 8.28 100.0% 774.2 783.5 9.3 0.63 59.1 1.57 3.98 100.0% 791.0 794.0 3.1 3.64 30.4 0.75 5.27 100.0% 807.2 818.0 10.8 0.54 32.5 0.92 2.48 100.0% 834.8 841.0 6.2 2.52 100.1 3.18 9.05 100.0% 918.5 920.1 1.6 0.66 70.5 2.41 5.54 100.0% Notes to Table1) Drill hole intercepts are core length. True width/thickness will be determined once the geological modelling is completed.2) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0130) + (Cu (%) * 1.6480) and use the same metal prices ($1,650/oz Au, $22/oz Ag, and $3.75/lb Cu) and metallurgical recoveries (87% Au, 85% Ag, and 92% Cu) used in the year-end 2024 mineral resource estimate for EPO Underground.3) Core lengths subject to rounding. Assay results are uncapped.4) Coordinates are WGS 1984 UTM Zone 14N5) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data Table 7: Previously reported drilling results. For more information, please refer to the Company's press release titled "Torex Reports Encouraging Results From Drilling at EPO" (March 23, 2023). InterceptDrill Hole Program UTM-E (m) UTM-N (m) Elevation (m) Azimuth (°) Dip (°) Final Depth (m) From(m) To(m) Core Length(m) Au (gpt) Ag (gpt) Cu(%) AuEq(gpt) CoreRecovery(%) ML22-857 Adv. Ex. 421981.6 1985603.8 1440.5 24 -69 754 233.0 240.7 7.7 1.26 44.7 0.98 3.46 89.2% 651.9 678.5 26.5 0.66 13.7 1.01 2.50 100.0% ML22-919D Adv. Ex. 422197.0 1985617.6 1461.0 307 -77 726 648.0 694.7 46.7 3.10 12.4 0.68 4.38 99.6% including665.3 668.3 3.0 13.53 61.8 2.34 18.19 100.0% including676.7 678.7 2.0 4.57 23.7 0.90 6.36 90.0% including685.2 688.6 3.5 13.09 10.7 0.67 14.33 100.0% including692.3 694.7 2.4 10.23 28.4 1.63 13.29 100.0% Notes to Table1) Drill hole intercepts are core length. True width/thickness will be determined once the geological modelling is completed.2) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0130) + (Cu (%) * 1.6480) and use the same metal prices ($1,650/oz Au, $22/oz Ag, and $3.75/lb Cu) and metallurgical recoveries (87% Au, 85% Ag, and 92% Cu) used in the year-end 2024 mineral resource estimate for EPO Underground.3) Core lengths subject to rounding. Assay results are uncapped.4) Coordinates are WGS 1984 UTM Zone 14N.5) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data. Table 8: Previously reported drilling results. For more information, please refer to the Company's press release titled "Torex Reports Assay Results of Step Out Drilling Program at Media Luna" (June 18, 2015). InterceptDrill Hole Program UTM-E (m) UTM-N (m) Elevation (m) Azimuth (°) Dip (°) Final Depth (m) From(m) To(m) Core Length(m) Au (gpt) Ag (gpt) Cu(%) AuEq(gpt) CoreRecovery(%) NWZML-23 Drill Test 422364.6 1985817.2 1466.8 320 -60 902 470.0 473.7 3.7 1.78 117.5 1.80 6.28 100.0% 491.9 495.6 3.7 3.62 37.4 0.36 4.70 100.0% 764.8 778.3 13.5 3.19 9.1 0.27 3.75 100.0% including775.7 778.3 2.6 13.91 14.8 0.07 14.22 100.0% 863.4 871.5 8.1 3.06 28.6 1.08 5.21 100.0% including863.4 868.1 4.7 4.44 26.0 1.49 7.23 100.0% Notes to Table1) Drill hole intercepts are core length. True width/thickness will be determined once the geological modelling is completed.2) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0130) + (Cu (%) * 1.6480) and use the same metal prices ($1,650/oz Au, $22/oz Ag, and $3.75/lb Cu) and metallurgical recoveries (87% Au, 85% Ag, and 92% Cu) used in the year-end 2024 mineral resource estimate for EPO Underground.3) Core lengths subject to rounding. Assay results are uncapped.4) Coordinates are WGS 1984 UTM Zone 14N.5) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data. To view the source version of this press release, please visit
Yahoo
28-06-2025
- Business
- Yahoo
Reyna Silver Announces Closing of Concurrent Financing
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES VANCOUVER, BC AND HONG KONG, CHINA / / June 27, 2025 / Reyna Silver Corp. ("Reyna Silver" or the "Company")(TSXV:RSLV)(OTCQB:RSNVF)(FRA:4ZC) is pleased to announce that, further to its news releases dated June 23, 2025 (the "June 23rd NR")and June 24, 2025, the Company has closed its non-brokered private placement for gross proceeds of $1.1 million (the "Private Placement"). As previously stated in the June 23rd NR, in connection with the definitive agreement with Torex Gold Resources Inc. ("Torex") dated June 22, 2025, pursuant to which Torex agreed to acquire all of the issued and outstanding common shares ("Shares") of Reyna Silver (other than Shares held by Torex) by way of a court-approved plan of arrangement (the "Transaction"), Torex agreed to purchase units ("Units") of Reyna Silver for a total investment of $1.1 million pursuant to the Private Placement. Pursuant to the Private Placement, the Company issued 11,578,947 Units at a price of $0.095 per Unit. Each Unit is comprised of one Share and one common share purchase warrant (a "Purchaser Warrant"). Each Purchaser Warrant is exercisable to acquire one Share at an exercise price of $0.13 per Purchaser Warrant for a period of one year. Reyna Silver has agreed to use the proceeds of the Private Placement to make certain payments relating to its option agreements in Nevada. The Private Placement is subject to final acceptance by the TSXV. The securities issued pursuant to the Private Placement are subject to a statutory four-month hold period. On Behalf of the Board of Directors of Reyna Silver Corp. Jorge Ramiro MonroyChief Executive Officer For Further Information, Please Contact:Jorge Ramiro Monroy, Chief Executive Officerinfo@ (852) About Reyna Silver Corp. Reyna Silver is a growth-oriented junior exploration and development company. Reyna Silver focuses on exploring for high-grade, district-scale silver deposits in Mexico and the United States. In Nevada USA, Reyna Silver has entered into an option to acquire 70% of the 12,058-hectare "Gryphon Summit Project". The Gryphon Project shows features indicating uniquely superimposed/overprinted Silver-Lead-Zinc-Copper Carbonate Replacement (CRD), Carlin Gold and Critical Metals mineralization. Also in Nevada, Reyna Silver is advancing its option to acquire 100% of the "Medicine Springs Project" where Reyna Silver is exploring a potentially significant Silver-Lead-Zinc-Copper CRD-skarn-Porphyry system. Reyna Silver's Mexican assets are 100% owned and include the "Guigui Project"and "Batopilas Project", both located in Chihuahua State. The Guigui Project covers the interpreted source area for the Santa Eulalia Carbonate Replacement Deposit District and Batopilas covers most of Mexico´s historically highest-grade silver system Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Statements This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this news release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. These forward-looking statements include, among other things, statements relating to the anticipated use of proceeds from the Private Placement; the receipt of final TSXV acceptance; and discussion of future plans, projects, objectives, estimates and forecasts and the timing related thereto. Such forward-looking statements are based on a number of assumptions of management, including, without limitation, the Company's ability to continue with its stated business objectives and obtain required approvals; the Company's ability to obtain all final TSXV acceptance; and the Company's anticipated use of proceeds from the Private Placement. Additionally, forward-looking information involve a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: risks associated with the business of Torex and Reyna Silver; risks related to the satisfaction or waiver of certain conditions to closing of the Transaction; non-completion of the Transaction; the failure of the Company to obtain all court and regulatory approvals required for the Transaction; the failure of the Company to obtain all required approvals, including final TSXV acceptance for the Private Placement; and other risk factors as detailed from time to time and additional risks identified in the Company's and Torex's filings with Canadian securities regulators on SEDAR+ in Canada (available at Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Neither the Company nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this news release. Neither the Company nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this news release by you or any of your representatives or for omissions from the information in this news release. SOURCE: Reyna Silver Corp. View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
28-06-2025
- Business
- Associated Press
Reyna Silver Announces Closing of Concurrent Financing
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES VANCOUVER, BC AND HONG KONG, CHINA / ACCESS Newswire / June 27, 2025 / Reyna Silver Corp. ('Reyna Silver' or the 'Company')(TSXV:RSLV)(OTCQB:RSNVF)(FRA:4ZC) is pleased to announce that, further to its news releases dated June 23, 2025 (the 'June 23rd NR')and June 24, 2025, the Company has closed its non-brokered private placement for gross proceeds of $1.1 million (the 'Private Placement'). As previously stated in the June 23rd NR, in connection with the definitive agreement with Torex Gold Resources Inc. ('Torex') dated June 22, 2025, pursuant to which Torex agreed to acquire all of the issued and outstanding common shares ('Shares') of Reyna Silver (other than Shares held by Torex) by way of a court-approved plan of arrangement (the 'Transaction'), Torex agreed to purchase units ('Units') of Reyna Silver for a total investment of $1.1 million pursuant to the Private Placement. Pursuant to the Private Placement, the Company issued 11,578,947 Units at a price of $0.095 per Unit. Each Unit is comprised of one Share and one common share purchase warrant (a 'Purchaser Warrant'). Each Purchaser Warrant is exercisable to acquire one Share at an exercise price of $0.13 per Purchaser Warrant for a period of one year. Reyna Silver has agreed to use the proceeds of the Private Placement to make certain payments relating to its option agreements in Nevada. The Private Placement is subject to final acceptance by the TSXV. The securities issued pursuant to the Private Placement are subject to a statutory four-month hold period. On Behalf of the Board of Directors of Reyna Silver Corp. Jorge Ramiro Monroy Chief Executive Officer For Further Information, Please Contact: Jorge Ramiro Monroy, Chief Executive Officer [email protected] +1 (852) 610-3022 About Reyna Silver Corp. Reyna Silver is a growth-oriented junior exploration and development company. Reyna Silver focuses on exploring for high-grade, district-scale silver deposits in Mexico and the United States. In Nevada USA, Reyna Silver has entered into an option to acquire 70% of the 12,058-hectare 'Gryphon Summit Project'. The Gryphon Project shows features indicating uniquely superimposed/overprinted Silver-Lead-Zinc-Copper Carbonate Replacement (CRD), Carlin Gold and Critical Metals mineralization. Also in Nevada, Reyna Silver is advancing its option to acquire 100% of the 'Medicine Springs Project' where Reyna Silver is exploring a potentially significant Silver-Lead-Zinc-Copper CRD-skarn-Porphyry system. Reyna Silver's Mexican assets are 100% owned and include the 'Guigui Project"and 'Batopilas Project', both located in Chihuahua State. The Guigui Project covers the interpreted source area for the Santa Eulalia Carbonate Replacement Deposit District and Batopilas covers most of Mexico´s historically highest-grade silver system Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Statements This news release contains 'forward-looking information' and 'forward-looking statements' within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this news release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'expects', 'is expected', 'budgets', 'scheduled', 'estimates', 'forecasts', 'predicts', 'projects', 'intends', 'targets', 'aims', 'anticipates' or 'believes' or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions 'may', 'could', 'should', 'would', 'might' or 'will' be taken, occur or be achieved. These forward-looking statements include, among other things, statements relating to the anticipated use of proceeds from the Private Placement; the receipt of final TSXV acceptance; and discussion of future plans, projects, objectives, estimates and forecasts and the timing related thereto. Such forward-looking statements are based on a number of assumptions of management, including, without limitation, the Company's ability to continue with its stated business objectives and obtain required approvals; the Company's ability to obtain all final TSXV acceptance; and the Company's anticipated use of proceeds from the Private Placement. Additionally, forward-looking information involve a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: risks associated with the business of Torex and Reyna Silver; risks related to the satisfaction or waiver of certain conditions to closing of the Transaction; non-completion of the Transaction; the failure of the Company to obtain all court and regulatory approvals required for the Transaction; the failure of the Company to obtain all required approvals, including final TSXV acceptance for the Private Placement; and other risk factors as detailed from time to time and additional risks identified in the Company's and Torex's filings with Canadian securities regulators on SEDAR+ in Canada (available at ). Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Neither the Company nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this news release. Neither the Company nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this news release by you or any of your representatives or for omissions from the information in this news release. SOURCE: Reyna Silver Corp. press release
