Torex Gold Resources Inc. (
TSX: T.TXG,
Stock Forum) announced that permit conditions to start construction have been satisfied and site construction has begun at its Morelos gold property in Mexico.
The Morelos gold property covers an area of 29,000 hectares in the highly prospective Guerrero gold belt located 180 kilometres southwest of Mexico City.
According to the
Torex Gold Resources press release, progress on the project has continued with detailed engineering 43% complete. Procurement and contracting commitments are also advancing.
Work has progressed at site within the previously permitted areas with the completion of the dozer trails to access the Guajes pit, the building of the construction camp, and the assembly of equipment. In addition, water well drilling for the new village of El Potrerillo has started.
"Contractors are being mobilized, with Nov. 1, 2013, slated as the official start date of the 21-month build out of our first mine / mill complex," said Fred Stanford, President and CEO.
Torex is a growth-oriented, Canadian-based resource company engaged in the exploration and development of its Morelos gold property.
On Tuesday, Torex rose 5.0% and was trading at $1.26 a share. The company had a market cap of $764.2 million, based on 606.5 million shares outstanding.