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Torex Gold Gains After Signing Long-Term Leases for Properties Near Morelos Gold Project

Torex Gold Resources Inc. (TXG.TO) is up more than 11% this morning at $1.57 a share and the miner saying it has signed a 30-year lease agreement for 507 hectares of land to be used for construction, mining and gold processing at its Morelos gold project in Guerrero State, Mexico.

The company has also signed leases for 77 individually owned parcels covering 576 hectares under the same terms as the common land leases. Terms of the lease agreements -- 23,000 pesos (C$1,725) per hectare during the first two years, followed by the equivalent, in pesos, of 2.5 troy ounces of gold per hectare in years three through 15 -- are believed to be comparable to other deals signed by other mining companies in the region.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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