Update: Torex Gold Resources Closing Up 10% after Securing Land Near Morelos Gold Project
Torex Gold Resources Inc. (TXG.TO) is set to close up about 10% at $1.55 a share, just off its best levels of the day after the miner 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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