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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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Maza Drilling is a Mexican company established in 2007 in Mazatlán, Sinaloa. Our Canadian founder, Mr. Guy de Launiere, has over 20 years of international experience managing diverse drilling operations. Maza Drilling strives to compete at the highest levels in terms of recovery, effectiveness, efficiency, and affordability at every project while keeping at the forefront of technology to meet our customer’s needs in this demanding market.