07:55 AM EDT, 10/10/2017 (MT Newswires) -- Torex Gold Resources (TXG.V) -- an emerging intermediate gold producer -- said Tuesday that its wholly owned subsidiary, Minera Media Luna, has signed a long term, common land, lease agreement with the Puente Sur Balsas Ejido to use the land required for the exploration, construction and mining of minerals at its Media Luna Gold Project in Southwest Mexico.

Chief Executive Officer Fred Stanford said: "The signing of this 25-year land lease agreement achieves another important milestone along the path to the development of the Media Luna project."

In a statement, the company said that the deal can be revoked at its discretion, with one year's notice.

Shares on Friday last week gained more than 2.0% to $20.38 apiece.

Price: 20.38, Change: +0.41, Percent Change: +2.1