TORONTO, Nov. 23, 2012 /CNW/ - Temex Resources Corp.
(TSXV: TME), (FWB: TQ1) ("Temex" or "the Company") announces that,
further to its press release dated November
15, 2012, it has acquired from Goldeye Explorations Limited
("Goldeye") significant landholdings in Tyrrell Township,
northeastern Ontario (the
"Acquisition"). The location of the properties subject to the
Acquisition is outlined on a map attached to the November 15, 2012 press release and is also
available on the Company's website at www.temexcorp.com.
As a result of the Acquisition, Temex has
increased its 100% ownership in the area by over ten-fold from
1,343 acres to 14,423 acres. The acquired landholdings are
contiguous and complementary to the existing Temex assets in
Tyrrell Township and include a large block of claims in which
Goldeye owned a 100% interest, as well as Goldeye's 40% interest in
the claims comprising the Juby Joint Venture Property in which
Temex held the remaining 60% interest.
The combined assets form the dominant
landholdings in this emerging gold district located 45 kilometres
southwest of AuRico's Young Davidson
Project and 70 kilometres east of IAMGOLD's Cote Lake Project.
Importantly, they consolidate the land in the immediate vicinity of
Temex's Juby Main Zone gold resources and at the same time extend
Temex's 100% ownership of the important Tyrrell Structural Zone
("TSZ"), host to all of the major gold occurrences in the region, a
further 5 kilometres along trend, doubling Temex's control to
approximately 10 kilometres. The TSZ is a major structural feature
similar in many geological respects to the Cadillac-Larder
Lake and Destor-Porcupine
major faults zones host to the world class Kirkland Lake and Timmins gold camps in the region.
Major gold zones acquired from Goldeye along the
TSZ include the Big Dome from which Goldeye has reported drill
intersections including 217.50 g/t gold over 2.10 metres, 13.10 g/t
gold over 3.00 metres and 80.70 g/t gold over 2.10 metres and the
Hydro Creek zone which includes drill intersections of 5.89 g/t
gold over 12.50 metres, 3.58 g/t gold over 20.20 metres and 4.28
g/t gold over 14.00 metres.
The Big Dome and Hydro Creek gold zones are
located 4 and 5 kilometres directly on strike along the TSZ west of
the Juby Main Zone NI 43-101 gold resources which are 935,000
ounces of gold grading 1.30 g/t in the Indicated category and
906,000 ounces of gold grading 1.00 g/t in the Inferred category
(news release January 16, 2012)
utilizing a 0.40 g/t cut-off grade.
The Acquisition also delivers significant "blue
sky" exploration potential for the discovery of both high grade and
bulk tonnage gold resources in numerous areas including an untested
3 kilometre stretch along the "TSZ" between Golden Lake and the Big Dome gold systems, as
well as the large area south of the TSZ where numerous drill
targets have been identified.
As consideration for Temex's acquisition of the
acquired interests, Temex has paid Goldeye $500,000 and issued to Goldeye 5 million common
shares of Temex (each, a "Common Share"). The Common Shares issued
by Temex are subject to a hold period expiring on March 23, 2013. In addition, Goldeye has agreed
to vote its Common Shares of Temex in support of management and its
recommendations and to certain restrictions on the disposition or
transfer of such shares, in either case for a period of two years
from the closing date. Goldeye has also granted to Temex the right
to acquire any landholdings currently held by Goldeye in Tyrrell
Township which Goldeye hereafter may propose to sell or otherwise
dispose of. Certain of the claims are subject to underlying
NSR Royalties ranging from 2 to 2.5%, all of which include buy-down
provisions ranging from 1.0 to 1.5% NSR Royalty.
On behalf of the Board of Directors
"Ian Campbell"
President and CEO
About Temex Resources Corp.
Temex is a Canadian based exploration company focusing on its
portfolio of precious metals properties in Northeastern Ontario, a world class mining
district. Temex is exploring the Timmins Whitney Property, in
partnership with Goldcorp, and the Juby Gold Project.
The Whitney Property has NI 43-101 compliant
resources on the Upper Hallnor of 3.0 million tonnes at a grade of
2.44 g/t gold for 234,300 ounces of gold in the Measured category,
8.8 million tonnes at a grade of 1.97 g/t gold for 555,900 ounces
of gold in the Indicated category, and 4.1 million tonnes at a
grade of 1.82 g/t gold for 241,000 ounces of gold in the Inferred
category, all at a cut-off grade of 0.30 g/t gold (Note 1).
The Juby Main Zone has NI 43-101 compliant
resources of 22.3 million tonnes at a grade of 1.30 g/t gold for
934,645 ounces of gold in the Indicated category and 28.2 million
tonnes at a grade of 1.00 g/t gold for 905,621 ounces of gold in
the Inferred category, both at a cut-off grade of 0.40 g/t gold
(Note 2).
The Gowganda Silver Project has a NI 43-101
compliant resource in tailings piles of 1.94 million tonnes grading
47.5 g/t silver for a contained resource of 2.96 million ounces of
silver in the Indicated category (Note 3).
Notes:
- Information regarding the mineral resource estimate on the
Upper Hallnor is in the Company's news release dated September 5, 2012 and the technical report filed
on SEDAR October 19, 2012. The
Mineral Resource Statement was prepared for Temex by P&E Mining
Consultants Inc. of Brampton,
Ontario in accordance wi th NI 43-101 by Richard Sutcliffe, PhD, P.Geo., Eugene Puritch, P.Eng., David Burga, P.Geo., Yungang Wu, P.Geo.,
Tracy Armstrong, P.Geo., and
Antoine Yassa, P.Geo., "independent
qualified persons" as defined by NI 43-101.
- Information regarding the mineral resource estimate on the Juby
Main Zone is in the Company's news release dated January 16, 2012 and the technical report filed
on SEDAR February 28, 2012. The
Mineral Resource Statement was prepared for Temex by GeoVector
Management Inc., Ottawa, Ontario
in accordance with NI 43-101 by Joe
Campbell, BSc, P.Geo., Alan
Sexton, MSc, P.Geol., and Allan
Armitage, PhD, P.Geol., "independent qualified persons" as
defined by NI 43-101.
- Information regarding the mineral resource estimate in the
tailings piles located on the Gowganda Silver Project is in the
Company's news release dated June 8,
2011 and the technical report filed on SEDAR July 21, 2011. The Mineral Resource
Statement was prepared for Temex by GeoVector Management Inc.,
Ottawa, Ontario in accordance with
NI 43-101 by Allan Armitage, PhD,
P.Geol., Alan Sexton, MSc, P.Geo.,
and Joe Campbell, BSc, P.Geo.,
"independent qualified persons" as defined by NI 43-101.
Forward Looking Statements:
This news release contains forward-looking information which is
not comprised of historical facts. Forward-looking information
involves risks, uncertainties and other factors that could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Forward looking information in this
news release includes, but is not limited to, mineral resource
estimates, the Company's exploration plans for its properties and
the potential for discovery of both high grade and bulk tonnage
gold resources as a result of the Acquisition. Factors that could
cause actual results to differ materially from such forward-looking
information include, but are not limited to, general business and
economic uncertainties, future mineral prices, uncertainties in
mineral resource estimates and adverse market conditions, as well
as those risks set out in the Company's public documents filed on
SEDAR. Although the Company believes that the assumptions and
factors used in preparing the forward-looking information in this
news release are reasonable, undue reliance should not be placed on
such information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Temex Resources Corp.