Temex Provides Corporate Update
TORONTO, Dec. 21, 2011 /CNW/ - Temex Resources Corp.
('Temex' or 'the Company') is pleased to announce the appointment of Ms. Karen Rees, P.Geo. as Vice President, Exploration effective immediately. Ms. Rees, with Temex since 2003 in the position of General Manager, will be responsible for the planning, management and implementation of all of the Company's exploration programs and development initiatives.'Karen has the expertise and management skills that will prove to be very valuable as Temex transitions to an advanced exploration company through the acceleration and expansion of our gold and silver exploration projects in northeastern Ontario,' commented Ian Campbell, President and CEO. 'Karen significantly strengthens our senior executive team, has been instrumental in Temex's precious metals portfolio and Corporate growth to date, and we are very pleased to have her lead our exploration group at this exciting time. Ms. Rees also possesses superior communication, governance, budgeting and corporate skills essential to all public companies.'
A graduate of the University of Saskatchewan (B.Sc. Honours, 1984), Ms. Rees has 25 years of mineral exploration experience working in a wide range of capacities including senior project manager, exploration manager, and project geologist for several publicly listed companies. Karen began her career in 1987 exploring for gold in the Red Lake mining camp for Noramco Exploration, followed by gold and base metal exploration in northern Manitoba and northern Saskatchewan for Noranda Exploration. Prior to joining Temex Ms. Rees was General Manager, Exploration of Avalon Ventures Ltd. which explored precious and rare metals projects in northwestern Ontario.
Ms. Rees is a member of the Association of Professional Geoscientists of Ontario (2002), is an active member of the PDAC and serves on its Human Resources Development Committee.
The position of Vice President, Exploration for Temex Resources Corp. was previously held by Mr. Jari Paakki.
Temex Treasury and Exploration Plans
Temex is well-financed with over $6.0 million in its treasury with no debt. The Company`s outlook for 2012 is very exciting and may prove to be the most rewarding in the Company's history. Our focus is on creating value at our precious metals projects in northeastern Ontario. The Board of Directors of Temex has approved a $3.0 million exploration budget for November 2011 to June 2012. The following activities are planned:
-- Diamond drilling on the Whitney Gold Project in Timmins where
two drills are currently active, in joint venture with Goldcorp
Canada Ltd. The purpose of this work is to develop near
surface National Instrument ('NI') 43-101 compliant gold
resources on both the Hallnor and Broulan Reef blocks.
-- Temex plans to complete an updated NI 43-101 compliant resource
estimate for the Juby Main Zone located near Timmins as well as
drill test numerous exploration targets in the immediate
vicinity of the resource.
-- The Company will also complete diamond drilling of near surface
bonanza grade silver veins plus an economic evaluation of the
silver tailings on the Gowganda Silver Project located near
Timmins.
Grant of Stock Options
The Company announces that it has granted an aggregate of 2,675,000 options under the stock option plan to consultants, an employee and directors of the Company. Each such option may be exercised by the holder to purchase one common share of the Company at a price of $0.20 per share for a period of 5 years from the date of grant.
Ian Campbell, P. Geo., President and CEO of the Company, is the designated 'qualified person' (within the meaning of National Instrument 43-101) responsible for the preparation of this news release.
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 its Timmins Whitney Property, in partnership with Goldcorp, and is expanding its NI 43-101 gold resource at the Juby Gold Project (Note 1) with an updated resource estimate planned for early 2012. The Juby Main Zone has a resource of 14.1 million tonnes at a grade of 1.36 g/t gold for 614,000 ounces of gold in the Indicated category and 18.3 million tonnes at a grade of 1.14 g/t gold for 602,000 ounces of gold in the Inferred category, both at a cut-off grade of 0.50 g/t gold. Temex also has a NI 43-101 compliant resource for tailings material on its Gowganda Silver Project (Note 2). The tailings piles contain a resource 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.
Notes:
1. Information regarding the mineral resource estimate on the Juby
Main Zone is in the Company's news release dated June 15, 2010 and
the technical report filed on SEDAR July 30, 2010. The Mineral
Resource Statement was prepared for Temex by GeoVector Management
Inc., Ottawa, Ontario according to the 'CIM Standards on Mineral
Resources and Reserves: Definition and Guidelines' (December,
2005), by Allan Armitage, Ph.D., P. Geol., and Joe Campbell,
B.Sc., P.Geo., 'independent qualified persons' as defined by NI
43-101.
2. 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
according to the 'CIM Standards on Mineral Resources and Reserves:
Definition and Guidelines' (December, 2005), by Allan Armitage,
Ph.D., P. Geol., Alan Sexton, M.Sc., P.Geo. and Joe Campbell,
B.Sc., P.Geo., 'independent qualified persons' as defined by NI
43-101.
Forward Looking Statements:
This news release includes certain 'forward-looking statements'. Such forward-looking statements involve risks and uncertainties. The results or events predicted in these forward-looking statements may differ materially from actual results or events. The Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
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.
Temex Resources Corp.
CONTACT: please visit www.temexcorp.com or email: info@temexcorp.com or
phone: 416-862-2246 toll free: 866-373-6287
