Temex Announces 140% Increase in the Inferred Gold Resource Estimate, New Drill Results at Juby Gold Project, Ontario

TORONTO, April 29, 2013 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") is pleased to announce an updated National Instrument 43-101 ("NI 43-101") resource estimate on the Juby Gold Project along with the assay results of the final four holes drilled in the resource area during the 2012-2013 exploration campaign.  The NI 43-101 technical report on the resource will be filed on SEDAR within 45 days of this date.  The Juby Gold Project is located in northeastern Ontario in the Timmins-Kirkland Lake mining camps, 45 kilometres southwest of AuRico Gold's Young-Davidson mine.

The updated resource estimate incorporates the results of the initial drill campaign conducted on the Golden Lake Property which was successful in extending the strike length of the deposit by over 1 kilometre to the northwest.  The Juby Project includes the 100%-owned Juby Property, the adjacent Golden Lake Property, on which Temex is earning a 100% interest under an option agreement (news release January 18, 2012) and the expanded land position which was incorporated under a major land consolidation purchase agreement in November 2012.  Total landholdings in the area are 14,423 acres. See Figure 1. (Please see link below)

The drill campaign focused on expanding the inferred resource, which increased by 140% to 2.2 million ounces of gold at a 0.4 g/t cut-off (74.2 million tonnes at 0.91 g/t gold) compared to the previous estimate published in January 2012 and within which the Core Zone contains 1,059,939 ounces within 21,502,000 tonnes at a weighted average grade of 1.53 g/t gold.  The indicated resource increased by 11% to 1.04 million ounces (25.3 million tonnes at 1.28 g/t gold) compared to the previous estimate.

The deposit is comprised of four distinct and contiguous geologic domains including the Core Zone, Halo Zone, Porphyry Zone and Sediments Zone.  The resource remains open at depth and along strike, occupying the eastern portion of the 10 kilometre long Tyrrell Structural Zone ("TSZ").  Table 1 below presents a summary of the Total Juby Resource at various cut-off grades.  Tables 2 and 3 provide a breakdown of the indicated and inferred resources by domain, respectively at a cut-off grade of 0.40 g/t gold.

In February 2013, four holes drilled at the western limit of the resource each intersected multiple intervals of mineralization highlighted by drill hole GL13-23, the westernmost hole of the deposit which returned 1.52 g/t gold over 45.15 metres, including 2.30 g/t gold over 22.25 metres starting at 73.85 metres down-hole (see highlights and Table 4).  Drilling is required to further expand the deposit along trend to the northwest for 1 kilometre on Golden Lake and for an additional 5 kilometres on the newly acquired landholdings in November 2012. These new landholdings contain numerous higher grade gold historic drill intercepts including 4.28 g/t gold over 14.0 metres, 3.58 g/t gold over 20.2 metres, and 217.5 g/t gold over 2.0 metres 3 kilometres along trend from the current limit of the deposit beyond hole GL13-23 with no drilling in between, as well as numerous other gold occurrences across the project area.  See Figures 1 and 2. (Please see link below)

Table 1.  Updated Resource Estimate - Total Juby Main Zone

Note: Figures for Tonnage and Contained Ounces have been rounded to the nearest 100.

"We are extremely pleased by the rapid progress we have made at the Juby Project and have achieved all of the short term objectives we set for this campaign which has again demonstrated significant resource potential with discovery costs well under $2 per ounce," commented Ian Campbell, President and CEO.  "The resource remains wide open where it strikes onto the newly consolidated ground to the northwest where numerous high-grade intercepts occur 3 kilometres away directly along trend and with no drilling in between.  With this new model in hand we'll now develop our plans and objectives for the next phase of work on the property which will include resource expansion drilling and evaluation of the numerous gold occurrences.  Meanwhile our near-term focus remains on the high-grade Whitney Project in the Timmins gold camp where we are currently drilling.  We believe that Whitney offers the exceptional combination of outstanding exploration upside potential along with options to fast track gold production and cash flow."

Table 2.  Indicated Resource Estimate by Zone Using 0.40 g/t Cut-off Grade

Table 3.  Inferred Resource Estimate by Zone Using 0.40 g/t Cut-off Grade

Resource Estimate Notes and Parameters

1. Mineral resources which are not mineral reserves do not have demonstrated economic viability.  The estimates presented in this news release have not been pit-constrained.  The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues, although the Company is not aware of any such issues.
2. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
3. The mineral resources in this news release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
4. High grade composite assays are capped at 30 g/t.
5. The current resource estimates are based on 140 NQ-sized drill holes totaling 41,971 metres drilled by Temex (2002-2013), 8 NQ-sized drill holes totaling 1,472 metres drilled by 706119 Alberta Ltd. (1998-2007) and 22 BQ-sized drill holes totaling 8,033 metres drilled by Inmet Mining Corporation (1999-2000).
6. These drill holes are spaced 15 to 100 metres apart, with an average spacing of 50 metres along a strike length of 3,500 metres.
7. Drill holes tested to a vertical depth of 300 metres, with 600 metres being the maximum depth tested in the eastern portion of the Juby Main Zone.
8. The width of the combined Core and Halo zones averages 20 metres with a maximum width of 80 metres in the central portion of the Juby Main Zone.  The maximum width of the entire Core, Halo and Sediment zones in the central portion of the Golden Lake Zone is 330 metres, with an average width of 50 metres across the Core and Halo zones.
9. The Gemcom block model is defined by 5m x 5m x 1.5m blocks.  A bulk density of 2.77 t/m³ was used for all tonnage calculations in the Juby Zone; in the Golden Lake Zone a bulk density of 2.80 t/m³ was used for the Core domain, and a bulk density of 2.73 t/m³ was used for the Halo and Sediment domains.  The values were derived from 613 specific gravity ("SG") tests of representative core.
10. The interpolation of grade was completed with Gemcom software, using the IDW (inverse distance weighting) method.  The Indicated category resource used the IDW² method, with a minimum of 4 and maximum of 12 samples and a 75m x 75m x 30m search ellipse aligned with the dominant direction of mineralization in each domain.  The Inferred category resource used the IDW³ method, with a minimum of 2 and maximum of 20 samples and a 150m x 150m x 60m search ellipse aligned with the dominant direction of mineralization in each domain.
11. The Indicated resource was delineated by the intersection of mineralized domains and a wireframe envelope within which the drill hole spacing was typically less than 50 metres and there existed a strong confidence in the degree and location of the mineralization.  All other blocks within the mineralized domains were categorized as Inferred.
12. Values in the tables may differ due to rounding.

The increase in the resource reported on January 16, 2012 is largely due to the incorporation of the 2012-2013 drill data from the Golden Lake Property which is the current western extension of the Juby Main Zone.  On the Golden Lake Property, Temex drilled 25 holes with the first campaign beginning in April 2012 and the second in November 2012.  The results of the holes drilled in 2012 were announced July 23, 2012, January 15 and March 26, 2013.

In February 2013, four holes drilled at the western most extension of the current NI 43-101 resource demonstrate that the gold mineralization is continuous and consistent with previously reported results and remains open to the northwest.  Significantly, drill hole GL13-23 intersected 2.30 g/t gold over 22.25 metres with individual assay intervals including 5.53 g/t gold over 1.10 metres and 8.54 g/t gold over 1.10 metres.  This hole is the most northwesterly hole in the resource.  The next drilling along the projected trend is 3 and 5 kilometres away at the Big Dome and Hydro Creek gold occurrences.  Temex achieved control of the 10 kilometre long extent of the TSZ via the land consolidation (news releases November 15 and 23, 2012) resulting in the Juby Gold Project covering 14,423 acres (5,837 hectares) which has several exploration targets as well as the potential to expand the resources.  Highlights of these holes are noted below and detailed in the following table.

Drill Results Highlights (see Table 4 for detailed intervals)

• GL13-22:  0.72 g/t gold over 58.20 metres and 1.00 g/t gold over 10.50 metres
• GL13-23:  1.52 g/t gold over 45.15 metres including 2.30 g/t gold over 22.25 metres
• GL13-24:  1.11 g/t gold over 16.71 metres
• GL13-25:  0.78 g/t gold over 20.64 metres

Table 4.  Significant results from drill holes reported in this release

Note: Temex has implemented a quality control (QA/QC) program that includes insertion of blanks, commercial standards and duplicate core samples in order to ensure best practice in sampling and analysis.  Drill core samples are cut at Temex facilities using a diamond saw with the samples transported by Temex personnel in securely sealed bags to a bonded freighting company and from there directly to facilities operated by SGS Canada in Sudbury and Mississauga, Ontario for preparation and analysis.  Core samples are analyzed for gold using fire assay on a 30 gram split with an ICP finish.  Where initial results exceed 3 g/t gold, a second assay is completed on another 30 gram split using fire assay with a gravimetric finish.  As part of in-house QA/QC SGS Canada inserted certified gold standards, blanks and pulp duplicate samples. Random additional repeats are also analyzed as required. Results from all internal QC samples and repeats are reported. Intervals reported are core lengths.  True widths are unknown at this time but are estimated to be 65 to 75% of the drilled width, depending on the angle of the drill hole.

Joe Campbell, BSc, P.Geo., Alan Sexton, MSc, P.Geo., and Duncan Studd, MSc, of GeoVector Management Inc. are responsible for the technical comments related to the resource estimate and its parameters and are "independent qualified persons" for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators and have verified the data disclosed in this release.

Karen Rees, P.Geo., Vice President, Exploration of Temex Resources Corp., is the designated qualified person 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 the world class mining district of northeastern Ontario.  Temex (60% interest) is advancing the Timmins Whitney Gold Project, in partnership with Goldcorp (40% joint venture interest; no back-in rights), and exploring the Juby Gold Project (100% Temex).

The Whitney Property has open pit and underground 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 plus 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 at a cut-off grade of 0.30 g/t gold for open pit and 2.0 g/t for underground (Note 1).

The Juby Main Zone has NI 43-101 compliant resources of 25.3 million tonnes at a grade of 1.28 g/t gold for 1,041,343 ounces of gold in the Indicated category and 74.2 million tonnes at a grade of 0.91 g/t gold for 2,174,193 ounces of gold in the Inferred category, both at a cut-off grade of 0.40 g/t gold (Note 2).

Temex also has a NI 43-101 compliant resource for tailings material on its Gowganda Silver Project.  The tailings piles contain a NI 43-101 compliant 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 (Note 3).

Notes:

1. 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 with 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.
2. Information regarding the mineral resource estimate on the Juby Main Zone is in the Company's news release dated April 29, 2013; the technical report will be filed on SEDAR within 45 days of this date.  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.Geo., and Duncan Studd, MSc, "independent qualified persons" as defined by NI 43-101.
3. 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 Information:

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, and the development of its projects as well as the timing related thereto. 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.

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