TEMEX: MILL CITY DRILLING UNDERWAY on CROXALL PROPERTY, WEST TIMMINS GOLD DISTRICT
January 18 2011 - 9:00AM
PR Newswire (Canada)
TORONTO, Jan. 18 /CNW/ -- TSX-V:TME; FWB:TQ1 TORONTO, Jan. 18 /CNW/
- Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the
Company") reports that drilling has commenced on the Croxall
Property ("Croxall" or "the Property") located in the West Timmins
gold district. The program is being funded by Mill City Gold
Corp. (TSX-V: MC, "Mill City") under the terms of the option and
joint venture agreement announced September 22, 2010. The 2,400
acre Property is located adjacent to and along strike of the Golden
River Trend being aggressively explored by Lake Shore Gold Corp.
("Lake Shore") where Lake Shore recently announced very encouraging
gold results. Highlights: -- Drilling underway on a 6-hole 2,500
metre drill program. -- Initial drilling will test for extensions
of gold zones on the Golden River Trend recently announced by Lake
Shore along strike to the west-northwest. -- Historic drilling in
the 1990s 700 metres to the northwest of the current drill area on
Croxall included one hole that assayed 7.68 g/t gold over 9.60
metres. -- No historic drilling has been done on the target area to
be tested on the Croxall Property. "We are very pleased to have
Mill City exploring the Croxall Property which we view as a
strategic asset in the West Timmins gold district. Our partnership
with Mill City provides our shareholders with ongoing exposure to
this developing area while we focus our resources with Goldcorp on
advancing our Whitney JV Property in Timmins where drilling is set
to resume shortly and on the Juby Project in the Shining Tree gold
district where we are expanding our Main Zone gold resources and
carrying out drilling on several exciting exploration targets with
two rigs working," commented Ian Campbell, President and CEO of
Temex Resources Corp. Mill City has the option to earn a 75%
interest in the Croxall Property pursuant to the following main
terms: Mill City shall commit to spend $250,000 in exploration by
the first anniversary of the agreement and deliver to Temex 250,000
common shares of Mill City (share issuance completed). Mill
City must spend $750,000 in exploration prior to the fourth
anniversary of the agreement and must pay all cash payments that
remain to be paid on the Property until the formation of a joint
venture. Temex shall remain responsible for any share
payments due to the optionors under the original agreement. To view
a map of the Croxall Property please visit www.temexcorp.com. Jari
Paakki, P. Geo., Vice-President, Exploration 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 focussed on exploring the Timmins Gold Project,
and specifically the property known as Whitney, in partnership with
Goldcorp and at the same time advancing its Juby Gold Project, one
component of which is the 100% owned Juby Lease Property which
contains a National Instrument 43-101 Indicated resource of 614,000
ounces of gold and an Inferred resource of 602,000 ounces of gold.
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. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/January2011/18/c3210.html
pplease visit a href="http://www.temexcorp.com"www.temexcorp.com/a
orbr/ email: a href="mailto:info@temexcorp.com"info@temexcorp.com/a
orbr/ phone: 416-862-2246 toll free: 866-373-6287/p
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