Temex Files Technical Report for Gowganda Silver Resource in Tailings
July 25 2011 - 9:45AM
PR Newswire (Canada)
TORONTO, July 25, 2011 /CNW/ -- TORONTO, July 25, 2011 /CNW/ -
Temex Resources Corp. (TSX Venture Exchange:TME, Frankfurt:TQ1)
("Temex" or "the Company" or "the Corporation") announces that it
has filed the report entitled: "Technical Report on the Gowganda
Silver Project including a Resource Estimate of the Surface
Tailings Deposit, Gowganda, Ontario" with regulatory authorities,
pursuant to Company news release dated June 8, 2011. The project,
located 3 kilometres northeast of Gowganda, Ontario, is actively
being explored by Temex. Assays are pending from a recently
completed Phase 1 diamond drill program designed to test the
extension of several high grade silver veins reported by the
previous operator Sandy K Mines ("SKM" 1988-1995) and various
exploration targets (news release April 28, 2011). The report dated
July 08, 2011, was authored by Allan Armitage, Ph.D., P.Geol., Alan
Sexton, M.Sc., P.Geo., and Joe Campbell, B.Sc., P.Geo., all of
GeoVector. GeoVector is a consulting firm based in Ottawa,
Ontario specializing in resource estimation, project assessment and
project management. The report outlines an Indicated Mineral
resource estimate for the tailings piles at a silver cut-off grade
of 10.0 grams per tonne ("g/t") is ~1,940,000 tonnes grading 47.5
g/t silver for ~2,960,000 contained ounces of silver. The estimate
and technical report conform to National Instrument 43-101
Standards of Disclosure for Mineral Projects (NI 43-101). The
effective date of this mineral resource estimate is June 08,
2011. The tailings were generated from the Miller Lake
O'Brien Silver Mine, Ontario's largest past-producing Cobalt-style
silver mine outside of Cobalt, Ontario with historical production
of 40.7 million ounces of silver at an average grade of 22 ounces
per ton silver (DMBW, 1990) between 1910 and 1972. The 2011 mineral
resource estimate is based on 764 auger, drive pipe and sonic drill
holes (3,012 metres) and 2,039 assay values. Drilling was
completed in 1981, 1987 and 2000. Alan Sexton, M.Sc., P. Geo., is
the Qualified Person, as defined by NI 43-101, for the Project, and
has reviewed the technical information in this release. GeoVector
has reviewed and approved the information in this news release.
Corporate Update Temex is pleased to announce that at the Annual
and Special Meeting ("ASM") of Shareholders held July 19, 2011
Messrs. Peter Akerley, Nelson W. Baker, Ian Campbell, Bruce Durham
and Angus Footman were re-elected as directors of the Corporation.
Shareholders also approved the appointment of parker simone LLP,
Chartered Accountants as auditors of the Corporation for the
ensuing year, and the Corporation's rolling stock option plan
which, among other things, provides that the Board of Directors of
the Corporation may grant up to ten percent of the total number of
common shares issued at the date of stock option grant. At a
meeting of the Board of Directors of the Corporation held after the
ASM, management appointments were made as follows: Ian Campbell was
appointed to the offices of President and Chief Executive Officer;
Edward J. Badida, CA was appointed to the offices of Chief
Financial Officer and Corporate Secretary; and Bruce Durham was
appointed as Chairman of the Board. 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. The Gowganda Silver Property is
located 20 kilometres east of the 100% owned Juby Lease Property
where the Company is currently working to expand the National
Instrument 43-101 ("NI 43-101") compliant resource of 14.1 Mt at a
grade of 1.36 g/t gold for 614,000 ounces of gold in the indicated
category plus 16.5 Mt at a grade of 1.14 g/t gold for 602,000
ounces of gold in inferred resources, both at a cut-off grade of
0.50 g/t gold (Note 1, news release June 15, 2010). Note 1:
Information regarding the mineral resource estimate on the Juby
Main Zone can be found on the Company's news release dated June 15,
2010, and the technical report filed on SEDAR, dated July 30, 2010.
The Mineral Resource Statement for Juby was constructed 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., both "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.
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