Temex Provides Corporate Update
December 21 2011 - 9:00AM
PR Newswire (Canada)
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 orphone:
416-862-2246 toll free: 866-373-6287
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