Temex Resources Corp. Announces the Adoption of Shareholder Rights Plan
January 23 2012 - 9:00AM
PR Newswire (Canada)
TORONTO, Jan. 23, 2012 /CNW/ - Temex Resources Corp. (FWB: TQ1)
("Temex" or "the Company") is pleased to announce that the board of
directors of the Company has adopted a shareholder protection
rights plan (the "Rights Plan"), effective January 23, 2012.
The objective of the Rights Plan is to ensure, to the extent
possible, that all shareholders of the Company are treated equally
and fairly in connection with any initiative to acquire control of
the Company. The Rights Plan is not intended to and will not
prevent a take-over of the Company. The purpose of the Rights Plan
is to encourage a potential bidder to make a "Permitted Bid",
having terms and conditions designed to meet the objectives of the
Rights Plan, or to negotiate the terms of an offer with the board
of directors of the Company. A Permitted Bid is a take-over bid
that is made to all holders of voting shares of the Company (other
than the bidder) for all of the voting shares held by them, by way
of a take-over bid circular prepared in compliance with applicable
securities laws, that remains open for acceptance by shareholders
of the Company for 60 days (or such shorter period of time as may
be approved by the board of directors of the Company from time to
time), and that satisfies certain other conditions. The Rights Plan
must be confirmed by shareholders within six months of its
effective date. The Company is not aware of any specific take-over
bid for the Company that has been made or is contemplated. A
complete copy of the Rights Plan is available upon request.
Shareholders wishing to receive a copy of the Rights Plan should
make their request by telephone at (416) 862-2246, by email at
info@temexcorp.com or by mail to Temex Resources Corp., 141
Adelaide Street West, Suite 1660, Toronto, Ontario, M5H 3L5,
Attention: Mr. Ian Campbell. A copy of the Rights Plan is
also filed on SEDAR at www.sedar.com. 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 its Juby Gold
Project. The Juby Main Zone has a resource of 22.3 million
tonnes at a grade of 1.30 g/t gold for 934,645 ounces of gold in
the Indicated category and 28.2 million tonnes at a grade of 1.00
g/t gold for 905,621 ounces of gold in the Inferred category, both
at a cut-off grade of 0.40 g/t gold (Note 1). 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 January 16, 2012; 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 according to the "CIM Standards on Mineral
Resources and Reserves: Definition and Guidelines" (December,
2005), by Joe Campbell, BSc, P.Geo., Alan Sexton, MSc, P.Geol., and
Allan Armitage, PhD, P.Geol., "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, 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 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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