TORONTO, Jan. 23, 2012 /CNW/ - Temex Resources Corp. (TSXV: TME) (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 email@example.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.
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.
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
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.
For further information:
please visit www.temexcorp.com or email: firstname.lastname@example.org or
phone: 416-862-2246 toll free: 866-373-6287