Temex commences 15,000 metre deep drilling program on Timmins gold project



    TSX Venture Exchange:TME, Frankfurt Exchange:TQ1

    TORONTO, July 3 /CNW/ - Temex Resources Corp. (TSX Venture:TME,
Frankfurt:TQ1) ("Temex" or the "Company") announces that a 15,000 metre deep
diamond drilling program is underway on the Whitney Township Property in the
world-class Timmins gold camp where gold production to date exceeds 65 million
ounces. A $2.0 million budget has been allocated for exploration on the
Whitney Township Property which encompasses several former gold producers
including the former Broulan Reef and Hallnor Mines, the latter of which was
one of the highest grade gold mines in the Timmins gold camp. Historical
production totalled more than 1.65 million ounces of gold at an average grade
of 0.40 opt (13.71 g/t).

    
    Highlights

    -   15,000 metre deep diamond drilling program has commenced on the
        Whitney Township Property with the former Hallnor Mine boundary area
        as the primary target.
    -   Drilling currently testing deep targets to the west of the Broulan
        Reef Mine where the main structure intersects the favourable Vipond
        Formation, a geological setting that hosts high grade gold ores at
        the Dome and Hollinger Mines in the Timmins gold camp.
    -   Assay results are pending from a recent 3,325 metre shallow level
        diamond drill program which tested near surface targets in the
        Broulan Reef Mine area.
    

    Deep Vipond Formation Drilling Program

    Approximately 2,400 metres of diamond drilling is underway to test for
down plunge extensions of the gold-bearing Broulan Reef structure, where this
significant structure intersects the more favourable high iron tholeiitic
basalts of the Vipond Formation at depth, and immediately west of the Broulan
Reef Mine workings, a previously untested target on the Whitney Township
Property. The Vipond Formation is host to significant high grade gold ores
within the prolific Dome and Hollinger Mines, several kilometers to the
southwest.

    Deep Hallnor Drilling Program

    Three dimensional computer modelling of the stacked volcanic hosted
hook-veins, mine workings, structures and geological units adjacent to the
regionally extensive Timiskaming Unconformity within the Lower Hallnor Mine
area has been carried out by Temex over the past year. These high grade
mineralized vein systems are projected to plunge westward across the former
Hallnor Mine west boundary where previous mining was terminated due to
non-ownership of the adjacent mining claims. Approximately 13,000 metres of
diamond drilling will be completed to explore this boundary area for the
extensions of the vein systems mined previously. The two main Lower Hallnor
vein systems mined up to the boundary were the 11 Vein and the 19 Vein which
produced 450,000 tons at 0.30 opt gold and 650,000 tons at 0.42 opt gold
respectively.
    Modeling by Temex indicates that at the time the mine ceased operations
in 1971, several other vein systems were either partially mined or drilled but
not fully developed or mined. The presence of significant high grade
historical drill intersections outside of the Lower Hallnor Mine workings are
an indication of the excellent potential to build further resources on the
Property. These include an extremely high grade interval grading 40.84 opt
gold over 9.5 feet and also intersections including 0.65 opt gold over 15.0
feet. In addition, the recent modeling has indicated that the system of
stacked high grade gold-bearing veins is open at depth and is only limited by
a lack of drilling. Historical drilling around the lowermost few levels of the
Hallnor Mine on the 20 Vein had previously outlined an historical
non-compliant with National Instrument 43-101 resource of 528,000 tons grading
0.29 opt gold(*) which, from a review of all available documentation, remains
largely undeveloped and open along strike and to depth. Prior to the mine
ceasing operations, historical documentation indicated that the 20 Vein was
thought to be comparable to the 11 Vein in structure and stratigraphic
position and a statistical grade review carried out at that time indicated
that the mined grades were expected to be 50% higher than the drill indicated
grades on this vein.

    Broulan Reef Drilling Program

    A 19 hole 3,325 metre shallow level diamond drilling program was recently
completed on the Broulan Reef portion of the Whitney Township Property to test
for near surface gold mineralization which could be extracted either by open
pit mining methods or by utilizing the existing underground mine workings. As
part of this program, several shallow holes were drilled around the Broulan
Reef Mine workings to test for additional "flat vein zones" outside areas
where remaining historical non-compliant with National Instrument 43-101 ore
reserve blocks totalling 311,441 tons at a grade of 0.12 opt gold(*) have been
reported to exist above the 650 foot level. These lower grade flat vein zones
had very erratic gold mineralization and were locally bulk mined prior to the
closure of the mine in 1965 with a reported grade in the range of 0.1 to 0.2
opt gold. Assays are pending from this latest drill program and will be
available shortly.
    (*) Resources and reserves reported are historical and are not in
compliance with National Instrument 43-101 "Standards of Disclosure for
Mineral Deposits". In addition, the Company has not done the work necessary to
verify the classification of the resource and is not treating the estimates as
National Instrument 43-101 defined resources verified by a Qualified Person.
The historical estimates should not be relied upon.
    The Whitney Township Property is owned by Porcupine Gold Mines (a joint
venture between Goldcorp Inc. and Goldcorp Canada Ltd.). Temex has  the option
to earn a 60% interest in the entire Broulan Reef portion of the Property and
below the 1,000 foot level on the contiguous Hallnor Mine Property by making
expenditures of $4.0 million over 4 years. As of May 26, 2008, Temex has
completed $2.0 million of exploration expenditures as required prior to the
third anniversary of the Agreement. The Whitney Township Property is a
significant asset to Temex and management believes there is excellent
potential to identify mineral resources in and around the former high grade
mining operations.
    Henry Hutteri, P. Geo., is the designated qualified person responsible
for the preparation of this news release. Temex is a well-funded Canadian
exploration company advancing its precious metal, nickel, diamond, and uranium
projects in Ontario. Investors are invited to visit the Temex IR Hub at
http://www.agoracom.com/ir/Temex where they can post questions and receive
answers or review questions and answers already posted by other investors.
Alternatively, investors are able to e-mail all questions and correspondence
to mailto:TME@agoracom.com where they can also request to be added to the
investor e-mail list to receive all future press releases and updates in real
time.
    On behalf of the Board of Directors,

    "Ian Campbell"

    Ian Campbell
    President and CEO

    (*)The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this news release(*)





For further information:

For further information: Ian Campbell or Bruce Durham at (416) 862-2246
or visit www.temexcorp.com

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