Temex sets terms for East West earn in on claims near Noront Ni-Cu-PGE discovery



    TSX Venture Exchange:TME, Frankfurt Exchange:TQ1

    TORONTO, Feb. 19 /CNW/ - Temex Resources Corp. (TSX Venture Exchange:TME,
Frankfurt:TQ1) ("Temex" or "the Company") announces that it has entered into a
binding letter of intent ("LOI") with East West Resources Corporation ("East
West") whereby Temex has granted East West the option to acquire a 50%
interest in 25 staked mining claims (the "Claims") totaling 333 units (13,320
acres), in the general area of the Noront Resources Ltd. ("Noront") recent
Ni-Cu-PGE discovery. The Claims, which are located in the Sachigo Greenstone
Belt in the James Bay Lowlands region of northern Ontario, are located south
of the high grade Noront Eagle One nickel-copper-platinum-palladium discovery.

    Highlights :

    
    -  East West granted an option to earn 50% interest in claim group near
       Noront Ni-Cu-PGE discovery
    -  Airborne EM - Mag survey scheduled to begin
    -  Temex total land position now increased to 7,000 mining units covering
       280,000 acres; interests range from residual royalties to 100%
       ownership
    

    The Claims cover features thought to represent geological environments
similar to the geological environment near the Noront Ni-Cu-PGE discovery. It
is believed that the recently acquired Claims have never been subjected to any
previous exploration for Ni-Cu-PGE mineralization, and for the most part, the
Claims have not been covered by a modern magnetic and electromagnetic
geophysical survey. The initial exploration program will consist of a
combination of airborne and ground geophysical surveying followed by diamond
drill testing of any priority targets.
    In order to earn its undivided 50% interest in the claims East West
shall, upon execution and delivery of a definitive Option and Joint Venture
Agreement, make a cash payment of $100,000 and issue to Temex 250,000 common
shares of East West, and complete an aggregate of $1,000,000 of exploration
expenditures (the "Work Commitment") over a three-year period. East West must
also issue an additional 250,000 shares on the first anniversary of the
agreement.
    East West shall be entitled to extend for one year the time for
completion of each milestone of the Work Commitment by notice to Temex if
given prior to the applicable anniversary of signing. Each extension shall
require East West to issue to Temex 250,000 common shares of East West.
    During the earn-in period, East West may appoint Temex as its Agent to
carry out the exploration programs and Temex would be entitled to charge an
industry standard management fee. Upon East West earning its 50% interest in
the Claims, Temex shall have 60 days from the date of exercise of the Option
to elect either to form a 50:50 Joint Venture with East West for further
exploration and development of the claims or to forego the Joint Venture and
reduce its undivided 50% interest in the Claims to a 15% carried and
non-assessable interest in the Claims to the date of commencement of
commercial production from the Claims. Should Temex elect to form a joint
venture, Temex shall be the operator and the Joint Venture shall be governed
by a joint management committee. The terms of the transaction are subject to
TSX Venture Exchange approval.
    Temex now holds a direct interest in 7,000 mining claim units covering
280,000 acres in the immediate area and region of the Double Eagle discovery
making Temex one of the largest landholders in the region. The claims subject
to the LOI, located to the southwest of the Noront discovery, are owned 100%
by Temex.
    Ian Campbell, P. Geo., is the designated qualified person responsible for
the preparation of this news release. Bruce Durham, Executive Chairman of
Temex, also serves as a Director of East West. For further information on
Temex please contact Ian Campbell or Bruce Durham, at 416-862-2246 or visit
the Company's website at www.temexcorp.com. Temex is a well-funded Canadian
exploration company focused on advancing its precious metal, diamond, nickel
and uranium projects in Manitoba and Ontario.

    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(*)

    %SEDAR: 00005513E




For further information:

For further information: on Temex please contact Ian Campbell or Bruce
Durham, at (416) 862-2246 or visit the Company's website at www.temexcorp.com

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Temex Resources Corp.

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