TORONTO, Jan. 24, 2014 /CNW/ - Temex Resources Corp. (TSXV: TME) (FWB: TQ1) ("Temex" or "the Company" or "the Corporation") is pleased to announce the appointment of Derrick Weyrauch as Chief Financial Officer ("CFO") of the Corporation effective immediately.
"On behalf of the Board of Directors and Management, I am delighted to welcome Derrick to Temex," said Ian Campbell, President and CEO. "Derrick brings a broad skill set, including substantial operating and capital market experience and a wealth of junior mining knowledge, all of which will be invaluable as Temex transitions into advanced exploration and potential production at our high grade Whitney gold project in Timmins, Ontario. We look forward to working with him as he will play a direct role in executing our growth strategy."
Concurrent with the appointment of Mr. Weyrauch, Mr. Edward J. Badida has resigned from the position of CFO of the Corporation, a position he held since 2003. "On behalf of all of us at Temex, I want to with pleasure recognize Edward on his steadfast efforts, loyalty and guidance and thank him for his valuable contributions to our success in building the quality assets within our company that has set the stage for substantial growth. We wish Edward the best in all his future endeavors," stated Ian Campbell, President and CEO.
Mr. Weyrauch is a Chartered Professional Accountant ("CPA") and a Chartered Accountant ("CA") with over 25 years of experience that includes corporate financial management, financings, corporate restructuring, strategic planning and merger and acquisition transactions. Currently, he serves as a non-executive director on the Audit, Health & Safety committee and chairs two special committees for the board of directors of Jaguar Mining Inc. He also serves as a non-executive director on the Audit Committee for the board of directors of Banro Corporation. Prior to its sale in 2013, Mr. Weyrauch served as the Chief Financial Officer of Andina Minerals Inc. Mr. Weyrauch earned his CA designation in 1990 while working at KPMG, he is a member of the Institute of Chartered Accountants of Ontario, the Institute of Corporate Directors and he holds a Bachelor of Arts degree in Economics.
In connection with the appointment, Mr. Weyrauch will be granted options to purchase 500,000 common shares of Temex Resources Corp. Subject to Board approval, each such option will be exerciseable at a price of $0.13 per share for a period of 5 years.
On behalf of the Board of Directors,
President and CEO
About Temex Resources Corp.
Temex is a Canadian based exploration company focusing on its portfolio of precious metals properties in the world class mining district of northeastern Ontario. Temex (60% interest) is advancing the Timmins Whitney Gold Project, in partnership with Goldcorp Canada Ltd. (40% joint venture interest; no back-in rights), and exploring the Juby Gold Project (100% Temex).
The Whitney Property has a NI 43-101 compliant resources on the Upper Whitney of 0.97 million tonnes at a grade of 7.02 g/t gold for 218,100 ounces of gold in the Measured category plus 2.3 million tonnes at a grade of 6.77 g/t gold for 490,500 ounces of gold in the Indicated category and 1.0 million tonnes at a grade of 5.34 g/t gold for 170,700 ounces of gold in the Inferred category at a cut-off grade of 3.0 g/t gold (Note 1).
The Juby Gold Project has NI 43-101 compliant resources of 26.6 million tonnes at a grade of 1.28 g/t gold for 1,090,400 ounces of gold in the Indicated category and 96.2 million tonnes at a grade of 0.94 g/t gold for 2,908,800 ounces of gold in the Inferred category, both at a cut-off grade of 0.40 g/t gold (Note 2).
Temex also has a NI 43-101 compliant resource for tailings material on its Gowganda Silver Project. The tailings piles contain a NI 43-101 compliant 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 (Note 3).
- Information regarding the mineral resource estimate on the Upper Whitney is in the Company's news release dated January 14, 2014; the technical report will be filed on SEDAR within 45 days of this date. The Mineral Resource Statement was prepared for Temex by P&E Mining Consultants Inc. of Brampton, Ontario in accordance with NI 43-101 by Richard Sutcliffe, PhD, P.Geo., Eugene Puritch, P.Eng., David Burga, P.Geo., Yungang Wu, P.Geo., Tracy Armstrong, P.Geo., and Antoine Yassa, P.Geo., "independent qualified persons" as defined by NI 43-101.
- Information regarding the mineral resource estimate on the Juby Main Zone is in the Company's news release dated April 29, 2013 and the technical report filed on SEDAR June 12, 2013. Information on the mineral resource estimate on the Hydro Creek and Big Dome Zones is in the Company's news release dated January 15, 2014; 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 in accordance with NI 43-101 by Joe Campbell, BSc, P.Geo., Alan Sexton, MSc, P.Geo., and Duncan Studd, MSc, P.Geo., "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 in accordance with NI 43-101 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.
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, mineral resource estimates, and the development of its projects as well as the timing related thereto. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, general business and economic uncertainties, future mineral prices, uncertainties in mineral resource estimates and adverse market conditions, as well as those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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.
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