TORONTO, Dec. 21 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") reports that it has entered into a Purchase and Sale Agreement (the "Agreement") to sell its interest in 53 mining claims (the "Properties") totalling 703 units in the northern and southern portions of the Ring of Fire area of northern Ontario to Hudson River Minerals Ltd. ("Hudson River" TSX-V: HRM).
Temex retains a 100% interest in a large block of claims, located in the southwestern portion of the Ring of Fire, that are immediately adjacent to and directly along strike to the east of the recent high grade gold discovery by diamond drilling announced by Northern Superior Resources Inc. and Rainy River Resources Ltd.
Terms of the Agreement:
Temex has agreed to sell its 100% interest in the Properties to Hudson River for the following:
- 1,500,000 common shares of Hudson River Minerals Ltd.
- 1,500,000 common share purchase warrants with each warrant entitling Temex to purchase one common share of Hudson River Minerals Ltd. at a price of $0.30 per share for a period of two years from the date of issuance.
Upon payment of the 1,500,000 common shares and the 1,500,000 common share purchase warrants, Hudson River will own 100% of the Properties and Temex will have no further interest, title or obligations in the Properties. Hudson River has agreed to spend a minimum of $250,000 which is to include drill testing of some airborne electromagnetic targets. Should Hudson River not make the expenditures on the claims, Hudson River will issue to Temex an additional 500,000 common shares of Hudson River Minerals Ltd.
The Agreement is subject to all necessary regulatory approvals and all securities issued in connection with this transaction are subject to a 4 month plus 1 day hold period from the date of issuance. The Agreement has been approved by the Board of Directors of both Temex and Hudson River.
Ian Campbell, P. Geo., President and CEO of the Company, is the designated "qualified person" (within the meaning of National Instrument 43-101) responsible for the preparation of this news release.
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 developing the Timmins Gold Project, and specifically the property known as Whitney, in partnership with Goldcorp and at the same time advancing its Juby Gold Project, one component of which is the 100% owned Juby Lease Property which contains a National Instrument 43-101 Indicated resource of 614,000 ounces of gold and an Inferred resource of 602,000 ounces of gold.
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.
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