TSX Venture Exchange: TME, Frankfurt Exchange: TQ1
TORONTO, Nov. 16 /CNW/ - Temex Resources Corp. (TSX Venture:TME, Frankfurt:TQ1) ("Temex" or "the Company") announces that it has entered into discussions with BacTech Mining Corporation (BacTech; TSX-V:BM) with respect to an agreement to re-process the mine tailings on the Company's 100% owned Gowganda Silver Project which contains the Miller Lake O'Brien Mine. The Miller Lake O'Brien Silver Mine, the largest past producing Cobalt-style silver mine outside of Cobalt, Ontario was operated by Miller Lake O'Brien Mines (1910-1944) and later by Siscoe Metals (1945-1972), with combined historical production of 40.7 million ounces of silver at an average grade of 22 ounces of silver per ton (Derry, Michener, Booth & Wahl, 1990).
Temex selected five sites from previous sonic holes from which samples have been taken and will be shipped to BacTech for metallurgical testwork. The sonic drill holes produced silver grades from 11 samples of 1 to 1.5 metres in length ranging from 36.69 g/t silver to 341.46 g/t silver and averaging 115.38 g/t silver. BacTech will test for silver recoveries and will also test for the possibility of producing concentrates for cobalt and nickel.
BacTech's BACOX proprietary bioleaching technology metallurgical process utilizes bacterial oxidation which is a safe and environmentally friendly process, having the advantage of improving metal recovery, and BacTech is the only company in the world that has commercially-proven bioleaching technology for gold and for base metal separation. Given the ability of bioleaching to treat low-grade concentrates BacTech is confident that it can capture not only a significant amount of the remaining silver but also the contained cobalt and nickel.
Independent historical studies by several industry experts (including Kilborn Engineering and Watts, Griffis, and McOuat) on the silver content of the tailings established a resource of 1.827 million short tons grading 1.43 ounces per ton silver (1.66 million tonnes grading 49 grams per tonne silver). This was estimated on the basis of 545 auger holes and an additional 152 sonic drill holes completed by the previous operator between 1980 and 1987. While the mineral resource estimates are pre-National Instrument 43-101 and a Qualified Person has not done sufficient work to classify the historical estimates as current mineral resources, Temex considers the estimates reliable and relevant based on the verification of the results from historical sampling as well as the repeatability of several test samples taken by the Company (news release Feb 21, 2007).
The Gowganda Silver Project is located 25 kilometres east of the Company's 100% owned Juby Gold Project on which the Juby Main Zone contains a National Instrument 43-101 compliant indicated resource of 479,000 ounces of gold grading 1.73 g/t gold at a cut-off grade of 1.0 g/t gold, including a core of 315,000 ounces of gold at 2.20 g/t gold at a cut-off grade of 1.5 g/t gold, and an inferred resource of 120,000 ounces of gold grading 2.03 g/t gold at a cut-off grade of 1.5 g/t gold (news release Feb 16, 2005). This resource is defined from surface to a vertical depth of 400 metres and the area is unexplored at depth and to the east.
Ian Campbell, P.Geo., is the designated Qualified Person responsible for the preparation of this news release. Temex is a Canadian exploration company advancing its precious metals projects in Ontario.
On behalf of the Board of Directors,
President and CEO
*The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release*
SOURCE Temex Resources Corp.
For further information: For further information: Ian Campbell, President and CEO or Bruce Durham, Executive Chairman at (416) 862-2246 or visit www.temexcorp.com