TEMEX INTERSECTS HIGH GRADE GOLD on HALLNOR 1-55 ZONE WHITNEY JV PROPERTY, TIMMINS

TSX-V:TME; FWB:TQ1

TORONTO, Jan. 4 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) "Temex" or "the Company" reports that significant gold intersections were recorded from 13 short holes drilled at the Hallnor 1-55 vein system on the Whitney JV Property, located in the heart of the Timmins Gold Camp. The Hallnor 1-55 Zone is one of several high priority gold targets on the Whitney Property currently being explored by the Company under the terms of a joint venture agreement between Temex (60%) and Goldcorp Canada Ltd. (40%).

Highlights:

  • All 13 holes drilled into the Hallnor 1-55 Zone encountered gold mineralization at shallow depths including: 50.10 g/t Au over 0.70 metres in TW10-102; 24.75 g/t Au over 0.70 metres in TW10-96; 2.28 g/t Au over 12.00 metres in TW10-98; and 3.32 g/t Au over 7.00 metres in TW10-97.
  • The near-surface 1-55 vein system is one of several gold zones considered by the Company to have high potential for the definition of economic bulk tonnage gold resources.
  • Priority exploration targets to be tested early in 2011.

Thirteen drill holes, averaging 165 metres in length, all intersected significant gold mineralization at shallow depths. Results include high-grade intercepts in drill hole TW10-102 which cut 50.10 g/t Au over 0.70 metres at a depth of 62.70 metres and wider gold intersections including TW10-98 which yielded 2.28 g/t Au over 12.00 metres at a depth of 58.00 metres and TW10-97 which assayed 3.32 g/t Au over 7.00 metres at a depth of 76.30 metres. All significant intersections are reported in the attached table of results. 

The Hallnor 1-55 vein system was identified in 2003 by the previous operators of the Porcupine Joint Venture, (Placer Dome Limited and Kinross Gold Corporation), as "having high potential for the definition of gold resources that could possibly be exploited by open pit mining methods". The zone consists of closely spaced, sub-vertical gold-bearing veins with a potential strike length of 500 metres. The 1-55 vein system is one of several near-surface gold zones on the Whitney Property with near surface resources (not in compliance with National Instrument 43-101).

Commented Ian Campbell, President and CEO, "In addition to the high discovery potential at deep levels below the Hallnor deposit the 1-55 vein system is one of several promising near surface gold zones we are evaluating as part of our global gold resource tally on the Whitney Property.  This is an integral part of our strategy continuing in 2011 along with testing new priority targets that have been identified. Our current program is confirming gold grades and is demonstrating excellent continuity as every drill hole cut gold mineralization which is a high gold hit ratio in the Timmins camp."

The current drilling is part of the Company's on-going 40-hole, 10,000 metre minimum diamond drill program on the Whitney JV Property. Assays are pending for approximately 25 additional drill holes and once received and compiled they will be released prior to resumption of drilling in early 2011.

The Whitney Property has historic gold production from the Broulan Reef, Bonetal and Hallnor mines, the latter of which is the highest grade mine (of those that produced >1 million ounces) in the 70 million ounce Porcupine Gold Camp.  Gold production from the Hallnor Mine amounted to more than 1.7 million ounces of gold at an average grade of 0.40 opt (13.71 g/t) gold while the Broulan Reef produced 490,000 ounces of gold at an average grade of 0.23 opt (7.88 g/t) gold. The Property is located central to a 10 million ounce gold mine trend and is surrounded by Goldcorp to the east, Lake Shore Gold Corp. to the north, and a joint venture between San Gold Corporation, Lexam Explorations Inc., and VG Gold Corp. to the west. 

To view a map of the Whitney JV Property please visit: http://files.newswire.ca/322/temex.pdf

Jari Paakki, P. Geo., Vice-President, Exploration 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 well-financed Canadian based exploration company focusing on its portfolio of precious metals properties in northeastern Ontario, a world class mining district.  Temex is exploring 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

Table 1: Significant results from drill holes reported in this news release

         
Drill Hole From (m) To (m) Core Length
(m)
Au (g/t)
TW10-90 117.20 120.20 3.00 1.87
TW10-91 49.40 54.30 4.90 1.47
  including 53.50 54.30 0.80 3.55
    and 158.70 159.20 0.50 9.20
TW10-92 138.60 139.30 0.70 16.70
TW10-93 129.50 132.40 2.90 3.11
TW10-95 79.20 81.25 2.05 10.12
TW10-96 54.10 72.10 18.00 0.92
  including 56.50 58.40 1.90 4.05
  including 70.50 71.40 0.90 5.11
    and 124.40 128.00 3.60 5.16
  including 127.30 128.00 0.70 24.75
TW10-97 76.30 83.30 7.00 3.32
  including 76.30 77.90 1.60 10.63
  including 82.30 83.30 1.00 5.34
TW10-98 58.00 70.00 12.00 2.28
  including 65.10 70.00 4.90 5.46
    and 132.40 142.00 9.60 1.64
  including 136.40 139.20 2.80 4.28
TW10-99 53.70 54.30 0.60 2.91
    and 131.00 134.00 3.00 2.36
TW10-100 178.50 185.70 7.20 2.79
  including 182.00 184.70 2.70 6.09
TW10-101 159.90 160.80 0.90 5.29
TW10-102 61.30 63.40 2.10 18.74
  including 62.70 63.40 0.70 50.10

Notes: Temex has implemented a quality control (QA/QC) program which includes the use of standards and blanks.  Samples of split NQ core are transported by Company personnel to Activation Laboratories in Timmins, Ontario in sealed bags.  The remaining half of the core is kept as a permanent record and stored at a secure facility in Timmins.  The core samples are analyzed using a 30 gram standard fire assay method.  Pulp metallic gold assaying is performed as required on samples where visible gold is observed.  Intervals reported are core lengths.  True widths are unknown at this time. *Estimates reported are historical in nature and are not in compliance with NI 43-101 "Standards of Disclosure for Mineral Deposits" and therefore should not be relied upon.

Table 2: Significant results from drill holes reported October 6, 2010

         
Drill Hole From (m) To (m) Core Length
(m)
Au (g/t)
TW10-80 163.20 165.20 2.00 6.05
  including 163.20 164.20 1.00 10.80
  203.90 204.40 0.50 2.75
TW10-81 147.00 155.70 8.70 5.61
  including 150.70 153.10 2.40 9.25
    and 147.00 147.50 0.50 7.58
    and 148.00 149.00 1.00 6.08
    and 151.40 152.30 0.90 13.80
    and 152.30 153.10 0.80 8.00
  171.20 173.10 1.90 5.37
  including 172.20 173.10 0.90 10.90
TW10-82 148.40 151.60 3.20 6.32
  including 148.40 153.60 5.20 4.52
    and 148.40 149.20 0.80 8.57
  156.50 157.20 0.70 7.07
  162.40 164.40 2.00 8.71
  including 163.40 164.40 1.00 15.80
  168.40 169.00 0.60 17.20
TW10-83 151.70 154.10 2.40 3.27
  including 152.50 153.10 0.60 6.81
  174.00 175.60 1.60 2.32
TW10-84 160.40 163.60 3.20 3.04
  including 161.90 162.70 0.80 5.54
  178.00 181.00 3.00 1.48

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.

SOURCE Temex Resources Corp.

For further information:

please visit www.temexcorp.com or
email: info@temexcorp.com or
phone: 416-862-2246 toll free: 866-373-6287

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