Temex intersects high grade gold on Timmins Gold Project

    TSX Venture Exchange:TME, Frankfurt Exchange:TQ1

    TORONTO, July 14 /CNW/ - Temex Resources Corp. (TSX Venture:TME,
Frankfurt:TQ1) ("Temex" or the "Company") announces assay results from the
recently completed 3,325 metre diamond drilling program on the Broulan Reef
Mine portion of the Whitney Township Property in the world-class Timmins gold
camp where gold production to date exceeds 65 million ounces. A $2.0 million
budget has been allocated for exploration on the Property which encompasses
several former gold producers including the former Broulan Reef and Hallnor
Mines, the latter of which was one of the highest grade gold mines in the
Timmins gold camp. Historical production totalled more than 1.65 million
ounces of gold at an average grade of 0.40 opt (13.71 g/t).

    -   Significant and high grade gold values intersected near surface with
        visible gold observed in quartz vein systems in 10 of 12 holes within
        the C Zone area and former Broulan Reef mine crown pillar, hanging
        wall and foot wall zones.
    -   TW08-67 intersected 33.46 g/t gold over 5.40 metres including 62.99
        g/t gold over 2.80 metres, and a second lower interval of 2.29 g/t
        gold over 7.10 metres.
    -   TW08-69 intersected 3.58 g/t gold over 6.60 metres including 8.33 g/t
        gold over 0.80 metres.
    -   Additional drilling being planned on near surface targets.
    -   15,000 metre diamond drilling program in progress with the former
        Hallnor Mine boundary as the primary target.

    A 19-hole 3,325 metre shallow level diamond drilling program was recently
completed on the Broulan Reef portion of the Whitney Township Property to test
for near surface gold mineralization which could be extracted either by open
pit mining methods or by utilizing the existing underground mine workings.
    Eight holes (TW08-66 to 73) were drilled in the crown pillar, hanging
wall and foot wall areas and immediately west of the former Broulan Reef Mine
workings to explore for additional near surface flat vein zones outside areas
where remaining historical, non compliant with National Instrument 43-101
resource blocks exist. These lower grade flat vein zones have historically had
very erratic gold mineralization but were successfully bulk mined from
underground with significantly higher grades being obtained than indicated by
drilling. Seven of these eight holes had visible gold within the
quartz-carbonate vein and stringer zones with encouraging intercepts coming
from the crown pillar/foot wall area where the drilling expanded on the foot
wall mineralization (0.046 opt gold over 68.4 feet including 0.104 opt gold
over 20.5 feet) found in historical hole BR89-09. The best intercepts obtained
from the current program are from hole TW08-67 which intersected 33.46 g/t
gold over 5.40 metres, including 62.99 g/t gold over 2.80 metres, and a second
lower interval of 2.29 g/t gold over 7.10 metres. TW08-69 intersected 3.58 g/t
gold over 6.60 metres including 8.33 g/t gold over 0.80 metres, TW08-71
intersected 30.13 g/t gold over 0.90 metres, and TW08-73 intersected 49.37 g/t
gold over 0.80 metres.
    Four holes (TW08-62 to 65) were drilled east and west of the C Zone to
explore for additional low grade, near surface gold mineralization.
Significant gold values were obtained in several quartz veined zones with
visible gold observed in three of the four holes. The best values obtained
were 2.35 g/t gold over 7.30 metres, 5.60 g/t gold over 1.80 metres and 2.23
g/t gold over 4.40 metres.
    Also as part of this program, several shallow holes were drilled on the
northwestern Variolitic Hyaloclastite horizon. Seven holes (TW08-55 to 61)
were drilled to test the Variolitic Hyaloclastite horizon, previous drill
intercepts, various basal till gold anomalies and related geological targets
in the northwestern portion of the Property. No significant results were
obtained and the source of the basal till anomalies remains unexplained.
    Commented Ian Campbell, President and CEO, "We are very encouraged by the
results of this drilling program, particularly when they are considered with
the near surface gold mineralization previously intersected by our drilling
campaigns in 2005 and 2006 immediately west of the mine workings. As a result,
additional drilling to further define and expand on these near surface
mineralized zones is currently being done, while at the same time we have just
begun a 15,000 metre deep diamond drilling program mainly targeting the former
Hallnor Mine west boundary area. The presence of significant high grade
historical drill intersections outside of the Lower Hallnor Mine workings are
an indication of the excellent potential to build further resources on this
very exciting property, and these include an extremely high grade interval
grading 40.84 opt gold over 9.5 feet and also intersections such as 0.65 opt
gold over 15 feet."
    The Whitney Township Property is owned by Porcupine Gold Mines (a joint
venture between Goldcorp Inc. and Goldcorp Canada Ltd.). Temex has the option
to earn a 60% interest in the entire Broulan Reef portion of the Property and
below the 1,000 foot level on the contiguous Hallnor Mine Property by making
expenditures of $4.0 million over 4 years. As of May 26, 2008, Temex has
completed $2.0 million of exploration expenditures as required prior to the
third anniversary of the Agreement. The Whitney Township Property is a
significant asset to Temex and management believes there is excellent
potential to identify mineral resources in and around the former high grade
mining operations.
    Henry Hutteri, P. Geo., is the designated qualified person responsible
for the preparation of this news release. Temex is a well-funded Canadian
exploration company advancing its precious metal, nickel, diamond, and uranium
projects in Ontario. Investors are invited to visit the Temex IR Hub at
http://www.agoracom.com/ir/Temex where they can post questions and receive
answers or review questions and answers already posted by other investors.
Alternatively, investors are able to e-mail all questions and correspondence
to TME@agoracom.com where they can also request to be added to the investor
e-mail list to receive all future press releases and updates in real time.

    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(*)

    Summary of Drill Results
                                               Length          Gold
    Hole            From           To         (metres)         (g/t)
    TW08-61        139.40        140.10          0.70          4.73
    TW08-62        118.20        119.10          0.90          2.25
          and      125.20        126.00          0.80          4.86
    TW08-63         39.80         41.80          2.00          2.12
          and       87.85         89.20          1.35       (*)2.66
          and      113.00        120.30          7.30          2.35
    including      113.45        114.45          1.00          6.91
    including      118.50        119.00          0.50          5.19
    TW08-64         53.00         54.80          1.80       (*)5.60
          and       58.60         59.60          1.00          2.71
    TW08-65         82.80         85.35          2.55       (*)1.24
          and      100.60        105.00          4.40          2.23
    TW08-66         33.30         33.80          0.50          1.53
    TW08-67         28.20         33.60          5.40      (*)33.46
    including       28.20         31.00          2.80      (*)62.99
    including       28.20         28.90          0.70     (*)204.00
          and       49.20         56.30          7.10       (*)2.29
    including       49.20         50.20          1.00          7.87
    TW08-68         52.00         52.50          0.50       (*)9.77
    TW08-69         79.80         86.40          6.60       (*)3.58
    including       82.00         82.80          0.80          8.33
          and       96.60         97.40          0.80       (*)1.66
    TW08-70         50.40         51.10          0.70       (*)2.36
    TW08-71         99.80        100.50          0.70          2.52
          and      106.40        107.30          0.90      (*)30.13
    TW08-72        134.80        135.30          0.50       (*)0.54
    TW08-73        128.50        129.30          0.80         49.37
          and      153.20        155.10          1.90       (*)2.28
          and      176.70        177.30          0.60      (*)11.14
    (*) visible gold observed

    QA/QC Procedures: Temex has implemented the following quality
assurance/quality control (QA/QC) procedures for the Whitney Township Property
drill program:
    NQ-diameter drill core was logged and then sawed in half, with one side
bagged and labelled; the remaining half was placed in core boxes for a
permanent record and is stored at a secure facility in Timmins. Core sample
size varied from 0.5 to 1.5 metres. All samples were transported to Swastika
Laboratories Ltd. in Swastika, Ontario for crushing, pulverization and
analysis. Core samples are crushed in a Denver jaw crusher and passed through
a Marcy rolls. A 350 gram sample is split off, pulverized and homogenized. The
homogenized sample is analyzed by Atomic Absorption on a 55B Spectra machine.
Any samples returning over 5 grams per tonne are weighed on a Cahn 55 balance.

    %SEDAR: 00005513E

For further information:

For further information: Ian Campbell or Bruce Durham at (416) 862-2246
or visit www.temexcorp.com

Organization Profile

Temex Resources Corp.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890