TEMEX: MILL CITY DRILLING UNDERWAY on CROXALL PROPERTY, WEST TIMMINS GOLD DISTRICT

TSX-V:TME; FWB:TQ1

TORONTO, Jan. 18 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") reports that drilling has commenced on the Croxall Property ("Croxall" or "the Property") located in the West Timmins gold district.  The program is being funded by Mill City Gold Corp. (TSX-V: MC, "Mill City") under the terms of the option and joint venture agreement announced September 22, 2010. The 2,400 acre Property is located adjacent to and along strike of the Golden River Trend being aggressively explored by Lake Shore Gold Corp. ("Lake Shore") where Lake Shore recently announced very encouraging gold results.

Highlights:

  • Drilling underway on a 6-hole 2,500 metre drill program.
  • Initial drilling will test for extensions of gold zones on the Golden River Trend recently announced by Lake Shore along strike to the west-northwest.
  • Historic drilling in the 1990s 700 metres to the northwest of the current drill area on Croxall included one hole that assayed 7.68 g/t gold over 9.60 metres.
  • No historic drilling has been done on the target area to be tested on the Croxall Property.

"We are very pleased to have Mill City exploring the Croxall Property which we view as a strategic asset in the West Timmins gold district. Our partnership with Mill City provides our shareholders with ongoing exposure to this developing area while we focus our resources with Goldcorp on advancing our Whitney JV Property in Timmins where drilling is set to resume shortly and on the Juby Project in the Shining Tree gold district where we are expanding our Main Zone gold resources and carrying out drilling on several exciting exploration targets with two rigs working," commented Ian Campbell, President and CEO of Temex Resources Corp. 

Mill City has the option to earn a 75% interest in the Croxall Property pursuant to the following main terms: Mill City shall commit to spend $250,000 in exploration by the first anniversary of the agreement and deliver to Temex 250,000 common shares of Mill City (share issuance completed).  Mill City must spend $750,000 in exploration prior to the fourth anniversary of the agreement and must pay all cash payments that remain to be paid on the Property until the formation of a joint venture.  Temex shall remain responsible for any share payments due to the optionors under the original agreement.

To view a map of the Croxall Property please visit www.temexcorp.com.

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 Canadian based exploration company focusing on its portfolio of precious metals properties in northeastern Ontario, a world class mining district. Temex is focussed on 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.

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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