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.
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
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
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
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
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: firstname.lastname@example.org or
phone: 416-862-2246 toll free: 866-373-6287