Diamond drilling to commence immediately
TSX Venture Exchange:TME, Frankfurt Exchange:TQ1
TORONTO, Sept. 2 /CNW/ - Temex Resources Corp. (TSX Venture:TME,
Frankfurt:TQ1) ("Temex") and partner East West Resource Corporation (TSXV:
EWR), ("East West"), (collectively "the Companies") announce that they have
entered into an Option and Joint Venture agreement (the "Agreement") with Mill
City Gold Corp. ("Mill City") whereby Mill City can earn a 50% interest in the
GP2 Property in the Noront-McFaulds Lake area.
Bruce Durham, Executive Chairman commented, "We have established a good
working relationship with Mill City and we are excited to commence drill
testing these high priority targets immediately with the diamond drill having
just arrived on the property."
The GP2 Property, which comprises 17 mining claims totaling 240 units
covering 9,600 acres, was part of a larger land package that was subject to
VTEM helicopter-borne geophysical surveying conducted by Temex and its
partners in winter 2008. The survey identified numerous anomalies on the GP2
Property from which priority targets were selected for immediate drill
testing. The majority of the targets are considered to have potential to host
significant nickel-copper-PGE or Cu-Zn mineralization.
The GP2 Property is held under a 50:50 Joint Venture between Temex and
East West. Mill City can earn a 50% interest in the GP2 Property by issuing an
aggregate of 1,000,000 shares to Temex and East West, of which 750,000 are due
on signing, and by spending an aggregate of $5 million in exploration on the
Property over three years. During the earn-in period, Mill City has appointed
Temex as the Agent to carry out the exploration programs, which will be
managed in the field by East West. Once Mill City has exercised the Option to
earn a 50% interest, Temex has the Option to participate in the Joint Venture
at 25% interest or to revert to a 7.5% interest carried to production.
The Agreement is subject to the approval of the TSX Venture Exchange.
Temex is a well-funded Canadian exploration company advancing its
precious metal, nickel, diamond, and uranium projects in Ontario. For further
information, contact Ian Campbell or Bruce Durham at 416-862-2246 or visit
www.temexcorp.com. Investors are also 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 mailto: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
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(*)
For further information:
For further information: Ian Campbell or Bruce Durham at (416) 862-2246
or visit www.temexcorp.com