Temex commences drilling on Fishhook Joint VentureTemex commences drilling on Fishhook Joint Venture in the Noront-McFaulds Lake area
TORONTO, Aug. 21, 2008 (Canada NewsWire via COMTEX News Network) --
TSX Venture:TME, Frankfurt:TQ1
TemexResources Corp. (TSX Venture:TME, Frankfurt:TQ1) ("Temex") and partnerEast West Resource Corporation (TSXV: EWR), ("East West"),(collectively "the Companies") announce that a 12 hole, 2,000 metrediamond drilling program has commenced on the Fishhook Joint VentureProperty.
The Companies also announce that Noront ResourcesLtd. ("Noront") has entered into an option and joint venture agreement(the "Agreement") to earn an interest in the Property. Noront can earna 10% interest by paying $100,000 upon execution of the Agreement andby spending $500,000 in exploration in the first year. Noront can earnup to a 60% interest by making payments totalling $600,000 and spending$4.5 million over three years. The Agreement is subject to the approvalof the TSX Venture Exchange.
The Fishhook Property, locatedapproximately 45 kilometres to the south of the Noront discoveries, iscontiguous to the west of the Highbank Intrusion which is activelybeing explored by International Nickel Ventures Inc. on their FishtrapProperty and by Northern Shield Resources Inc. ("Northern Shield") andImpala Platinum Holdings Ltd. ("Implats") on their Highbank LakeProject. Recent work by Northern Shield has concluded that the HighbankLake Intrusion represents a large layered mafic to ultramafic intrusivecomplex with potential to host extensive layered PGE "reef"mineralization similar to that found in the Bushveld Complex. TheHighbank Lake Intrusion covers some 500 square kilometres, ranking itas one of the ten largest intrusive complexes of its kind in the world(source www.northern-shield.com).
Temex and East West interpretthat portions of the Fishhook Property may cover the basal portions ofthe Highbank Lake Intrusion and therefore have potential to hostsignificant Ni-Cu-PGE mineralization in the conduits or feeders belowthe intrusive suite, a setting analogous to the Noront discoveries andother large Ni-Cu-PGE deposits. The current drill program will testsome of the higher priority geophysical targets identified from arecently completed 1,100 line-km helicopter borne VTEM survey.
Temexis a well-funded Canadian exploration company advancing its preciousmetal, nickel, diamond, and uranium projects in Ontario. For furtherinformation, contact Ian Campbell or Bruce Durham at 416-862-2246,David Ellis at 416-704-0937 or visit www.temexcorp.com. Investors arealso invited to visit the Temex IR Hub athttps://www.a g o r a c o m.com/ir/Temex where they can post questions andreceive answers or review questions and answers already posted by otherinvestors. Alternatively, investors are able to e-mail all questionsand correspondence to mailto:TME@a g o r a c o m .com where they can alsorequest to be added to the investor e-mail list to receive all futurepress 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 notaccept responsibility for the adequacy or accuracy of this newsrelease* >>
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SOURCE: Temex Resources Corp.
Ian Campbell or Bruce Durham at (416) 862-2246; David Ellis at (416) 704-0937 or visit www.temexcorp.com.
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