Temex partners with Mill City in McFaulds Lake are
Temex partners with Mill City in McFaulds Lake area
TORONTO, Sep. 2, 2008 (Canada NewsWire via COMTEX News Network) --
<< Diamond drilling to commence immediately TSX Venture Exchange:TME, Frankfurt Exchange:TQ1 >>
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 https://www.a g o r a c o m.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@a g o r a c o m.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*
%SEDAR: 00005513E
SOURCE: Temex Resources Corp.
Ian Campbell or Bruce Durham at (416) 862-2246 or visit
www.temexcorp.com
Copyright (C) 2008 CNW Group. All rights reserved