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Juby Gold Project

OVERVIEW
Location: Gowganda, northeastern Ontario.
Ownership: 100% Temex on two Properties and 60% / 40% Joint Venture on one Property.
Size: 7,463 acres on three Properties.
High Note: The Juby Main Zone located on the Juby Lease Property has an Indicated Resource of 8.61 Mt grading 1.73 g/t gold (479,000 ounces of gold) and an Inferred Resource of 3.51 Mt grading 1.65 g/t gold (186,000 ounces of gold) at a 1.0 g/t cutoff.
Excellent exploration potential in new gold zones discovered along strike and parallel structures.
Mineralization Setting: Mesothermal gold deposits typical of Timmins and Kirkland Lake in Abitibi greenstone belt.
Exploration Plan: Diamond drilling totalling 16,325 metres on the Juby Lease Property resulted in a NI 43-101 compliant resource estimate and additional drill programs will explore the Juby Lease and surrounding Properties for near surface gold zone discoveries that will enhance the economics of the resource.

CURRENT ACTIVITY
June 26, 2008  Temex and Goldeye Announce Drill Results on Juby North JV Property
March 01, 2008  Temex Provides Exploration Update
February 26, 2008  Temex Announces Diamond Drill Program on Juby North Gold Property
November 07, 2007  Temex Intersects Gold Mineralization in Several Holes on Juby North Property
September 11, 2007  Temex Announces Commencement of Diamond Drilling on Juby North Gold Project
February 16, 2005  Temex Reports on Updated Juby Main Zone Resource Estimate

BACKGROUND

Background information on this Project
BACKGROUND

The Juby Gold Project is located west of Gowganda, Ontario, half way between Timmins and Sudbury, in Tyrrell and Knight Townships. Excellent road access is provided to the Project, which consists of three gold Properties totalling 7,463 acres in 169 claim units.

In August 2002, Temex completed the purchase of an 100% interest in the Juby Lease, Juby North JV and Tyranite Properties from Inmet Mining Corporation for $250,000 and 100,000 Common Shares.

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Juby: Regional Geology of Tyrrell and Knight Townships

• Juby Lease Property - one mining lease for 703 acres; contains the Juby Main Zone and is 100% owned by Temex subject to 2% NSR royalty.

• Juby North JV Property - 40 claims for 5,520 acres; 60% / 40% Joint Venture with Goldeye Explorations Limited.

• Tyranite Property - 3 claims for 1,240 acres; Temex 100%.

The regional geological setting of the Juby Gold Project is volcanic and sedimentary rocks of the Archean Abitibi greenstone belt comprising both Keewatin and Temiskaming assemblages of similar age to Kirkland Lake supracrustal rocks. The geology is Archean mafic and ultramafic rocks, and lesser intermediate volcanic rocks in contact with Temiskaming sediments. The west-northwest trending Tyrrell Structural Zone cuts the central portion of the project area and is interpreted to have a similar tectonic development to the Cadillac - Larder Lake Break to the north and east which has hosted deposits that produced over 40 million ounces of gold.

Temex initially focused its exploration expenditures on the Juby Lease Property culminating in an updated NI 43-101 compliant resource for the Juby Main Zone in February 2005 including an indicated resource totalling 479,000 ounces of gold and an inferred resource totalling 186,000 ounces of gold at a cut-off grade of 1.00 g/t. The strategy moving forward is to explore the Juby Lease and surrounding Properties for near surface gold zones discoveries that will enhance the economics of the Juby Main Zone.

Juby Lease Property
The Juby Lease Property, comprising a 703 acre mining lease, is the core of the Juby Gold Project. The Tyrrell Structural Zone is the principal host to gold mineralization. Widely spaced diamond drilling by previous operators encountered gold mineralization over its entire 2.5 kilometre strike length, including a large gold-bearing envelope for which a significant resource has been estimated, as detailed in the following section.

Temex expended a total of $2.3 million on exploration programs conducted on the Juby Lease Property between August 2002 and January 2005; these included five diamond drilling campaigns and complementary geological mapping, trenching and soil sampling programs. Almost all of the drilling has been focused on an one kilometre strike length of the Juby Main Zone. Within this area, a 25 to 80 metre wide "Gold Halo" has been defined with intersections of up to 86.94 metres grading 1.89 g/t gold (JU 03-30) and 129.00 metres grading 0.95 g/t gold (JU 03-34). A 5 to 20 metre wide higher-grade "Core Zone" has been outlined with intersections ranging from 4.06 metres grading 13.12 g/t gold to 19.8 metres grading 5.06 g/t gold (JU 03-30). Excellent potential exists to discover and define additional higher-grade gold zones along the Tyrrell Structural Zone and related secondary structures.

Resource Estimate
On July 20, 2004 an initial resource estimate for the Juby Main Zone was reported as follows: Indicated Resource of 2.23 Mt grading 1.81 g/t gold (130,000 ounces of gold) and an Inferred Resource of 8.00 Mt grading 1.74 g/t gold (449,000 ounces of gold) using a 1.0 g/t cut-off grade. Encouraged by this initial resource estimate, a program of trenching, channel sampling and diamond drilling was completed in fall 2004. The drill program was designed to test several previously untested areas which included the eastern strike extension of the Juby Main Zone as well as gaps in the existing resource model. A total of 15 new drill holes and one hole extension were completed for a total of 3,561 metres, resulting in the extension of the Juby Main Zone 300 metres to the east of the previous resource. Systematic channel samples of surface trenches over the central and western portion of the Juby Main Zone was also completed; the channels were used as horizontal drill holes to upgrade the resource estimate. As a result of this work, an updated resource for the Juby Main Zone was reported on February 16, 2005, as follows: Indicated Resource of 8.61 Mt grading 1.73 g/t gold (479,000 ounces of gold) using a 1.0 g/t cut-off grade and an Inferred Resource of 3.51 Mt grading 1.65 g/t gold (186,000 ounces of gold) using a 1.0 g/t cut-off grade.

Two mineralized zones constitute the Juby Main Zone. These two zones are the higher grade Core Zone, which has an associated lower grade halo, and the Upper Porphyry Zone, which is in the hanging wall of the higher grade zone.

Geologically, the Core Zone is defined by equal amounts of feldspar and hornblende porphyry dykes and Temiskaming sediments with grades of 0.75 g/t gold or greater. The gold halo with grades of 0.25 to 0.75 g/t gold is defined by Temiskaming sediments with lesser amounts of feldspar porphyry and hornblende porphyry dykes. The Upper Porphyry Zone is defined by a feldspar porphyry dyke and enclosing Temiskaming sediments and grades of 0.75 g/t or greater gold.

The drill indicated resource tonnages and grades (Table 1) are confined to the Core and Upper Porphyry Zones and were defined by a diamond drill density that was sufficient to show geological continuity of the mineralization. The drill indicated resource was outlined in the Core Zone over a 1,000 metre strike length, from 4+25 East to 5+75 West and to a depth of 325 metres below surface from 4+25 East to 2+00 West and to a depth of 200 metres below surface from 2+00 West to 5+75 West. The drill indicated resource was outlined in the Porphyry Zone over a 325 metre strike length, from 2+25 East to 1+00 West to a depth of 250 metres below surface. The numbers outlined in Table 1 are rounded to the closest 10,000 tonnes and 1,000 ounces.

Table 1: Drill Indicated Resource for Core and Upper Porphyry Zones
Zone Cut-off
Grade (g/t Gold)
Tonnage (Mt) Gold Grade
(g/t)
Total Gold
(ounces)
Core Zone 1.0 8.15 1.75 459,000
Porphyry Zone 1.0 0.46 1.38 20,000
Core Zone 1.5 4.40 2.19 310,000
Porphyry Zone 1.5 0.07 2.55 5,000
Total Indicated 1.0 8.61 1.73 479,000
Total Indicated 1.5 4.46 2.20 315,000

The inferred resource tonnages and grades (Table 2) represent the global number for the Core Zone, Gold Halo and Upper Porphyry. This resource was defined by a diamond drill density that was not sufficient to show geological continuity of the mineralization. This resource was outlined over a 1,200 metre strike length from 4+25 East to 7+75 West primarily to a depth of approximately 300 metres, but locally to a maximum depth of 500 metres. The numbers outlined in Table 2 are rounded to the closest 100,000 tonnes and 1,000 ounces.

Table 2: Inferred Resource for Core Zone, Gold Halo and Upper Porphyry Zone
Zone Cut-off
Grade (g/t Gold)
Tonnage (Mt) Gold Grade
(g/t)
Total Gold
(ounces)
Global Inferred 1.0 3.51 1.65 186,000
Global Inferred 1.5 1.84 2.03 120,000

The Juby Main Zone resource estimate is based on 58 NQ surface drill holes totalling 13,539 metres drilled by Temex in five drill programs conducted between August 2002 and November 2004. In addition, 15 BQ surface drill holes totalling 5,025 metres drilled by Inmet Mining Corporation during 1999-2000 in the Juby Main Zone were included as data in the resource estimate. These 73 drill holes are spaced 15 to 60 metres apart with an average spacing of 50 metres, over a strike length of 1,200 metres. In addition, the channel samples and geology from six surface trenches located on the Core Zone and Gold Halo between 1+50 West and 5+75 West were included in the resource estimate. The width of the Core Zone and Gold Halo averages 25 metres, with a maximum width of 80 metres in the central portion of the mineralized zone. These drill holes tested mineralization primarily to a vertical depth of 300 metres, with the maximum depth tested being 450 metres in the eastern 100 metres of defined mineralized zones.

The resource estimate for the Juby Main Zone was completed by the independent consulting firm, GeoVector Management Inc. The resource estimate was prepared utilizing DataMine software and a block model in which 10 by 10 by 10 metre blocks were placed over solids with the proportion of each block below the topographic surface and inside the solid contributing to the resource mass. One metre composite samples were used in the resource estimate. The average specific gravity used in the resource estimate was 2.77 g/cc, taken from a range of 2.73 to 2.81 g/cc, which reflects the diversity of mineralized rock types within the Juby Main Zone.

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Juby: Resource Estimate
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Juby: 3D Model
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Juby: Main Zone Cross Sections

Juby North JV Property
The Juby North JV Property is a Temex operated 60% / 40% Joint Venture between Temex Resources Corp. and Goldeye Explorations Limited. In April 2004, linecutting and IP geophysics was followed by a 12 hole 2,115 metre diamond drill program which tested several priority targets resulting in a number of gold discoveries.

Three drill holes tested the Tyrrell Structural Zone where it crosses the southwest portion of the Property. One of these holes, JU 04-57, encountered a broad gold-bearing zone that yielded 1.19 g/t gold over 29.53 metres, including a higher grade interval, which returned 4.77 g/t gold over 4.91 metres. Hole JU 04-64 discovered a significant new gold zone while testing a weak 650 metre long IP charegeability anomaly, 400 metres north of the Tyrrell Structural Zone. The new zone consists of a broad gold zone averaging 0.89 g/t gold over 29.85 metres, within which two separate intervals yielded 3.24 g/t gold over 2.24 metres, including 5.85 g/t gold over 1.11 metres, and 5.18 g/t gold over 1.71 metres, including 6.96 g/t gold over 0.92 metres. This new discovery is open in all directions and may represent a splay fault of the Tyrrell Structural Zone.

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Juby: Exploration Targets
Five holes tested the B Zone extension defined by historical gold-in-soil and IP anomalies from which prospecting by Temex in 2003 discovered grades of up to 4.42 g/t gold from grab samples in outcrop. All five holes drilled on the zone returned intervals of gold mineralization with the most significant being JU 04-59, which intersected 2.23 g/t gold over 4.55 metres, including a sub-interval of 6.76 g/t gold over 1.15 metres, and hole JU 04-62, which yielded 0.53 g/t gold over 23.13 metres.

In November 2007, results were reported on a seven hole 1,205 metre drill campaign. Drill hole JU 07-89 was drilled 50 metres to the west of previous drill hole JU 04-64 which targeted an induced polarization geophysical anomaly and discovered a new gold zone. In previous drill hole JU 04-64, higher grade intercepts of 3.24 g/t gold over 2.24 metres (including 5.85 g/t gold over 1.11 metres) and 5.18 g/t over 1.71 metres were intersected within a broader auriferous zone that averaged 0.89 g/t gold over 29.85 metres. Hole JU 07-89 intersected multiple gold zones including a new gold zone which assayed 15.0 g/t gold over 2.15 metres. Further downhole, two zones of gold mineralization, representing the extension of gold zones in hole JU 04-64, were intersected. The first intersection assayed 3.41 g/t gold over 2.94 metres while the second broad zone of gold mineralization assayed 1.22 g/t gold over 10.06 metres. In addition, a fourth gold zone yielded 5.33 metres grading 2.33 g/t gold, including 1.50 metres grading 4.53 g/t gold.

Two holes tested the depth and strike extension of the gold mineralization intersected in previous hole JU 04-57 which intersected 4.77 g/t gold over 4.91 metres within a broader gold bearing zone which yielded 1.19 g/t gold over a core length of 29.53 metres. Hole JU 07-92 intersected 5.55 g/t gold over 4.62 metres, including 3.23 g/t gold over 9.37 metres, 30 metres vertically below the intersection in hole JU 04-57. This intersection occurred within a broader gold halo grading 1.67 g/t gold over 32.67 metres. Hole JU 07-93, drilled 50 metres to the west of JU 07-92, intersected two gold zones with the upper zone yielding 1.16 g/t gold over 21.20 metres. The lower zone yielded 3.31 g/t gold over 6.76 metres, including 7.46 g/t gold over 2.52 metres. This gold zone is on the Tyrrell Structural Zone ("TSZ") which hosts the Juby Main Zone and is 400 metres to the west of where Inmet Mining Corp. previously intersected 234 g/t gold over a core length of 1.5 metres. Further to the west along the TSZ, Goldeye has reported a number of gold intersections including 9.4 metres grading 7.24 g/t gold and 2.05 metres grading 217.52 g/t gold.

In June 2008, results were reported on a 10 hole, 1,980 metre drill program. Drilling continued to expand at depth the western extension of the JMZ, defined by previous intersections including hole JU-07-93 which yield 6.76 metres grading 3.31 g/t gold including 2.52 metres grading 7.46 g/t gold. Two holes in the current program (JU-08-94 and JU-08-95) tested the structure below the previous intersections, with both holes intersecting broad zones of gold mineralization enclosing higher grade cores. JU-08-94 yielded an interval of 1.26 g/t gold over 61.60 metres including 2.47 g/t gold over 22.30 metres and a higher grade interval of 5.43 g/t gold over 3.65 metres. JU-08-95 drilled 50 metres along strike intersected a narrower interval of JMZ mineralization of 1.21 g/t gold over 4.23 metres, but also intersected a new gold zone below the JMZ which yielded 1.86 g/t gold over 5.95 metres including 2.23 g/t gold over 4.50 metres, and including 5.07 g/t gold over 1.20 metres.

Four drill holes extended the strike and depth extension to gold mineralization discovered during the 2007 drill campaign including hole JU-07-89 which intersected multiple gold zones including 5.33 metres grading 2.33 g/t gold, 1.50 metres grading 4.53 g/t gold, 3.41 g/t gold over 2.94 metres, 1.22 g/t gold over 10.06 metres and 15.0 g/t gold over 2.15 metres. Hole JU-08-99, drilled 50 metres along strike to the west of hole JU-07-89 intersected 0.91 g/t over 5.39 metres and a second interval of 0.57 g/t gold over 12.37 metres, while hole JU-08-100 drilled below JU-07-89 intersected several auriferous zones including 0.94 g/t gold over 6.48 metres, 0.82 g/t gold over 3.90 metres, 0.58 g/t gold over 8.98 metres, and 1.66 g/t gold over 4.03 metres, including 5.14 g/t gold over 0.85 metres.

A new zone of gold mineralization was encountered in hole JU-08-98 grading 2.39 g/t gold over 1.73 metres on the most western section drilled on the Property.  

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