Temex Intersects Gold in Porphyry at Croxall Property, West Timmins Gold District
TSX Venture Exchange: TME, Frankfurt Exchange:TQ1
TORONTO, ONTARIO: Temex Resources Corp. (TSX Venture:TME, Frankfurt:TQ1) ("Temex" or "the Company") reports that it has completed the second part of a phase one diamond drilling program on the Croxall Property located in the West Timmins Gold District, contiguous to the eastern boundary of Lake Shore Gold, and in close proximity to past and current gold producers (location map www.temexcorp.com). Temex has completed 8 shallow holes for 2863.0 metres of diamond drilling on various targets across the 60 mining claim unit Property.
Drill hole TC09-08 was drilled to undercut hole TC09-01 which intersected a red altered, gold-bearing porphyry in the northern part of the Property (news release Sept 17, 2009) from which an interval containing visible gold assayed 5.28 g/t gold over 1.90 metres. Similar altered porphyry containing molybdenite mineralization was intersected approximately 100 metres vertically below and assayed 1.09 g/t gold over 1.40 metres at 354.00 metres downhole. This intersection represents the deepest hole drilled on the Croxall Property to date. A second, much larger altered porphyry intrusion intersected near the top of the hole assayed 4.15 g/t gold over 1.00 metres, while a 1.30 metre wide interval of ultramafic rock adjacent to this porphyry assayed 1.55 g/t gold over 1.30 metres.
Commented Ian Campbell, President and CEO: "Our drilling confirms the presence of widespread mineralization and a number of altered felsic porphyry units associated with the gold mineralization. This is significant as the recent discoveries by Lake Shore Gold to the west occur in porphyry units well below the 300 metre vertical level and the Croxall Property has had only one hole drilled to the 300 metre level. Additionally, the 30+ million ounce Hollinger-McIntyre-Coniarum gold mines 25 kilometres to the east are all directly associated with mineralized porphyries. Further drilling will be required to test for gold mineralization associated with these porphyry bodies which are wide open in all directions."
Drill holes TC09-02 to TC09-07 were drilled in the central and southern parts of the Property in previously untested areas and areas known to have significant alteration and anomalous gold mineralization. Each of the holes intersected broad areas of alteration, local shearing and quartz-ankerite veining and anomalous gold values. Hole TC09-04 discovered a broad gold-bearing zone within altered sediments wedged between two ultramafic intrusive units that assayed 0.51 g/t gold over a core length of 14.00 metres.
Temex has the option to earn a 100% interest in the Croxall Property, which covers 2,400 acres of highly favourable stratigraphy north of the Porcupine-Destor Fault, where the majority of the gold production has occurred in the 65 million ounce Timmins Gold Camp.
Henry Hutteri, P.Geo., is the designated Qualified Person responsible for the preparation of this news release. Temex is a Canadian exploration company advancing its precious metals projects in northeastern Ontario. For further information, contact Ian Campbell, President and CEO or Bruce Durham, Executive Chairman at 416-862-2246 or visit www.temexcorp.com.
On behalf of the Board of Directors,
"Ian Campbell"
Ian Campbell
President and CEO
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.
Temex Initiates IP Geophysical Survey on Latchford Gold Project
TSX Venture Exchange: TME, Frankfurt Exchange:TQ1
TORONTO, ONTARIO: Temex Resources Corp. (TSX Venture:TME, Frankfurt:TQ1) ("Temex" or "the Company") announces that a ground induced polarization ("IP") geophysical survey using the Titan 24 DCIP system has been initiated on the Latchford Gold Project (the "LGP") located approximately 25 km south of New Liskeard, Ontario. The survey is being conducted by Quantec Geoscience Ltd. in the area of the new gold in bedrock trend recently discovered and expanded on by Temex on the LGP.
The purpose of the survey is to: a) define specific drill targets within the gold in bedrock trend; b) establish a potential IP and resistivity template for the structural setting and the gold mineralization; and c) detect the unconformity between Proterozoic and Archean rock sequences at depth. The unconformity has been targeted as a high potential zone for the formation of high grade precious metals veins and is a similar geological environment to the Cobalt Silver Camp just to the north.
The new gold in bedrock trend was initially discovered late in 2008 when grab samples returned gold assays of 4.08 g/t, 4.78 g/t, 5.52 g/t and 11.97 g/t gold (news release Apr 07, 2009) from mineralized fractures up to several cm wide which cut flat lying Proterozoic sediments interpreted to be near the unconformity with underlying Archean rocks. This trend was recently expanded to the south and east with several significant individual gold values from grab samples including 112.29 g/t, 49.75 g/t, 11.64 g/t, 9.14 g/t, 6.24 g/t and 4.53 g/t gold (news release Nov 24, 2009). Gold mineralization within the larger areal extent of the trend is associated with anomalous copper, silver and iron oxide mineralization.
The LGP was initiated following the discovery of vein-style bonanza gold mineralization (>6,000 g/t gold) located 5 km to the south when detailed geochemical analyses demonstrated that the abundant visible gold in the sample was associated with cobalt-nickel-arsenide minerals in calcite veins and was determined to have an origin similar to that of the ultra high grade silver veins from the world-famous Cobalt and Gowganda silver districts from which past production has exceeded 500 million ounces of silver.
Ian Campbell, P.Geo., is the designated Qualified Person responsible for the preparation of this news release. Temex is a Canadian exploration company advancing its precious metals projects in northeastern Ontario. For further information, contact Ian Campbell, President and CEO or Bruce Durham, Executive Chairman at 416-862-2246 or visit www.temexcorp.com.
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*
Temex Announces Closing of Private Placement Financing
TSX Venture Exchange: TME, Frankfurt Exchange:TQ1
Not for distribution to U.S. Newswire Service or for Dissemination in the United States
TORONTO, ONTARIO: Temex Resources Corp. (TSX Venture: TME, Frankfurt: TQ1) ("Temex" or the "Company") is pleased to announce the closing of its previously announced non-brokered private placement (see the Company's news release dated Nov 26, 2009) (the "Offering"), pursuant to which an aggregate of 1,666,667 "flow-through" shares (the "FT Shares") were sold to one institutional investor at a price of $0.30 per FT Share, raising gross proceeds of approximately $500,000.
The proceeds will be used to fund exploration programs on the Company's Latchford Gold Project and Timmins Gold Camp properties including diamond drilling in both project areas. The Company has intensified its exploration on the Latchford Gold Project based on the recent discovery of several high grade gold occurrences (see the Company's news release dated Nov 24, 2009) with ongoing field programs consisting of prospecting, geological mapping and soil sampling, and planned IP geophysical surveying and diamond drilling. The gross proceeds raised from the Offering will be used for "Canadian exploration expense" as defined in the Income Tax Act (Canada) and will be renounced for the 2009 taxation year.
In connection with the Offering, the Company will pay a cash finder's fee of 7% of the gross proceeds raised under the Offering and has issued 166,666 finder warrants. Each finder warrant entitles the holder to purchase one common share of the Company at a price of $0.35 during a 12-month period.
The securities issued under the Offering are subject to a hold period expiring on April 3, 2010.
Temex is a Canadian exploration company advancing its precious metal, nickel, diamond, and uranium projects in Ontario. For further information, contact Ian Campbell, President and CEO or Bruce Durham, Executive Chairman at 416-862-2246 or visit www.temexcorp.com.
On behalf of the Board of Directors,
"Ian Campbell"
Ian Campbell
President and CEO
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's anticipated use of proceeds and renunciation, the expected timing for closing the Offering, and the payment of finder's fees and finder warrants. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to obtain TSX Venture Exchange approval of the Offering, general business and economic uncertainties, future mineral prices and adverse market conditions, as well as those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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.
Temex Announces Private Placement Financing
TSX Venture Exchange: TME, Frankfurt Exchange:TQ1
Not for distribution to U.S. Newswire Service or for Dissemination in the United States
TORONTO, ONTARIO: Temex Resources Corp. (TSX Venture: TME, Frankfurt:TQ1) ("Temex" or "the Company") announces a non-brokered private placement of up to 1,666,667 "flow-through" shares (each, a "FT Share") at a price of $0.30 per share for gross proceeds of up to approximately $500,000 (the "Offering") to one institutional investor. The Offering is expected to close on or about December 1, 2009, subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals.
The proceeds will be used to fund exploration programs on the Company's Latchford Gold Project and Timmins Gold Camp properties including diamond drilling in both project areas. The Company has intensified its exploration on the Latchford Gold Project based on the recent discovery of several high grade gold occurrences (as announced Nov 24, 2009) with ongoing field programs consisting of prospecting, geological mapping and soil sampling, and planned IP geophysical surveying and diamond drilling. The gross proceeds raised from the Offering will be used for "Canadian exploration expense" as defined in the Income Tax Act (Canada) and will be renounced for the 2009 taxation year.
In connection with the Offering, the Company may pay a cash finder's fee of up to 7% of the gross proceeds raised under the Offering and issue finder warrants in an amount equal to up to 10% of the number of FT Shares sold pursuant to the Offering. Each finder warrant will entitle the holder to purchase one common share of the Company at a price of $0.35 during a 12-month period.
The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer of securities for sale in the United States or Canada or the solicitation of an offer to buy securities in the United States or Canada, nor shall there be any sale of the securities in any jurisdiction or state in which such offer, solicitation or sale would be unlawful.
Temex is a Canadian exploration company advancing its precious metal projects in northeastern Ontario. For further information, contact Ian Campbell, President and CEO or Bruce Durham, Executive Chairman at 416-862-2246 or visit www.temexcorp.com.
On behalf of the Board of Directors,
"Ian Campbell"
Ian Campbell
President and CEO
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's anticipated use of proceeds and renunciation, the expected timing for closing the Offering, and the payment of finder's fees and finder warrants. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to obtain TSX Venture Exchange approval of the Offering, general business and economic uncertainties, future mineral prices and adverse market conditions, as well as those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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.