TORONTO, Dec. 18 -- Temex Resources Corp. (TSX Venture Exchange:TME, Frankfurt:TQ1) ("Temex" or "the Company") reports it has entered into an option agreement to acquire a 100% interest in the Rib Lake Property located central to the Company's Latchford Gold Project. The Latchford Gold Project was initiated in 2004, after Temex discovered a block of rock containing 6,222 g/t gold (News Release March 30, 2004) on the Brett Property, close to the north boundary of the Rib Lake Property. The Brett Property sample, which also contained cobalt, nickel, copper, and bismuth minerals was determined to have a similar origin to that of the high-grade silver veins from the famous Cobalt silver mining camp 15 kilometres to the north, which produced 550 million ounces of silver and 30 million pounds of cobalt.
Commented Ian Campbell, President and CEO, "We are very pleased to have acquired the option to earn a 100% interest in the Rib Lake Property, situated adjacent to the Brett Property and the site of the discovery of high grade gold. The acquisition will allow us to expand our search in the immediate area of this discovery."
While limited previous exploration work on the 1800 acre Rib Lake Property was primarily for base-metal mineralization, a drill hole in 1952 by Rib Lake Copper Mines reportedly intersected a four-metre core length of silicified and sheared tuffs from which a 1.83 metre section assayed 44.57 g/t gold and 0.89% nickel; the remainder of the section was not analyzed. A second interval in similar pyrrhotite-mineralized host rock assayed 6.86 g/t gold and 0.99% nickel over 1.52 metres (MNDM assessment files).
An initial drill program on the Company's Brett Property was conducted late in 2004 in the area of the original discovery just north of the Rib Lake Property. One of the holes intersected a series of calcite veinlets containing anomalous gold and a multi-element geochemical anomaly consistent with the geochemical anomalies in Cobalt-style mineralized systems. Prospecting on the Brett Property discovered additional gold-rich samples, including a sample in the immediate area of the original discovery containing visible gold (News Release October 11, 2006; photos on Temex website).
The Rib Lake and Brett Properties are also prospective for mafic-ultramafic hosted Ni-Cu-PGE sulphide mineralization typical of the Temagami area. Strongly anomalous nickel-copper mineralization has been intersected in drilling by Temex on the Brett Property including in hole BR04-01 where a 1.4 metre interval assayed 0.72% nickel, 0.19% copper, and 0.357 g/t Pt+Pd and in drilling by previous operators on the Rib Lake Property (1952-1973) that yielded up to 0.65% Ni, 0.11% Cu and 15 g/t Ag over 13.8 feet, and 0.74% Ni, 0.88% Cu over 2.8 feet (MNDM assessment files). Note that no QA/QC was carried out on the historical work.
The Company has initiated a digital compilation of existing data on the Rib Lake Property and field work is being planned for early in 2008 including diamond drilling to test priority targets on both the Rib Lake and Brett Properties.
In order to earn a 100% interest in the Rib Lake Propery, Temex must make cash payments totaling $90,000, issue an aggregate of 100,000 shares and incur $150,000 of exploration expenditures over three years. The Optionors retain a 2% Net Smelter Returns ("NSR") Royalty on metals produced from the Property, with Temex retaining the right to purchase up to 1.5% NSR Royalty for $1,500,000. The terms of the transaction are subject to approval by the TSX Venture Exchange.
Ian Campbell, P.Geo. is the designated qualified person responsible for the preparation and content of this news release.
Temex is a well-funded Canadian exploration company focused on advancing its extensive property portfolio.
On behalf of the Board of Directors,
"Ian Campbell"
Ian Campbell
President and CEO
(x)The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release(x)
