TORONTO, Feb. 14 - Temex Resources Corp. (TSX Venture Exchange:TME, Frankfurt:TQ1) ("Temex" or "the Company") announces it has completed all documentation in relation to its Option and Joint Venture Agreement ("the Agreement") with Mill City Gold Corp. ("Mill City"). The Agreement, announced on December 12, 2007 covers nine properties encompassing more than 40,000 acres ("the Claims") in the vicinity of the Noront Resources Ltd. new Eagle One nickel-copper-platinum-palladium discovery in northern Ontario. Mill City has appointed Temex as operator during the earn-in period and Temex reports that an extensive airborne survey of the Claims has commenced and preliminary results are expected in March 2008.
Highlights:
The Claims consist of 1,012 mining units covering some 40,480 acres in nine separate claim groups, on which there is no recorded history of exploration. Temex and Mill City believe the Claims have potential to host several deposit types including:
- nickel-copper-platinum-palladium mineralization (Noront type high grade)
- copper-zinc in volcanogenic massive sulphide setting (Spider type)
- diamonds (the original exploration target in the area; De Beers; Attawapiskat type)
- gold (Superior Diamonds-Lakeshore Gold type)
Temex and Mill City report the commencement of high quality airborne magnetic and electromagnetic surveys over the entire Claims. The state-of-the-art helicopter-borne systems, which have led directly to the Spider and Noront discoveries, will provide substantial amounts of precisely located geophysical data quickly. This data will provide the basis for quick definition of initial priority targets. The best targets will be quickly ground detailed and are expected to be 'drill ready' for late winter drill testing.
Mill City and Temex have received TSX Venture Exchange ("Exchange") approval for the transaction and in respect of the approval and as required by the Exchange, Mill City commissioned a NI 43-101 compliant Technical Report prepared in respect of the Claims and the transaction. The report has been prepared and submitted to the Exchange for approval; and the approval was recently granted by the Exchange. The Technical Report, authored by Brad Leonard, P.Geo. of Caracle Creek International Consulting Inc., will be filed on www.sedar.com by Mill City as required.
Essential Terms of the Agreement
Mill City has the option to earn a 50% interest in the properties by completing the following: incur the first $2,500,000 in expenditures as partial requirement to earn the 50% interest; pay Temex $300,000 cash and issue 250,000 of its common shares to Temex; issue an additional 250,000 shares on or before the first anniversary of the agreement. If Mill City earns a 50% interest in the Claims a joint venture will be formed with Temex to be the initial operator of the joint venture. Additional information on the Agreement is included in Temex news release dated December 12, 2007.
Bruce Durham, P. Geo., is the designated qualified person responsible for the preparation of this news release.
Temex is a well-funded Canadian exploration company focused on advancing its precious metal, diamond, nickel and uranium projects in Manitoba and Ontario.
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)
For further information
on Temex please contact Ian Campbell or Bruce Durham, at (416) 862-2246 or visit the Company's website at www.temexcorp.com where a recent presentation has been posted.
