Temex Resources Corp. announces the acquisition of 428 additional claim units covering some 17,000 acres, 12 km southwest of a base metal discovery recently announced by WSR Gold Inc. (“WSR”) and approximately 50 km to the north-northwest of the three Noront Resources Ltd. (“Noront”) Ni-Cu-PGE discoveries in the McFaulds Lake area of northern Ontario. The new properties were staked subsequent to the initial June 4, 2008 announcement by WSR and its partners indicating they had discovered zinc and copper mineralization in a previously unexplored area in the northern part of the favourable belt of rocks referred to as the “Ring of Fire”. Temex is one of the largest property holders in the area with interests varying from royalty interests to 100% interest in claims covering more than 370,000 acres.
– Drilling on claims in which Mill City Gold Corp. (“Mill City”) is earning an interest adjacent and proximal to WSR discovery slated to begin late August.
– Drilling on several other properties southwest of the Noront discovery area to begin early August.
– Additional claims totalling 17,000 acres acquired proximal to WSR discovery; held as 100% Temex.
Bruce Durham, Executive Chairman commented, “Over the past 10 months, we have accumulated an extensive land position that provides direct exposure to all areas of the Ring of Fire, completed initial evaluations of most of the properties and now we are ready to drill test some of the best targets. This is pure ‘blue sky’ exploration where a discovery on any one or more of these targets can significantly impact and rapidly advance a company as we have seen happen with Noront.”
There is virtually no previous history of mineral exploration in the entire area; this lack of work and the quick success of the WSR exploration program indicates that the region has potential to host significant areas of mineralization that can be discovered relatively quickly. Temex holds the property contiguous to the west and also to the northeast of the WSR property and has outlined priority geophysical targets on both of those properties. Mill City has the right to earn a 50% interest in the Temex property (news release December 12, 2007) and a drill program to test those targets will be initiated in late August.
The Company has completed airborne geophysical surveys over much of its property position and has identified priority targets at many locations spread throughout its property holdings. The Company leveraged its position in the area by entering into option and joint venture agreements on several of its properties and will continue to be carried or participate in the expenditures on the properties on a pro rata basis.
Beginning in early August, several of the properties that contain high priority geophysical targets will be drill tested. Over the next several months it is anticipated that more than 20 separate high priority airborne geophysical targets will be drill tested. Many of these priority targets exhibit geophysical responses similar to the Noront and WSR discoveries. None of the properties to be tested has any history of having been drill tested. Diamond drilling is expected to commence August 5.
Investor Relations Services Agreement
The Company also wishes to announce that it has entered into an agreement (the “Agreement”) with David Ellis, Toronto, Ontario for the provision of investor relations services. The Agreement shall be effective July 28, 2008, subject to the approval of the TSX Venture Exchange (the “TSXV”), for a period of six months, which term may be amended or extended periodically by the mutual consent of the Company and Mr. Ellis.
Mr. Ellis is an investor relations consultant based in Toronto, Ontario, who specializes in shareholder communications for mineral exploration companies, as well as assisting corporations in gaining increased exposure to various investors, investment banks and investment professionals in the North American market. Mr. Ellis has fourteen years of experience working with public and private companies in both operational and capital raising capacities. His experience includes extensive involvement in investor relations, overseeing the day-to-day operations of several public companies as well as holding multiple board positions. He also played an integral role in a number of “start up” ventures including a variety of businesses.
Pursuant to the Agreement, Mr. Ellis’ primary role will be to provide investor relations services by arranging meetings and presentations to current and potential shareholders and investors, as well as the preparation and distribution of investor relations materials, and to help establish and implement an integrated shareholder and investor communications program and marketing strategy.
Mr. Ellis and the Company are arms’-length parties, and Mr. Ellis has no direct or indirect interest in the Company or its securities, other than those Options described herein. Subject to TSXV approval of the Agreement, the Agreement provides that the Company will pay Mr. Ellis a monthly fee of CDN $5,000 plus goods and services tax. The Company also agreed to grant to Mr. Ellis options (the “Options”) to acquire 100,000 common shares of the Company, which shall vest in stages over twelve months with no more than 25,000 options vesting in any three month period, and pursuant to terms of the Company’s stock option plan. Such options shall be exercisable for two years from the date of grant, at an exercise price of $0.57 per common share. The total cost of the Agreement to the Company during the six month term will be $30,000 plus approved expenses.
Grant of Options
The Company also announces the grant of an additional 100,000 options to a senior officer of the Company pursuant to the terms of the Company’s stock option plan. Each such option entitles the holder thereof to acquire, upon exercise, one common share of the Company at a price of $0.50 per common share, for a period of 5 years from the date of grant.
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, David Ellis at 416-704-0937 or visit www.temexcorp.com. Investors are also invited to visit the Temex IR Hub at http://www.agoracom.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(at)agoracom.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,
President and CEO
For further information
Ian Campbell or Bruce Durham at (416) 862-2246, David Ellis at (416) 704-0937 or visit www.temexcorp.com
Source: Temex Resources Corp.