Temex partners with Gee-Ten in Noront-McFaulds Lake area
Temex Resources Corp. announces that they and partner East West Resource Corporation have entered into a Letter of Intent with Gee-Ten Ventures Inc. whereby the Companies grant to Gee-Ten the option to earn up to 65% interest in the North Trap Property in the Noront-McFaulds Lake area of the James Bay Lowlands.
The North Trap Property comprises 16 claims totalling 208 claim units of the 1,124 claim unit Fishhook Property that is held under a 50:50 Joint Venture between Temex and East West. The North Trap Property covers a 12 kilometre long magnetic structure on the northern edge of the Highbank Lake mafic-ultramafic complex, the western end of which trends onto claims recently optioned to Noront Resources Ltd. by Temex and East West (news release Aug 21, 2008). The North Trap Property has been surveyed with the helicopter-borne magnetic and electromagnetic VTEM system and three prominent and distinct conductors have been identified. The drill targets are slated to be tested as soon as possible while drilling equipment and crews are active on nearby properties.
Gee-Ten has the option to earn a 50% interest by making cash payments totalling $150,000, including an initial cash payment of $60,000, issuing 200,000 shares over the next four years, including an initial issuance of 50,000 shares, and by spending $600,000 in the first year and an aggregate of $3.0 million over the earn-in period of three years. When those terms have been met, a joint venture will be formed to further explore and develop the Property. Gee-Ten will have the option to earn an additional 10% interest by spending an aggregate of $4.0 million in exploration expenditures, and a further 5% interest following the preparation of a feasibility study. East West is acting as operator of the exploration programs during the earn-in period. The Agreement is subject to the approval of the TSX Venture Exchange.
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 or visit www.temexcorp.com.