Temex commences drilling on Fishhook Joint Venture in the Noront-McFaulds Lake areaadmin
Thursday, August 21st 2008
Temex Resources Corp. and partner East West Resource Corporation, announce that a 12 hole, 2,000 metre diamond drilling program has commenced on the Fishhook Joint Venture Property.
The Companies also announce that Noront Resources Ltd. (“Noront”) has entered into an option and joint venture agreement (the “Agreement”) to earn an interest in the Property. Noront can earn a 10% interest by paying $100,000 upon execution of the Agreement and by spending $500,000 in exploration in the first year. Noront can earn up to a 60% interest by making payments totalling $600,000 and spending $4.5 million over three years. The Agreement is subject to the approval of the TSX Venture Exchange.
The Fishhook Property, located approximately 45 kilometres to the south of the Noront discoveries, is contiguous to the west of the Highbank Intrusion which is actively being explored by International Nickel Ventures Inc. on their Fishtrap Property and by Northern Shield Resources Inc. (“Northern Shield”) and Impala Platinum Holdings Ltd. (“Implats”) on their Highbank Lake Project. Recent work by Northern Shield has concluded that the Highbank Lake Intrusion represents a large layered mafic to ultramafic intrusive complex with potential to host extensive layered PGE “reef” mineralization similar to that found in the Bushveld Complex. The Highbank Lake Intrusion covers some 500 square kilometres, ranking it as one of the ten largest intrusive complexes of its kind in the world (source www.northern-shield.com).
Temex and East West interpret that portions of the Fishhook Property may cover the basal portions of the Highbank Lake Intrusion and therefore have potential to host significant Ni-Cu-PGE mineralization in the conduits or feeders below the intrusive suite, a setting analogous to the Noront discoveries and other large Ni-Cu-PGE deposits. The current drill program will test some of the higher priority geophysical targets identified from a recently completed 1,100 line-km helicopter borne VTEM survey.
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.