Temex makes final payment for 60% stake in Upper Hallnor Mine

Temex Resources Corp. (CVE:TME) reported on Tuesday that it has made its final payment of two million common shares for its 60% interest in the Upper Hallnor Mine property, in Whitney Township.
The Upper Hallnor property is situated in Temex's Timmins Whitney gold project, within Canada’s Abitibi Greenstone Belt, which stretches through Ontario and Quebec, and is host to many high grade underground gold mines.
The shares were issued to Goldcorp Canada (TSE:G), under a joint venture agreement.Temex acquired a 60% stake to mineral rights at the Upper Hallnor property for $1.25 million, payable in two instalments.
The first payment of $625,000 was paid upon signing the agreement, with the second installment to be paid by the first anniversary of the deal, in either cash or shares. Temex chose to pay the second tranche in shares.
As part of the deal, Temex has been designated as the operator of the project, and is responsible for carrying out operations. A joint work program worth $8.33 million will be undertaken in a five year-period on the property, and Temex has agreed to fund a total of $5 million in exploration expenditures.
Separately, Temex said it has also issued 30,000 common shares under an option agreement to acquire its 100% interest in the Croxall property from West Timmins Mining. Further, a cash payment of $30,000 was paid by Mill City, as Mill has the option to acquire a 75% interest in the Croxall Property from Temex.
The 2,400 acre Croxall property is located in the area of the West Timmins Gold District.
Canada-based Temex is focused on exploring precious metals properties in northeastern Ontario.  The properties are in proximity to the Porcupine - Destor and Cadillac - Larder Lake fault zones, from which over 150 million ounces of gold has been mined to date.