Temex Resources files 50% larger estimate for Juby Main Zone

Temex Resources Corp. (CVE:TME) said Tuesday it filed an updated mineral estimate for its Juby Main Zone in the Shining Tree area of eastern Ontario, which is 50 percent larger than the company's prior estimate from June 2010.

The report, conducted by Ottawa-based consulting firm GeoVector, outlines an indicated resource of 934,645 ounces of gold grading 1.30 grams per tonne (g/t) at a 0.40 g/t cut-off on the Juby Main Zone, and an inferred resource of 905,621 ounces gold grading 1.00 g/t at the same cut-off.

The company said the deposit remains open for expansion at depth and along strike, with Temex set to begin drilling on the adjacent, newly-acquired Golden Lake property.

The latest resource includes diamond drill results from the company's 2010 and 2011 exploration campaigns at Juby.

"We are extremely pleased with the significant increase in gold resources which is an important step forward on the Juby Project," said president and CEO, Ian Campbell.

"Further, there is potential to rapidly increase the size of the deposit not only at depth, but along strike, based on our recent strategic acquisition of the Golden Lake Property announced January 18, 2012.

"This property has increased Temex's control to 4.5 km of strike length of the gold-enriched Tyrrell Structural Zone, host to the Juby Main Zone and has several similar style gold mineralized drill intercepts.

"We intend to conduct an aggressive drill program on both Golden Lake and Juby to expand our gold resources, while initiating metallurgical and environmental baseline work which will be incorporated into a preliminary economic assessment of the Main Zone."

The company said the increase to the resource reported in June 2010 is due to the incorporation of data from diamond drill holes completed by Temex during the 2010 to 2011 winter drill program and the utilization of a 0.40 g/t gold cut-off grade.

The prior 2010 indicated and inferred resources were reported at a cut-off grade of 0.50 g/t.

In June 2010, the company reported an NI 43-101-compliant indicated resource of 614,000 ounces gold grading 1.36 g/t at a  0.50 g/t cut-off, and an inferred resource of 602,000 ounces gold grading 1.14 g/t at a 0.50 g/t cut-off.

Temex said it is currently developing parameters for carrying out Whittle pit optimizations on the Juby resources as a precursor to conducting preliminary economic studies.

The Juby gold project itself is located west of Gowganda, Ontario, halfway between Timmins and Sudbury, in Tyrrell and Knight Townships. The company said excellent road access is provided to the project, which consists of three gold properties totalling 7,463 acres in 169 claim units.
The Juby joint venture property is owned 60 percent by Temex, with the remainder held by Goldeye Explorations Limited.