🕐21.12.10 - 15:27 Uhr
Temex Enters into Agreement to Sell Interest in Base Metal Claims in Ring of Fire
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Re: News Releases - Tuesday, December 21, 2010
Temex Enters into Agreement to Sell Interest in Base Metal Claims
in Ring of Fire
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News Release NR26-2010
TSX Venture Exchange: TME, Frankfurt Exchange:TQ1
December 21, 2010 (TORONTO, ONTARIO): Temex Resources Corp.
(TSX-V:
TME, FWB: TQ1) ("Temex" or "the Company") reports that it has entered
into a Purchase and Sale Agreement (the "Agreement") to sell its
interest in 53 mining claims (the "Properties") totalling 703 units in
the northern and southern portions of the Ring of Fire area of northern
Ontario to Hudson River Minerals Ltd.
("Hudson River" TSX-V: HRM).
Temex retains a 100% interest in a large block of claims, located in
the southwestern portion of the Ring of Fire, that are immediately
adjacent to and directly along strike to the east of the recent high
grade gold discovery by diamond drilling announced by Northern Superior
Resources Inc.
and Rainy River Resources Ltd.
Terms of the Agreement:
Temex has agreed to sell its 100% interest in the Properties to Hudson
River for the following:
.
1,500,000 common shares of Hudson River Minerals Ltd.
.
1,500,000 common share purchase warrants with each warrant entitling
Temex to purchase one common share of Hudson River Minerals Ltd.
at a
price of $0.30 per share for a period of two years from the date of
issuance.
Upon payment of the 1,500,000 common shares and the 1,500,000 common
share purchase warrants, Hudson River will own 100% of the Properties
and Temex will have no further interest, title or obligations in the
Properties.
Hudson River has agreed to spend a minimum of $250,000
which is to include drill testing of some airborne electromagnetic
targets.
Should Hudson River not make the expenditures on the claims,
Hudson River will issue to Temex an additional 500,000 common shares of
Hudson River Minerals Ltd.
The Agreement is subject to all necessary regulatory approvals and all
securities issued in connection with this transaction are subject to a
4 month plus 1 day hold period from the date of issuance.
The
Agreement has been approved by the Board of Directors of both Temex and
Hudson River.
Ian Campbell, P.
Geo., President and CEO of the Company, is the
designated "qualified person" (within the meaning of National
Instrument 43-101) responsible for the preparation of this news
release.
About Temex Resources Corp.
Temex is a Canadian based exploration company focusing on its portfolio
of precious metals properties in northeastern Ontario, a world class
mining district.
Temex is developing the Timmins Gold Project, and
specifically the property known as Whitney, in partnership with
Goldcorp and at the same time advancing its Juby Gold Project, one
component of which is the 100% owned Juby Lease Property which contains
a National Instrument 43-101 Indicated resource of 614,000 ounces of
gold and an Inferred resource of 602,000 ounces of gold.
Forward Looking Statements:
This news release includes certain "forward-looking statements".
Such
forward-looking statements involve risks and uncertainties.
The
results or events predicted in these forward-looking statements may
differ materially from actual results or events.
The Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
-30-
For More Information please visit www.temexcorp.com or
email: or
phone: 416-862-2246
toll free: 866-373-6287
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Copyright (c) 2010 TEMEX RESOURCES CORP (TME) All rights reserved.
For more information visit our website at http://www.temexcorp.com/ or
send mailto:
Message sent on Tue Dec 21, 2010 at 6:07:39 AM Pacific Time
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