Temex Files NI 43-101 Technical Report for the Upper Hallnor Deposit Whitney Gold Project, Ontario

TORONTO, Oct. 23, 2012 /CNW/ - Temex Resources Corp. (TSXV: TME), (FWB: TQ1) ("Temex" or "the Company") announces that it has made the regulatory filing of the report entitled "Technical Report and Resource Estimate on the Upper Hallnor Deposit, Whitney Gold Property, Timmins Area, Ontario, Canada".  The report, dated October 18, 2012 was authored by P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario in accordance with National Instrument 43-101 ("NI 43-101"), and describes the initial resource estimate on the Upper Hallnor Mine portion of the Whitney Gold Property (the "Property") located in Timmins, Ontario.  The Hallnor Mine, the highest grade gold mine of those that have produced more than 1 million ounces of gold in the Timmins camp, yielded 1.7 million ounces of gold at an average grade of 0.40 ounces per ton gold.

The Property is held under a joint venture under which Temex owns 60% and is operator and Goldcorp Canada Ltd. owns 40% ("Goldcorp") (as manager, and on behalf, of the Porcupine Gold Mines Joint Venture (a joint venture between Goldcorp Inc. and Goldcorp)); Temex is the operator of the joint venture.  The results are summarized below shown on 100% basis; the resource estimate parameters are detailed at the end of this release.

Mineral Resource Upper Hallnor In-pit at 0.30 g/t Au cut-off grade

• Measured ("M"): 232,100 ounces contained in 2,964,000 tonnes at a grade of 2.44 g/t gold
• Indicated ("I"): 544,000 ounces contained in 8,664,000 tonnes at a grade of 1.95 g/t gold
• TOTAL M+I: 776,100 ounces Measured and Indicated at a grade of 2.07 g/t gold
• Inferred: 231,900 ounces contained in 4,024,000 tonnes at a grade of 1.79 g/t gold

Technical Report Recommendations
Given the success of defining a bulk tonnage, potentially open-pit mineable resource at the past-producing Hallnor mine, P&E has recommended that an extensive Diamond drilling program be conducted along the entire Hallnor-Bonetal-Broulan Reef mine trend a further 1.5 kilometres to the west-southwest where preliminary drilling by Temex has already intersected substantial gold mineralization demonstrating the excellent potential to expand the current in-pit resources with drill intersection highlights from Temex drilling that include:

• Upper Hallnor: 2.30 g/t gold over 16.00 metres and 4.12 g/t gold over 19.30 metres
• Q Zone: 17.71 g/t gold over 2.90 metres and 6.38 g/t gold over 3.78 metres
• C Zone: 4.47 g/t gold over 22.20 metres and 12.92 g/t gold over 7.00 metres
• Broulan Reef: 37.90 g/t gold over 8.80 metres and 3.58 g/t gold over 16.66 metres

Additional recommendations include:

• Resource modelling to be undertaken to evaluate the potential viability of a starter pit(s) and a combined open pit/underground operation scenario on the Upper Hallnor resource.
• Metallurgical studies to test recovery of lower-grade bulk tonnage mineralization
• Initiating engineering studies to obtain requisite technical data for the preparation of pre-feasibility work including but not limited to environmental and permitting work, and geotechnical studies.

Next Steps
Temex is well financed with $10M in the treasury and will commence Diamond drilling based on the P&E recommendations.  The resource drilling program is planning a minimum of 25,000 metres of drilling at the Broulan Reef and C Zone and an additional 10,000 metres allocated for the resource expansion at the Upper Hallnor/Bonetal mines. Specific areas which will be the focus of the drilling include:

• Resource expansion in Upper Hallnor within the current in-pit resource where historic holes have intersected high grade gold mineralization and which require a higher drill density to incorporate into resource data.
• Resource expansion outside the Upper Hallnor in-pit area on the western portion of the current resource area and the past-producing high grade Bonetal Mine where the current resource is wide open.
• Resource drilling on the past-producing Broulan Reef mine, located approximately 1.5 km along mine trend west-southwest of the Upper Hallnor/Bonetal resource area.
• Resource drilling on C Zone, located on the mine trend between Upper Hallnor/Bonetal and Broulan Reef mines.

Temex will also immediately begin additional resource modelling, metallurgical work, engineering and preliminary environmental and geotechnical studies as per the above detailed recommendations.

The contents of this news release have been reviewed and approved by Qualified Persons Ian Campbell, P.Geo., President and CEO of Temex Resources Corp. and Karen Rees, P.Geo., Vice President, Exploration of Temex Resources Corp.

About the Resource (news release September 5, 2012)
The initial mineral resource (see Table 1) statement was prepared in accordance with NI 43-101 standards by P&E Mining Consultants Inc., ("P&E") of Brampton, Ontario, with a database incorporating 247 surface Diamond drill holes (70,094 metres) drilled by Temex between 2005 and 2012, and 9,870 historic drill holes (477,694 metres) drilled by previous operators.  Of these holes, 85 Temex holes totalling 24,044 metres and 2,991 historic holes totalling 101,331 metres were actually utilized in the resource calculation.  Measured, Indicated and Inferred mineral resources have been delineated within 17 domains on the Upper Hallnor portion of the Whitney Property in an area adjacent and proximal to the past-producing Hallnor Mine, covering an area of 1,100 metres long by 125 metres wide by 550 metres deep.  The in-pit mineralization is defined to a depth of 480 metres from surface.

The mineral resource estimate was prepared with the objective of defining gold resources which would be amenable to open-pit mining methods, similar to open pits that have been mined subsequent to previous underground operations on strike directly to the east.  P&E also performed a sensitivity analysis on the resource model using different cut-off grades.  This analysis revealed a substantial higher grade mineral inventory that may be amenable to stand-alone underground mining operations which are more selective than open pit mining methods.  The results of this sensitivity analysis are presented in Table 2.

Table 1: Upper Hallnor Resource Estimate ^{(1)(2)(3)(4)(5)(6)(7)(8)(9)}

Resource Estimate Notes and Parameters

1. Mineral resources which are not mineral reserves do not have demonstrated economic viability.  The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues, although the Company is not aware of any such issues.
   
   
2. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
   
   
3. The mineral resources in this news release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
   
   
4. Variable grade capping by mineralized domain was accomplished at Au values ranging from 9 g/t to 100 g/t
   
   
5. The Gemcom block model is defined by 5m x 5m x 5m blocks. A bulk density of 2.84 t/m3 was used for all tonnage calculations.
   
   
6. A July 31, 2012 two year trailing gold price of US$1,525/oz and an exchange rate of US$1=CDN$1 was utilized in the Au cut-off grade calculations of 0.30 g/t for open pit and 2.0 g/t for underground.  Open pit mining costs were assumed at C$1.75/t for mineralized material and waste rock, and C$1.25/t for overburden, with process costs of $10/t and G&A of $2.50/t.  Process recovery was assumed at 95%.
   
   
7. Values in the table may differ due to rounding.
   
   
8. The search ellipse dimensions for the Measured category was 10m x 10m x 5m from a block centroid, with a minimum 3 drill holes and maximum of 20 samples; the area of influence of the Indicated category is 20m x 20m x 10m from a block centroid with a minimum of 2 drill holes and maximum of 20 samples; Remaining blocks within the constraining domain wireframes were coded as Inferred.
   
   
9. The open pit resource is reported within a Whittle optimized pit shell with 50 degree slopes.

Table 2: Upper Hallnor Underground Only Sensitivity to Resource

About Whitney
The Whitney Property is situated along a four kilometre section of the Porcupine-Destor Fault in a 10 million ounce mine trend within Canada's largest gold camp (over 70 million ounces of gold produced).  The Whitney Property hosts five past-producing mines: Hallnor, Bonetal, Broulan Reef, Bonwhit and Hugh Pam, which together produced an aggregate of 2.43 million ounces of gold.  The Hallnor Mine, the highest grade gold mine of those that have produced more than 1 million ounces of gold in the Timmins camp, yielded 1.7 million ounces of gold at an average grade of 0.40 ounces per ton gold.  The Property is operated by Temex under a joint venture whereby Temex owns 60% and Goldcorp Canada Ltd. owns 40% ("Goldcorp") (as manager, and on behalf, of the Porcupine Gold Mines Joint Venture (a joint venture between Goldcorp Inc. and Goldcorp)).

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 exploring the Timmins Whitney Property, in partnership with Goldcorp, and the Juby Gold Project.

The Whitney Property has NI 43-101 compliant resources on the Upper Hallnor of 3.0 million tonnes at a grade of 2.44 g/t gold for 234,300 ounces of gold in the Measured category, 8.8 million tonnes at a grade of 1.97 g/t gold for 555,900 ounces of gold in the Indicated category, and 4.1 million tonnes at a grade of 1.82 g/t gold for 241,000 ounces of gold in the Inferred category, all at a cut-off grade of 0.30 g/t gold (Note 1).

The Juby Main Zone has NI 43-101 compliant resources of 22.3 million tonnes at a grade of 1.30 g/t gold for 934,645 ounces of gold in the Indicated category and 28.2 million tonnes at a grade of 1.00 g/t gold for 905,621 ounces of gold in the Inferred category, both at a cut-off grade of 0.40 g/t gold (Note 2).

The Gowganda Silver Project has a NI 43-101 compliant resource in tailings piles of 1.94 million tonnes grading 47.5 g/t silver for a contained resource of 2.96 million ounces of silver in the Indicated category (Note 3).

Notes:

1. Information regarding the mineral resource estimate on the Upper Hallnor is in the Company's news release dated September 5, 2012 and the technical report filed on SEDAR October 19, 2012.  The Mineral Resource Statement was prepared for Temex by P&E Mining Consultants Inc. of Brampton, Ontario in accordance with NI 43-101 by Richard Sutcliffe, PhD, P.Geo., Eugene Puritch, P.Eng., David Burga, P.Geo., Yungang Wu, P.Geo., Tracy Armstrong, P.Geo., and Antoine Yassa, P.Geo., "independent qualified persons" as defined by NI 43-101.
   
   
2. Information regarding the mineral resource estimate on the Juby Main Zone is in the Company's news release dated January 16, 2012 and the technical report filed on SEDAR February 28, 2012.  The Mineral Resource Statement was prepared for Temex by GeoVector Management Inc., Ottawa, Ontario in accordance with NI 43-101 by Joe Campbell, BSc, P.Geo., Alan Sexton, MSc, P.Geol., and Allan Armitage, PhD, P.Geol., "independent qualified persons" as defined by NI 43-101.
   
   
3. Information regarding the mineral resource estimate in the tailings piles located on the Gowganda Silver Project is in the Company's news release dated June 8, 2011 and the technical report filed on SEDAR July 21, 2011.  The Mineral Resource Statement was prepared for Temex by GeoVector Management Inc., Ottawa, Ontario in accordance with NI 43-101 by Allan Armitage, PhD, P.Geol., Alan Sexton, MSc, P.Geo., and Joe Campbell, BSc, P.Geo., "independent qualified persons" as defined by NI 43-101.

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.

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SOURCE: Temex Resources Corp.

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