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Re: News Releases - Tuesday, December 11, 2007
Temex, Noront and Baltic Expand Property Position Via Staking
Syndicate
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TORONTO, ONTARIO: Noront Resources Ltd. ("Noront" TSX Venture Exchange
NOT), Baltic Resources Inc. ("Baltic" TSX Venture Exchange BLR) and
Temex Resources Corp. ("Temex", TSX Venture Exchange TME, Frankfurt
Exchange TQ1) announce that they have completed a significant land
acquisition campaign in the McFaulds Lake area in the James Bay
Lowlands region of northeastern, Ontario. The new properties, located
in the general area of Noront's Double Eagle Ni-Cu-PGE discovery, were
acquired by Temex on behalf of Temex, Noront and Baltic collectively
the Staking Syndicate ("Staking Syndicate"). A total of 120 mining
claims comprising 1900 claim units totaling 76,000 acres (the "Claims")
were acquired on behalf of the Staking Syndicate.
Subsequent to the staking campaign, Temex, Noront and Baltic have
entered into a binding Letter of Agreement whereby each party has
agreed to grant the other two parties a 100% interest in one third of
the total claims staked, with each of the parties retaining a 1% Net
Smelter Returns ("NSR") royalty in the claims granted to the other
parties. Therefore each party has a 100% interest in one third of the
claim units and a 1% NSR royalty in two thirds of the claim units.
Temex acted as operator of the Staking Syndicate.
The Claims cover features that these companies believe represent a
geological environment similar to the geological setting near the
Noront Ni-Cu-PGE discovery. It is believed that the newly acquired
Claims have never been subjected to any previous exploration for
Ni-Cu-PGE mineralization, and for the most part, the Claims have not
been covered by a modern magnetic and electromagnetic geophysical
survey.
For further information on Temex please contact Ian Campbell or Bruce
Durham at 416-862-2246 or visit the Company's website at
www.temexcorp.com.
For further information on Noront, please contact Richard Nemis at
416-864-1456, or visit www.norontresources.com.
For further information on Baltic please contact Don McKinnon or Gordon
McKinnon at 705-268-9000 or visit www.balticresources.ca.
On behalf of the Board of Directors,
"Ian Campbell"
Ian Campbell
President and CEO
*The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release*
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Copyright (c) 2007 BALTIC RESOURCES INC. (BLR) All rights reserved.
For more information visit our website at
http://www.balticresources.ca/ or send mailto:info@balticresources.ca
Message sent on Tue Dec 11, 2007 at 8:55:08 AM Pacific Time
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