Marion Appointed Executive Chairman, Reeser Appointed to the Board of
Directors
TORONTO, July 15, 2014 /CNW/ - Temex Resources Corp.
(TSX-V: TME, FWB: TQ1) ("Temex" or the "Company") is pleased to
announce the appointment of Mr. René Marion to the position of
Executive Chairman of the Board of Directors and Mr. Edward (Ted) V. Reeser to the Board of Directors
of Temex effective immediately. Mr. Kim Tyler is being promoted into the position of
Operations Manager. Concurrent with Mr. Marion's appointment
as Executive Chairman, due to increased commitments with other
issuers, Mr. Gregory Gibson has
resigned as Chairman of the Board of Directors.
"I would like to thank Greg Gibson for his leadership and important
contributions over the past two years as Chairman and I look
forward to his ongoing contributions and working with him on the
Temex Board of Directors. The management team and I are excited
about the opportunity to work closely with René as he brings a
wealth of operating and executive depth and a track record of
success as we transition Temex from an exploration company to an
operating company. On behalf of the Board of Directors and
Management, I would also like to welcome Ted to the Board of
Directors as he will further strengthen the team with his business
and financial background. Both of these appointments are strong
catalysts as we transform Temex from a progressive junior explorer
to being capable of taking projects through advanced exploration to
production within an aggressive time frame," commented Ian Campbell, President and CEO of Temex.
"I am looking forward to working more closely
with the Management as we move the high grade Whitney Gold Project
through the permitting and development phase and into production in
2015," commented Mr. Marion, Executive Chairman of Temex Resources
Corp. Mr. Marion continued, "We have an exceptional Management team
and I am extremely pleased that Ted has decided to join our team as
we transition to an operating company."
Mr. Marion brings to Temex approximately 30
years of operations, mineral exploration and mine development
experience and a successful history of corporate development. He
was most recently President, CEO and Director of AuRico Gold Inc.
("AuRico") where he built AuRico into one of the "Top 40 Mining
Companies" (Canadian Mining Journal, August
2012). Under Mr. Marion's leadership, AuRico executed
several transformational transactions which included the
acquisition and development of AuRico's flagship Young-Davidson Mine, located 45 kilometres
northeast of the Company's Juby Gold Project.
Mr. Marion is a senior corporate executive with
extensive experience in all aspects of the mining sector, including
corporate governance, executive leadership, strategic planning,
operations, operating management, reserves and mine
engineering. Over his career he has worked on a dozen
international feasibility studies and has been on the team for the
construction of nine mines. Of further importance to Temex,
he led the team that successfully concluded impact and benefits
agreements in the Temex project areas. Mr. Marion is also a
director of Guyana Goldfields Inc. and Richmont Mines Inc.
Mr. Reeser is the owner and President of Celco,
an importer and distributor of commercial food service equipment.
Prior to acquiring Celco in 2001, he has acquired over 20 years'
experience as a Chief Financial and senior officer of public
companies in the metallurgical, aviation, and oil pipe line
industries. His areas of expertise include international business,
supply chain management, mergers and acquisitions, raising capital,
and controllership. Mr. Reeser is the Chairman of the Audit and
Risk Committee, and a member of the Compensation, Governance and
Nominating Committee, and the Safety, Environmental, Technical and
Reserve Committee of Jaguar Mining Inc. He also serves as a
director and member of the Finance and Audit Committee and the
Investment Committee of Bridgepoint Health. He holds an ICD.D from
the Institute of Corporate Directors, and obtained his BA and MBA
from York University, Toronto, Canada.
Concurrent with the appointments, Mr.
Kim Tyler has been appointed
Operations Manager of the Whitney Project in Timmins. Mr. Tyler has over 30 years of
experience in open pit and underground mining operations,
exploration and management principally on gold, base metals and
industrial minerals commodities. From 1992 to1999 Mr. Tyler served
as Chief Mine Geologist, Timmins
Division for Royal Oak Mines Inc. where he managed operating and
mine exploration geological staff supporting several open pits and
three underground mines utilizing a variety of underground
extraction methods. During this period, Mr. Tyler managed the
underground exploration program on the Lower Hallnor Mine which
included de-watering the main shaft and the initiation of
underground drilling where several high grade intercepts were
reported. Prior to that he was Chief Exploration Geologist for
Royal Oak Exploration Corp. where
his was responsible for generating and assessing North American
exploration projects including the subsequently mined large Pamour
open pit mine adjacent to the Company's Whitney Project.
In conjunction with the appointments, options to
purchase an aggregate of 1,000,000 common shares of Temex Resources
Corp. have been granted, with each such option exercisable at a
price of $0.13 per common share for a
period of 5 years from the date of grant.
2014 - 2015 Work Program
Temex is focused on the ongoing 2014 program at
the Whitney Project in Timmins.
This work program is designed to support permitting for the
exploitation of the project via open pit and underground mining
methods. The Whitney Gold Project contains the excellent
combination of being in a premier location with excellent
infrastructure, near surface high grade gold resources and
anticipated low capital costs. These three attributes have given us
the confidence to expeditiously move the project through the
permitting stage. An amendment of the existing Closure Plan is
underway and the project is targeted for approval for full
production status by mid-2015.
Resource definition diamond drilling of the 110
Vein Zone along with geotechnical investigation into a proposed
future surface and underground exploration development has been
completed and is being incorporated into detailed engineering work
on the advanced exploration mine development program. Environmental
and permitting work is also well underway with geotechnical
drilling of groundwater monitoring wells and soil investigations
being completed in support of permitting requirements.
Hydrological studies to evaluate the surface water regime are also
in progress.
Metallurgical testwork conducted in 2013 on
lower grade material concluded that cyanide leaching on whole ore
at various grinds produced excellent gold leach recoveries ranging
between 93% and 98%. Testwork on high grade material which is more
representative of the targeted resources is currently underway.
Discussions for toll milling have been initiated
with several interested parties in the immediate area. Regular
meetings are ongoing with regulatory authorities and local
stakeholders.
The project contains excellent upside for
expansion of the current resource base in all areas of the 4
kilometre long mine trend with the vast majority to date being no
deeper than 500 metres. Historic mine operations on the property
have been to a 1500 metre depth and numerous areas contain high
grade drill intersections that are wide open as are high grade mine
operations which terminated at pre-existing property
boundaries.
Kim Tyler, P.Geo.
Operations Manager and Karen Rees,
P.Geo., Vice President, Exploration of Temex Resources Corp., are
the designated qualified persons responsible for the preparation of
this news release.
On behalf of the Board of Directors,
"Ian Campbell"
President and CEO, Director
About Temex Resources Corp.
Temex is a Canadian based exploration company focusing on its
portfolio of precious metals properties in the world class mining
district of northeastern Ontario. Temex (60% interest) is
advancing the Timmins Whitney Gold
Project, in partnership with Goldcorp Canada Ltd. (40% joint
venture interest; no back-in rights), and exploring the Juby Gold
Project (100% Temex).
The Whitney Property has a NI 43-101 compliant
resources on the Upper Whitney of 0.97 million tonnes at a grade of
7.02 g/t gold for 218,100 ounces of gold in the Measured category
plus 2.3 million tonnes at a grade of 6.77 g/t gold for 490,500
ounces of gold in the Indicated category and 1.0 million tonnes at
a grade of 5.34 g/t gold for 170,700 ounces of gold in the Inferred
category at a cut-off grade of 3.0 g/t gold (Note 1).
The Juby Gold Project has NI 43-101 compliant
resources of 26.6 million tonnes at a grade of 1.28 g/t gold for
1,090,400 ounces of gold in the Indicated category and 96.2 million
tonnes at a grade of 0.94 g/t gold for 2,908,800 ounces of gold in
the Inferred category, both at a cut-off grade of 0.40 g/t gold
(Note 2).
Temex also has a NI 43-101 compliant resource
for tailings material on its Gowganda Silver Project. The
tailings piles contain a NI 43-101 compliant resource 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:
- Information regarding the mineral resource estimate on the
Upper Whitney is in the Company's news release dated January 14, 2014 and the technical report filed
on SEDAR on February 27, 2014.
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.
- Information regarding the mineral resource estimate on the Juby
Gold Project is in the Company's news releases dated April 29, 2013 and January
15, 2014 and the technical report filed on SEDAR
February 26, 2014. 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.Geo., and Duncan Studd, MSc,
P.Geo., "independent qualified persons" as defined by NI
43-101.
- 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 Information:
This news release contains forward-looking
information which is not comprised of historical facts.
Forward-looking information involves risks, uncertainties and other
factors that could cause actual events, results, performance,
prospects and opportunities to differ materially from those
expressed or implied by such forward-looking information.
Forward-looking information in this news release includes, but is
not limited to, mineral resource estimates, and the development of
its projects as well as the timing related thereto. Factors that
could cause actual results to differ materially from such
forward-looking information include, but are not limited to,
general business and economic uncertainties, future mineral prices,
uncertainties in mineral resource estimates and adverse market
conditions, as well as those risks set out in the Company's public
documents filed on SEDAR. Although the Company believes that the
assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all. The
Company disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
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.
SOURCE Temex Resources Corp.