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.