Temex Resources Corp. announces the acquisition of two uranium properties by staking and an option agreement. The two properties, called Huston Lake and Hillock Lake, are located in eastern Manitoba and northwestern Ontario within geological belts recognized to have high potential to host uranium deposits with numerous associated uranium occurrences. Graphics highlighting the new acquisitions have been posted to the Company website at www.temexcorp.com.

The 48,960 acre Huston Lake Property was acquired by staking to cover a prominent equivalent uranium radiometric anomaly apparent on Ontario Geological Survey (”OGS”) and Geological Survey of Canada (”GSC”) surveys (1977). Recent re-processing of the data by the GSC demonstrates that the geophysical anomaly covers a strike length of approximately 45 km with the most intense portion of the anomaly occurring over a strike length of 10 km. The anomaly is defined by several multi-line highs and represents the largest and strongest anomaly in the region. It occurs along strike of a major geological contact zone from which previous work has identified uranium mineralization including high grade values of 1.80% U3O8 over 0.60 metres, 0.38% U3O8 over 1.5 metres and 0.065% U3O8 over 4.6 metres in drill holes, and also numerous showings and occurrences. Initial evaluation of the available data suggests that there is a large area with potential to host uranium mineralization.

The 2,040 acre Hillock Lake Property occurs 100 km to the southeast of the Huston Lake Property and covers a distinct and isolated airborne radiometric anomaly that is coincident with a strong, multi-point lake sediment geochemical uranium anomaly defined by a cluster of values over an area of 20 x 25 km. The lake sediment data from surveys conducted by the GSC was incorporated into a regional database. The Property occurs to the southwest along geological trend from the uraniferous pegmatite field west of Dryden, host to numerous pegmatitic uranium occurrences including the Richard Lake deposit with an historic non 43-101 resource of 650,000 tons at 0.10% U3O8 (GSC paper 81-23). Both the geophysical and geochemical anomalies associated with the Hillock Lake Property are larger and stronger than those associated with the Dryden area uranium occurrences.

The Huston Lake and Hillock Lake properties are situated within geological environments previously identified by the GSC (Ruzicka, 1979) as having the potential for porphyry uranium deposits, such as the Rossing uranium deposit in Namibia. These types of orthomagmatic and anatectic uranium deposits occur in granitic pegmatite and pegmatite host rocks. Along with the favourable geological environment, the area is host to several large pegmatite bodies, examples of which include the Bernic Lake rare metals deposit currently being mined by Cabot Corporation for cesium to produce cesium formate for the petroleum industry, and the Big Whopper lithium petalite deposit discovered in 1996 by the OGS. Both of these examples exceed 9 million tonnes, illustrating the size potential of the region for large pegmatite-hosted mineral deposits.

Temex is implementing a field program under the direction of Mr. Bill Hood, P.Geo., commencing with preliminary prospecting and gamma-ray scintillometer surveying to focus on target areas proximal to the most intense airborne anomalies. A detailed radiometric survey is planned to be flown over the claim groups to define the anomalies identified from the OGS-GSC surveys and to locate additional high priority ground targets for follow-up.

The Hillock Lake Property was acquired via an option agreement with local prospector Robert Fairservice. To earn a 100% interest, the Company must issue 100,000 shares, make cash payments totalling $60,000, and complete a work commitment of $200,000 over three years. Mr. Fairservice retains a 1% NSR royalty, with the Company having the option to buy back 0.5% of the royalty at any time for $1.0 million (CDN), or in increments of 0.25% for $0.5 million. The Company paid a finders fee of $20,000 and granted a 1% NSR royalty with a buy back of 0.5% of the royalty for $0.5 million at any time on a portion of the Huston Lake Property.

For further information please contact Ian Campbell or Bruce Durham at 416-862-2246. Temex is a well-funded Canadian exploration company focused on advancing its precious metal, diamond, nickel and uranium projects in Manitoba and Ontario.

On behalf of the Board of Directors,

“Ian Campbell”

Ian Campbell
President and CEO

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responsibility for the adequacy or accuracy of this news release(x)

For further information
Ian Campbell or Bruce Durham at (416) 862-2246.

Source: Temex Resources Corp.