NEWS - Temex commences 15,000 metre deep drilling program on Timmins gold project

Posted by: AGORACOM on July 03, 2008 12:46PM

TORONTO, July 3 - Temex Resources Corp. (TSX Venture:TME, Frankfurt:TQ1) ("Temex" or the "Company") announces that a 15,000 metre deep diamond drilling program is underway on the Whitney Township Property in the world-class Timmins gold camp where gold production to date exceeds 65 million ounces. A $2.0 million budget has been allocated for exploration on the Whitney Township Property which encompasses several former gold producers including the former Broulan Reef and Hallnor Mines, the latter of which was one of the highest grade gold mines in the Timmins gold camp. Historical production totalled more than 1.65 million ounces of gold at an average grade of 0.40 opt (13.71 g/t).

Highlights

- 15,000 metre deep diamond drilling program has commenced on the

Whitney Township Property with the former Hallnor Mine boundary area

as the primary target.

- Drilling currently testing deep targets to the west of the Broulan

Reef Mine where the main structure intersects the favourable Vipond

Formation, a geological setting that hosts high grade gold ores at

the Dome and Hollinger Mines in the Timmins gold camp.

- Assay results are pending from a recent 3,325 metre shallow level

diamond drill program which tested near surface targets in the

Broulan Reef Mine area.

Deep Vipond Formation Drilling Program

Approximately 2,400 metres of diamond drilling is underway to test for down plunge extensions of the gold-bearing Broulan Reef structure, where this significant structure intersects the more favourable high iron tholeiitic basalts of the Vipond Formation at depth, and immediately west of the Broulan Reef Mine workings, a previously untested target on the Whitney Township Property. The Vipond Formation is host to significant high grade gold ores within the prolific Dome and Hollinger Mines, several kilometers to the southwest.

Deep Hallnor Drilling Program

Three dimensional computer modelling of the stacked volcanic hosted hook-veins, mine workings, structures and geological units adjacent to the regionally extensive Timiskaming Unconformity within the Lower Hallnor Mine area has been carried out by Temex over the past year. These high grade mineralized vein systems are projected to plunge westward across the former Hallnor Mine west boundary where previous mining was terminated due to non-ownership of the adjacent mining claims. Approximately 13,000 metres of diamond drilling will be completed to explore this boundary area for the extensions of the vein systems mined previously. The two main Lower Hallnor vein systems mined up to the boundary were the 11 Vein and the 19 Vein which produced 450,000 tons at 0.30 opt gold and 650,000 tons at 0.42 opt gold respectively.

Modeling by Temex indicates that at the time the mine ceased operations in 1971, several other vein systems were either partially mined or drilled but not fully developed or mined. The presence of significant high grade historical drill intersections outside of the Lower Hallnor Mine workings are an indication of the excellent potential to build further resources on the Property. These include an extremely high grade interval grading 40.84 opt gold over 9.5 feet and also intersections including 0.65 opt gold over 15.0 feet. In addition, the recent modeling has indicated that the system of stacked high grade gold-bearing veins is open at depth and is only limited by a lack of drilling. Historical drilling around the lowermost few levels of the Hallnor Mine on the 20 Vein had previously outlined an historical non-compliant with National Instrument 43-101 resource of 528,000 tons grading 0.29 opt gold(x) which, from a review of all available documentation, remains largely undeveloped and open along strike and to depth. Prior to the mine ceasing operations, historical documentation indicated that the 20 Vein was thought to be comparable to the 11 Vein in structure and stratigraphic position and a statistical grade review carried out at that time indicated that the mined grades were expected to be 50% higher than the drill indicated grades on this vein.

Broulan Reef Drilling Program

A 19 hole 3,325 metre shallow level diamond drilling program was recently completed on the Broulan Reef portion of the Whitney Township Property to test for near surface gold mineralization which could be extracted either by open pit mining methods or by utilizing the existing underground mine workings. As part of this program, several shallow holes were drilled around the Broulan Reef Mine workings to test for additional "flat vein zones" outside areas where remaining historical non-compliant with National Instrument 43-101 ore reserve blocks totalling 311,441 tons at a grade of 0.12 opt gold(x) have been reported to exist above the 650 foot level. These lower grade flat vein zones had very erratic gold mineralization and were locally bulk mined prior to the closure of the mine in 1965 with a reported grade in the range of 0.1 to 0.2 opt gold. Assays are pending from this latest drill program and will be available shortly.

(x) Resources and reserves reported are historical and are not in compliance with National Instrument 43-101 "Standards of Disclosure for Mineral Deposits". In addition, the Company has not done the work necessary to verify the classification of the resource and is not treating the estimates as National Instrument 43-101 defined resources verified by a Qualified Person. The historical estimates should not be relied upon.

The Whitney Township Property is owned by Porcupine Gold Mines ("PJV",a joint venture between Goldcorp Inc. and Kinross Gold Corporation.). Temex has the option to earn a 60% interest in the entire Broulan Reef portion of the Property and below the 1,000 foot level on the contiguous Hallnor Mine Property by making expenditures of $4.0 million over 4 years. As of May 26, 2008, Temex has completed $2.0 million of exploration expenditures as required prior to the third anniversary of the Agreement. The Whitney Township Property is a significant asset to Temex and management believes there is excellent potential to identify mineral resources in and around the former high grade mining operations.

Henry Hutteri, P. Geo., is the designated qualified person responsible for the preparation of this news release. Temex is a well-funded Canadian exploration company advancing its precious metal, nickel, diamond, and uranium projects in Ontario. Investors are invited to visit the Temex IR Hub at http://www.agoracom.com/ir/Temex where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to mailto:TME(at)agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.

On behalf of the Board of Directors,

"Ian Campbell"

Ian Campbell

President and CEO

(x)The TSX Venture Exchange has not reviewed and does not accept

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

For further information

Ian Campbell or Bruce Durham at (416) 862-2246 or visit www.temexcorp.com