Temex, Noront and Baltic Expand Property Position via Staking Syndicate
December 11 2007 - 10:54AM
Marketwired
TORONTO, ONTARIO (TSX VENTURE: NOT), Baltic Resources Inc.
("Baltic") (TSX VENTURE: BLR) and Temex Resources Corp. ("Temex")
(TSX VENTURE: TME)(FRANKFURT: 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.
On behalf of the Board of Directors,
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.
Contacts: Temex Resources Corp. Ian Campbell or Bruce Durham
(416) 862-2246 Website: www.temexcorp.com Noront Resources Ltd.
Richard Nemis (416) 864-1456 Website: www.norontresources.com
Baltic Resources Inc. Don McKinnon or Gordon McKinnon (705)
268-9000 Website: www.balticresources.ca
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