Per press release of 6/15/2010, Temex announced an increase of the resources on their Juby property by 220%. This is a low grade (between 1 and 2 grams/tonne) gold deposit. But this increase takes it over the one million ounce mark (presently up to 1.2 million ounces - counting both the indicated and inferred). It is in the Abitibi Greenstone Belt, the most prolific gold-producing area of Canada. So, there is plenty of infrastructure nearby to reduce the costs of starting up a mining operation, and the property can be explored year-round (unlike rugged and remote properties in B.C. and the Yukon).
The stock is trading at 29 cents (but was up to 40 cents in early April). They have several other significant projects in the Abitibi Greenstone Belt beside the Juby, as well as significant land holdings in the Ring of Fire/McFaulds Lake area.
In fact, their flagship property is their Timmins Gold Project which is a JV with
Goldcorp on what TME refers to as their Whitney Property. This property is sizeable and encompasses famous major gold mines (e.g., Halnor - which produced 1.7 million ozs at an average grade of 12.5 g/t). If you look on page 7 of their
May-2010 corporate presentation, you will see a pic of the property along with a number of drill holes listed of high grade gold intercepts over narrow widths, and low grade over substantial widths.
Page 9 of that presentation also provides a longitudinal depiction, along with drill hole data. The rest of the presentation describes their silver and base metal projects. I had considered investment awhile back but felt I would wait until one of their projects were further along. However, at that time Juby had less than 400,000 ozs of gold, instead of the 1.2 million ozs announced in the 6/15/2010 press release. I expect Temex to do very well.
