TSX-V:TME; FWB:TQ1

TORONTO, Oct. 29 /CNW/ - Temex Resources Corp. (TSX Venture: TME, Frankfurt: TQ1) ("Temex" or "the Company") is pleased to announce that it has entered into an agreement with NCP Northland Capital Partners Inc. ("NCP") for a private placement of up to 4,347,826 "flow-through" shares ("FT Shares") at a price of $0.46 per share and up to 5,000,000 units ("Units") at a price of $0.40 per Unit for aggregate gross proceeds of up to approximately $4,000,000. Each Unit will be comprised of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to purchase one common share of the Company at a price of $0.55 for a 24-month period, subject to acceleration of the expiry period upon thirty days' notice by the Company in certain circumstances. The Offering is being made by a syndicate of agents led by NCP, and including PI Financial Corp. (collectively, the "Agents"), on a reasonable efforts basis and is expected to close on or about November 17, 2010.

The Company has agreed to grant the Agents an over-allotment option, which will allow the Agents to offer additional FT Shares and/or Units for additional aggregate gross proceeds of approximately $1,000,000, if exercised prior to the closing of the offering.

The aggregate gross proceeds raised from the issuance of the FT Shares will be used by the Company to incur exploration expenditures on its gold properties in Ontario, which will constitute "Canadian exploration expense" (as defined in the Income Tax Act (Canada)), which will be eligible for renunciation to purchasers for the 2010 taxation year. The net proceeds raised from the issuance of the Units are expected to be used to fund exploration work on the Company's properties and for general corporate purposes.?

On behalf of the Board of Directors,

Ian Campbell
President and CEO