Per press release of this morning, Temex is beginning a 10,000 meter drill program with their JV partner, Goldcorp, on the Whitney Township Property. TME is 60% owner. This is a substantial amount of drilling for a small junior explorer like TME. Per this press release: "This property has historically produced over 2.3 million ounces of gold and contains the Hallnor Mine, the highest grade past producing multi-million ounce gold deposit in Canada's largest gold camp." I would also note that this is near some of the richest current discoveries and mine development by Lakeshore Gold, Sangold, Goldcorp and others in the Timmins area.

Last year's drilling on the Whitney Property had a number of excellent gold intercepts, including: 15.26 g/t gold over 3.99 metres; 12.37 g/t gold over 4.88 metres; 42.10 g/t gold over 2.44 metres; 17.71 g/t gold over 2.90 metres; 90.35 g/t gold over 0.50 metres; and 52.67 g/t gold over 0.70 metres.

I recently commented on how much I liked their Juby Gold Project (also along the Porcupine-Destor Fault Zone in the Timmins area of the Abitibi Greenstone Belt). This is the one where they put out a press release on June 15th, saying they were starting a more closely-spaced drilling campaign to certify their more than 1.2 million ozs of gold resources at Juby as "indicated" (instead of "inferred") as National Instrument 43-101 compliant, as well as doing some step-out drilling to enlarge the resource.

Here is the run-down on TME.V: Closed yesterday (July 6th) at C$0.22, but had been trading in the 28 cent range for about a month. Low of C$0.14 (November 2009) and high of C$0.40 on April 5, 2010. 87 million shares outstanding; 98 million fully diluted. Major shareholders are: Sprott Asset Management, Pinetree Capital, and Teck Cominco. Cash in treasury is $5 million.

A good map of the Whitney Township Property, showing the Porcupine-Destor Fault running through it, and location of former high-grade producing mines (including Hallnor, Bonetal, and Broulan Reef) can be found on page 7 of their corporate presentation (updated June of 2010).

On page 9 of this presentation, you can see a depiction of the orebodies below these former mines, with lists of high grade intersections from recent (last several years) drilling. Besides the Whitney and the Juby gold properties, TME has several silver and gold properties/projects in the Abitibi Greenstone Belt (the Latchford and the Gowganda - both of which are also to be worked on this summer per this press release - see corporate presentation for locations and grades).

In addition, Temex holds properties (in JV with MacDonald Mines - BMK.V) in strategic locations in the McFaulds Lake/Ring of Fire area of Ontario, along the same trend and close to where the Black Thor and the Big Daddy chromite deposits were discovered by Freewest and Spider Resources (both recently bought out by Cliffs Natural Resources), as well as on trend and near Noront's Blackbird (chromite) and Eagle's Nest deposits (nickel, copper, platinum, palladium). See page 20 of presentation. Cliffs has been buying out companies in this area (Freewest Resources, Spider Resources) at more than double their average stock prices.

All in all, I think Temex is certainly one of the "best bangs under a buck" one is going to find.