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TORONTO, Nov. 15, 2012 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB:
TQ1) ("Temex" or "the Company") announces that it has entered into an
agreement (the "Agreement") with Goldeye Explorations Limited
("Goldeye") to acquire from Goldeye significant landholdings in Tyrrell
Township, northeastern Ontario (the "Acquisition"). The location of the
properties subject to the Acquisition is outlined on the map attached
to this news release and is available on the Company's website.


As a result of the Acquisition, Temex will increase its 100% ownership
in the area by over ten-fold from 1,343 acres to 14,423 acres. The
landholdings to be acquired include a large block of claims in which
Goldeye owns a 100% interest, as well as Goldeye's 40% interest in the
claims comprising the Juby Joint Venture Property in which Temex holds
a 60% interest.


"This is an extraordinary milestone for our Company since the Goldeye
properties are contiguous and complementary to the existing Temex
assets in Tyrrell Township and when combined, form the dominant land
holdings in this emerging gold district. We are confident the
Acquisition will deliver significant value to Temex and its
shareholders," commented Ian Campbell, President and CEO of Temex.
"This transaction maximizes the efficiency of exploration enabling us
to accelerate the development of this exciting project area. We are
immediately mobilizing two drills to begin expanding our Juby Main Zone
gold resources and aggressively explore the project area. Our company
recognizes and acknowledges Goldeye's significant contribution and
commitment in the advancement of these properties and to the region as
a whole."


About the Acquisition


The Acquisition will consolidate the land in the immediate vicinity of
the Juby Main Zone gold resources and at the same time extend Temex's
100% ownership of the important Tyrrell Structural Zone ("TSZ"), host
to all of the major gold occurrences in the region, a further 5
kilometres along trend, doubling Temex's control to approximately 10
kilometres. The TSZ is a major structural feature similar in many
geological respects to the Cadillac-Larder Lake and Destor-Porcupine
major faults zones host to the world class Kirkland Lake and Timmins
gold camps in the region.


Major gold zones identified by Goldeye along the TSZ include the Big
Dome from which Goldeye has reported drill intersections including
217.50 g/t gold over 2.10 metres, 13.10 g/t gold over 3.00 metres and
80.70 g/t gold over 2.10 metres, and, the Hydro Creek zone which
includes drill intersections of 5.89 g/t gold over 12.50 metres, 3.58
g/t gold over 20.20 metres and 4.28 g/t gold over 14.00 metres.


The Big Dome and Hydro Creek gold zones are located 4 and 5 kilometres
directly on strike along the TSZ west of the Juby Main Zone NI 43-101
gold resources which are 935,000 ounces of gold grading 1.30 g/t in the
Indicated category and 906,000 ounces of gold grading 1.00 g/t in the
Inferred category (news release January 16, 2012) utilizing a 0.40 g/t
cut-off grade.


The Juby Main Zone gold deposit is wide open at depth and in particular
along strike to the west on the Golden Lake property where Temex
recently reported drill intersections (news release July 23, 2012)
including 0.74 g/t gold over 129.00 metres; 1.21 g/t gold over 31.00
metres; 3.24 g/t gold over 8.29 metres; and 34.31 g/t gold over 1.50
metres extending the Juby Main Zone gold system a further 750 metres
where it remains wide open.


The Acquisition also delivers significant "blue sky" exploration
potential for the discovery of both high grade and bulk tonnage gold
resources in numerous areas including an untested 3 kilometre stretch
along the "TSZ" between Golden Lake and the Big Dome gold systems, as
well as the large area south of the TSZ where numerous drill targets
have been identified.





Terms of the Acquisition


Under the terms of the Agreement, Temex will pay to Goldeye $500,000 in
cash and issue 5 million common shares of the Company on closing of the
Acquisition. Goldeye has agreed to vote its common shares of Temex in
support of management and its recommendations and to certain
restrictions on the disposition or transfer of such shares, in either
case for a period of two years from the closing date. Goldeye has also
agreed, subject to the completion of the Acquisition, to provide Temex
with the right to acquire any landholdings currently held by Goldeye in
the Tyrrell Township which Goldeye hereafter proposes to sell or
otherwise dispose of. Certain of the claims are subject to underlying
NSR Royalties ranging from 2 to 2.5%, all of which include buy-down
provisions ranging from 1.0 to 1.5% NSR Royalty.


The Agreement contemplates that the parties will negotiate and enter
into a further, definitive purchase and sale agreement, subject to
Temex's right (in its sole discretion) to complete the Acquisition
without doing so. The completion of the Acquisition is expected to
occur on or before November 23, 2012. On completion of the Acquisition,
the joint venture between Temex and Goldeye relating to the Juby Joint
Venture Property will be terminated. The proposed Acquisition has been
approved by both companies' boards of directors and conditionally
approved by the TSX Venture Exchange.




On behalf of the Board of Directors




"Ian Campbell"




President and CEO


About Temex Resources Corp.

Temex is a Canadian based exploration company focusing on its portfolio
of precious metals properties in Northeastern Ontario, a world class
mining district. Temex is exploring the Timmins Whitney Property, in
partnership with Goldcorp, and the Juby Gold Project.


The Whitney Property has NI 43-101 compliant resources on the Upper
Hallnor of 3.0 million tonnes at a grade of 2.44 g/t gold for 234,300
ounces of gold in the Measured category, 8.8 million tonnes at a grade
of 1.97 g/t gold for 555,900 ounces of gold in the Indicated category,
and 4.1 million tonnes at a grade of 1.82 g/t gold for 241,000 ounces
of gold in the Inferred category, all at a cut-off grade of 0.30 g/t
gold (Note 1).


The Juby Main Zone has NI 43-101 compliant resources of 22.3 million
tonnes at a grade of 1.30 g/t gold for 934,645 ounces of gold in the
Indicated category and 28.2 million tonnes at a grade of 1.00 g/t gold
for 905,621 ounces of gold in the Inferred category, both at a cut-off
grade of 0.40 g/t gold (Note 2).


The Gowganda Silver Project has a NI 43-101 compliant resource in
tailings piles of 1.94 million tonnes grading 47.5 g/t silver for a
contained resource of 2.96 million ounces of silver in the Indicated
category (Note 3).


Notes:



Information regarding the mineral resource estimate on the Upper Hallnor
is in the Company's news release dated September 5, 2012 and the
technical report filed on SEDAR October 19, 2012. The Mineral Resource
Statement was prepared for Temex by P&E Mining Consultants Inc. of
Brampton, Ontario in accordance with NI 43-101 by Richard Sutcliffe,
PhD, P.Geo., Eugene Puritch, P.Eng., David Burga, P.Geo., Yungang Wu,
P.Geo., Tracy Armstrong, P.Geo., and Antoine Yassa, P.Geo.,
"independent qualified persons" as defined by NI 43-101.


Information regarding the mineral resource estimate on the Juby Main
Zone is in the Company's news release dated January 16, 2012 and the
technical report filed on SEDAR February 28, 2012. The Mineral
Resource Statement was prepared for Temex by GeoVector Management Inc.,
Ottawa, Ontario in accordance with NI 43-101 by Joe Campbell, BSc,
P.Geo., Alan Sexton, MSc, P.Geol., and Allan Armitage, PhD, P.Geol.,
"independent qualified persons" as defined by NI 43-101.


Information regarding the mineral resource estimate in the tailings
piles located on the Gowganda Silver Project is in the Company's news
release dated June 8, 2011 and the technical report filed on SEDAR July
21, 2011. The Mineral Resource Statement was prepared for Temex by
GeoVector Management Inc., Ottawa, Ontario in accordance with NI 43-101
by Allan Armitage, PhD, P.Geol., Alan Sexton, MSc, P.Geo., and Joe
Campbell, BSc, P.Geo., "independent qualified persons" as defined by NI
43-101.




PDF available at: >www.temexcorp.com or

email: [email protected] or phone: 416-862-2246 toll free: 866-373-6287