TEMEX ANNOUNCES INCREASE TO PRIVATE PLACEMENT FINANCING

/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/

TSX-V:TME; FWB:TQ1

TORONTO, Nov. 8 /CNW/ - Temex Resources Corp. (TSX Venture: TME, Frankfurt: TQ1) ("Temex" or "the Company") announces a change to the Company's previously announced private placement offering with a syndicate of agents led by NCP Northland Capital Partners Inc. and including PI Financial Corp. (collectively, the "Agents") (see the Company's news release dated October 29, 2010). The initial offering has been over-subscribed and the offering will now be comprised of up to 5,681,818 "flow-through" shares (each, a "FT Share") at a price of $0.44 per share and up to 5,000,000 units (each, a "Unit") at a price of $0.40 per Unit for aggregate gross proceeds of up to approximately $4.5 million (the "Offering").  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.  The Offering is being made by the Agents on a reasonable efforts basis and is expected to close on or about November 17, 2010.

As previously announced, 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.

In addition, the Company is expecting to complete a non-brokered private placement of up to 2,500,000 Units at a price of $0.40 per Unit for aggregate gross proceeds of up to $1,000,000 (the "Non-Brokered Financing") concurrently with the Offering. The Units offered under the Non-Brokered Financing will be on the same terms and conditions as the Units offered under 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"

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 focussed on developing the Timmins Gold Project, and specifically the property known as Whitney, in partnership with Goldcorp and at the same time advancing its 100% owned Juby Gold Project, one component of which is the 100% owned Juby Lease Property which contains a National Instrument 43-101 Indicated resource of 614,000 ounces of gold and an Inferred resource of 602,000 ounces of gold. 

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the potential gross proceeds to be raised in connection with the Offering and the Non-Brokered Financing, the Company's anticipated use of proceeds and renunciation and the expected timing for closing the Offering and the Non-Brokered Financing. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to obtain TSX Venture Exchange approval of the Offering, general business and economic uncertainties, future mineral prices and adverse market conditions, as well as those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information (such assumptions including that that the Offering will be completed) in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Temex disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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For further information:

please visit www.temexcorp.com or
email: [email protected] or
phone: [phone]  toll free: 866-373-6287