What does the cryptic crossword clue "New version of note welcomed by timeless band (5)" mean?

The definition is "New version of". The wordplay uses a container (one word inside another). MI (synonym="MI") in REX (synonym="REX") = REMIX The answer is REMIX.

New version of note welcomed by timeless band (5)

Independent Cryptic #11842 | 2 Down | 2024-09-23 flower

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