KELOWNA, BC, May 5 /CNW/ - Tiex Inc.("Tiex" or the "Company") (TSX-V:TIX) announces that the sonic drill program on the company's 100% owned Gold Creek property located north-east of Likely, BC was successful in achieving 90% core recovery in the two drill holes. The pilot project consisted of hole GC10-01 drilled at -60 degrees to 37.5 metres and GC10 - 02 at -90 degrees to 102.5 metres for a total of 140 metres. The holes were drilled from the same drill site as the 2008 program GC08 -01,-02, and -03. That 2008 program had poor core recovery showing a significant disparity between the drill core and the drill cuttings assays. This was reported in a January 9, 2009 press release which can be found on Tiex's website at www.tiexinc.com. The samples from the sonic drill program have been sent to ALS Chemex in North Vancouver BC for assay and results are expected within two to three weeks.
"Tiex is pleased by the recovery achieved from Sonic drilling" stated Ernie Bergvinson President and CEO "This is the first time in the history of the Gold Creek property that the majority of the mineralization has been recovered, contrary to previous drilling" Sonic drilling was the first of three pilot projects to find the most feasible method for drilling the property. The other methods under consideration are dual rotary reverse circulation and diamond drilling with a face discharge bit.
This pilot drill project was under the supervision of Erik Ostensoe, P.Geo. reporting to John Buckle, P.Geo, P. Geoph. The scientific and technical information contained in this news release was prepared under the supervision of John Buckle, P. Geo, P.Geoph and VP Exploration for Tiex Inc., who is a "Qualified Person" as defined under National Instrument 43-101.
The Company also announces that it is applying to the TSX Venture Exchange to extend the expiry date, from May 20, 2010 to July 20, 2010, of 2,222,222 common share purchase warrants which were included in the units sold as part of the Company's concurrent financing when it completed its Qualifying Transaction in May, 2008. Each share purchase warrant entitles the holder to purchase one common share of the Company at a price of $0.70 per share.
About Tiex Inc.
Tiex Inc. is a TSX Venture listed mineral exploration company focused on the exploration of its 136,663 hectares mineral property located in the Cariboo Gold Fields of central British Columbia Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
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.
SOURCE TIEX INC.
For further information: For further information: Ernest (Ernie) Bergvinson, President and CEO, Telephone: (250) 869-1607, Facsimile: (250) 868-0798, Email: email@example.com; Doug Kerr, Investor Relations, Telephone: (604) 638-0699, Toll Free: (866) 580-0699, Email: firstname.lastname@example.org