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KELOWNA, BC, June 27, 2012 /CNW/ - TIEX INC. (TSX-V:TIX) ("Tiex") is pleased to provide an update on work completed in 2011 on their
16,180 hectare Bullion Cu-Au Porphyry Property which is under an
earn-in option/joint venture agreement with Newmont Canada Corporation
("Newmont"). The Property is located in the prolific Quesnel Terrane of
central British Columbia, Canada and is accessible by highway and
logging roads year round.
In 2011, Newmont conducted an airborne magnetic and radiometrics survey
covering approximately 230 square kilometres. A total of 2,451 line-km
of data including tie-lines were completed, along survey lines oriented
east-west and spaced at 100 m. The geophysical datasets provide a
structural and igneous framework for future exploration in the
district, and provide a regional understanding of geology in an area
with rare rock exposure. The airborne data delineated three large areas
of positive magnetic response that Newmont expects to follow-up in the
2012-13 exploration seasons. These areas include two in the eastern
part of the Bullion/Tak claim block and one area nearest the Woodjam
property in the extreme northwest corner of our Bullion/Tak claim
block. Follow-up work will entail using a combination of geologic,
geophysical and geochemical methods to evaluate the magnetic anomalies
found by the airborne survey. The results of the radiometric data
appear to identify coherent anomalies yet to be explained and will be
field-checked. An induced polarization (I.P.) geophysical program is
now underway which will determine the course of further exploration.
The "good-to" date of these tenures have been moved forward to June 23,
2017 through work applied to the Property by Newmont.
"Our geological interpretation in regard to porphyry anomalies in the
Cariboo Region has been that they occur coincident with magnetic highs,
both within the magnetic volcanic rocks and within the non-magnetic
sedimentary-volcanic rock sequences. They are in many cases under
cover, representing blind geological targets but we do believe that new
discoveries are there to be made" stated Ken Faulkner, President and
CEO for Tiex. "Newmont's work on our Bullion Property to date has shown
some very positive results and we look forward to the results of the
2012 exploration program".
In addition to the Bullion Property being explored by Newmont, Tiex has
six (6) Cu-Au porphyry targets, two of which are drill ready,
identified as a result of work completed by Tiex over the last year.
Tiex and its technical team are evaluating strategic options that will
allow them to continue on a path toward new discoveries.
Stephen Wetherup, B.Sc., P.Geo., is the Qualified Person as defined by
National Instrument 43-101 and is responsible for the technical
information provided in this press release.
Tiex Inc. is a TSX Venture listed mineral exploration company focused on the
exploration of its 95,559 hectare Cariboo Region properties, including
the 16,180 hectare Bullion Property which is under an earn-in
option/joint venture agreement with Newmont Canada Corporation as
announced in the Company's April 27, 2011 news release. The properties
are located in the prolific Quesnel Terrane of central British
Columbia, Canada and are accessible by highway and logging roads year
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:
Ken Faulkner, President & CEO
Phone: (250) 869-1607 Fax: (250) 868 - 0798