KELOWNA, BC, March 29, 2012 /CNW/ - Tiex Inc. ("Tiex" or the "Company") (TSX-V: TIX), the company is pleased to furnish the following update:
Management is very pleased with the progress made with respect to our 2011 exploration program. Our goals that we set at the beginning of the year, of defining and testing targets on the Company's vast property package met expectation. A great amount of new geological data has been interpreted and we continue to gain confidence in the direction we have chosen. As a result, we believe that our next program will have the technical ability to support a thesis of potential "new discovery" in our copper porphyry targets. We plan to devote the majority of our 2012 exploration budget on these six (6) targets, with a combination of reconnaissance drilling and additional geochemical and geophysical work to prove this thesis. The seventh porphyry target is optioned to Newmont; they have indicated that we will receive an update soon regarding their plan on our Bullion property. We will post this on our website when received.
In order to reach our 2012 exploration goals, the company requires funding and is considering options to accommodate our requirements. These options include, raising in stage's over the 2012 season, partnering with a vested strategic partner to share expenses pro-rata, or joint venturing some of the targets, or a combination of the aforementioned.
Ken Faulkner comments: "I have been talking with 3rd parties that have an interest in what we are trying to accomplish in the region. Some have expressed their desire to explore participation going forward, as well as others have come forward with direct financing ideas. However, none have committed to date. I believe that general market conditions prevent these parties from making the commitment we require. I also believe that the situation changes daily and we, as a board, are committed and determined to continue our exploration efforts. Therefore, we will make every effort to resolve this situation for the benefit of all shareholders."
"In the meantime, we are also in the process of considering strategic options that will enable the Company with the critical mass necessary under these market conditions. We intend to remain proactive in expanding the Company's exploration footprint in diverse jurisdictions."
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 release.
About Tiex Inc:
Tiex Inc. is a TSX Venture listed mineral exploration company focused on the exploration of its 95,559 ha Cariboo Region properties, including the 16,180 ha 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 round. For more information, you can visit the company's website at: www.tiexinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS,
"Kenneth D. Faulkner"
President & 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.
For further information:
Ken D. Faulkner, President & CEO
Telephone: (250) 869 - 1607
Facsimile: (250) 868 - 0798
Email: [email protected]