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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 round.
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.
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