Tiex Inc (C:TIX)
Shares Issued 46,329,480
Last Close 3/28/2012 $0.05
Thursday March 29 2012 - News Release
Mr. Kenneth Faulkner reports
TIEX INC. - 2012 EXPLORATION AND DIRECTIONAL UPDATE
Tiex Inc. has provided the following update.
Management is very pleased with the progress made with respect to the company's 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 stages 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
