August 01, 2008 18:15 ET

Tiex Inc.: News Release

KELOWNA, BRITISH COLUMBIA--(Marketwire - Aug. 1, 2008) - Tiex Inc. (the "Company) (TSX VENTURE:TIX), Ernest Bergvinson President, announces as a result of a review by the British Columbia Securities Commission we are issuing the following news release to clarify our disclosure. The Company regrets any forward looking statements that may have been misleading to the investor and therefore would like to clarify its June 5, 2008 News Release.

The company retracts the previously announced assay results of 4g/t gold over 20.5 metres because the averages used do not represent actual weighted averages based on the gold assay results being significantly higher in the quartz veins than in the surrounding phyllites.

The known zone of anomalous gold value mineralization is not known to be in any way related to the area of the 900 metre long Induced Polarization (IP) geophysical anomaly and that the mineralized zone should not be interpreted as being part of or, as being an extension to the IP anomaly.

Due to the extensive overburden in the area and disseminated pyrite associated with the altered host rock, it was recommended by the Company's geologist to conduct an IP geophysical survey over portions of the property. David Mark, President, Geotronics Consulting Inc. of Vancouver, BC was retained to carry out the surveys. A dipole-dipole array survey was applied with 100 metre gridline spacing established over the Gold Creek zone and 200 metre grid spacing over the remaining surveyed area. Both pseudo resistivity sections and conductivity inversion sections were processed and interpreted by the consultant and submitted to the Company.

As at June 5, 2008 an IP anomaly was delineated on the property trending for some 900 metres along an easterly trend. The IP response over the Gold Creek zone is low and does not appear to pick up the anomalous gold mineralization noted above. To the east of the zone a high IP signature is outlined. Based on conductivity inversion sections, this area is interpreted by the consultant as possibly reflecting disseminated metallic sulphides in the underlying bedrock.

The Company is undertaking an exploration program designed to test areas of high IP chargeability consisting of trenching followed by the current exploratory drilling. The Company cautions the strength of the IP chargeability is not a reliable indicator of gold mineralization nor determining gold grade and there is no assurance that the rest of the IP anomaly will contain potentially economic gold grades. Exploration work will be initially concentrated in the immediate vicinity of the Gold Creek zone and chip sampled area and the work will also in part be guided by geophysical data as it becomes available.

In addition the Company had previously disclosed in its website an average 3.77 g/t gold grade at the Forks zone over 13 metres as disclosed on page 33 of the technical report. To clarify this information, the Company points out that the technical report on page 31 states the following:

"The Forks showing (MINFILE 093A 092) is located on Cariboo Goldfields Property and is along strike of the predicted northwestern extension of the geologically similar Frasergold deposit 19 kilometres to the southeast. Mineralization is associated with the 'knotted' or porphyroblastic black phyllite unit which occurs in a 200 to 300 metre wide zone within the basal phyllite sequence. Gold mineralization typically occurs near the base of the 'knotted' phyllite. The quartz sweats host gold mineralization (rarely visible) and quartz-carbonate material. Based on diamond drilling completed in 1988-89, the mineralized zone can be traced over a strike length of 238 metres with grades ranging from 0.44 to 9.39 grams per tonne gold over widths of 0.8 to 1.5 metres. The character, type and possible stratigraphic position of the gold mineralization are similar to that of the Frasergold deposit (Howard, 1989b)". The Company also retracts a statement formerly on its website that suggests the results of work carried out on the property would result in another Cariboo gold rush.

The Company is currently updating its website to be in compliance with the Securities Act, regulations and policies.

The 43-101 qualified person for Tiex's projects is Dan Cardinal, P.Geo, Project Manager, for all of the Company's projects in the Cariboo district and has verified the contents of this news release.

On Behalf of the Board of Directors,

Ernest Bergvinson, President & CEO

This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. For further information investors should review the Company's filings that are available at www.sedar.com or contact Ernest Bergvinson, President at (250) 869-1607.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Tiex Inc.
    Ernest Bergvinson
    President & CEO
    (250) 869-1607
    (250) 868-0798 (FAX)
    Email: ceo@tiexinc.com
    Website: www.tiexinc.com
    Tiex Inc.
    Suite 307, 1500 Hardy Street
    Kelowna, British Columbia V1Y8H2