TIEX Inc.
TSX VENTURE : TIX.P

April 03, 2007 16:57 ET

TIEX Inc. Announces Proposed Qualifying Transaction

CALGARY, ALBERTA--(CCNMatthews - April 3, 2007) - TIEX Inc. (the "Corporation") (TSX VENTURE:TIX.P), a capital pool company, announces that it has entered into a letter agreement (the "Letter Agreement") dated April 3, 2007 with Bullion Gold Corp. ("Bullion"). Bullion is an exploration and development company with various gold properties in south-central British Columbia, Canada, at the heart of the Caribou Mining Division. Bullion was incorporated on May 23, 2006 under the Business Corporations Act (British Columbia).

Bullion has entered into four separate property agreements involving the outright acquisition of claims that comprise a total of 133,389.09 hectares -of which 78 claims are wholly owned by Bullion and 5 claims are under option to Bullion. This land package covers a geologically highly prospective gold belt of approximately 140 kilometers long by 30 kilometers wide within the Quesnel Trough.

Although the Quesnel Trough and its surrounding areas have a long history of exploration, the results produced from Skygold/Wildrose's joint venture at their Spanish Mountain gold deposit over the past four years have produced some of the most convincing evidence to date that this geological environment or gold belt may contain the source of some of the Cariboo's richest placer finds.

The recent announcement of the Eureka Resources/Hawthorne Gold Corp joint venture regarding the development of Eureka's Fraser gold deposit attests to a renewed interest in developmental stage gold projects in the Quesnel Trough. Likewise, the recent advent of a regional-scale staking rush along this gold belt further underscores a consensus of opinion that this mining district offers the potential for world-class, multi-million sedimentary-hosted gold discoveries.

A National Instrument 43-101 technical report will be provided in relation to the properties referred to above.

Pursuant to the Letter Agreement, the Corporation will issue a total of 30,000,000 Common Shares in exchange for all of the issued and outstanding common shares of Bullion on the basis of two common shares of the Corporation for every one common share of Bullion (the "Acquisition"). A portion of the 30,000,000 Common Shares to be issued will be subject to the escrow requirements of the TSX Venture Exchange. The Acquisition will constitute the Qualifying Transaction of the Corporation in accordance with Policy 2.4 of the TSX Venture Exchange.

It is a condition of the Letter Agreement that the Corporation will raise concurrently with the closing of the acquisition a total of $2,000,000 (the "Offering"). The Offering will be for units of the Corporation, each unit consisting of one Common Share and one-half of one Common Share purchase warrant.

Wolverton Securities Ltd. has been retained to act as agent for the Offering on a commercially reasonable efforts basis and will be paid a cash commission equal to 8% of the gross proceeds received from the sale of the units and will be issued an option to purchase a number of units equal to 10% of the number of units sold, exercisable for a period of 24 months from the date of closing.

In addition, options to acquire a total of 3,444,444 Common Shares of the Corporation at an exercise price of $0.50 per Common Share will be granted to its directors and officers and/or consultants to the Corporation at the closing of the Acquisition.

A finder's fee, payable by the issuance of Common Shares of the Corporation equal to 2% of the value of the Qualifying Transaction to a maximum value of $150,000, will be paid upon successfully completing the Qualifying Transaction.

The proposed Qualifying Transaction will be at arm's length, and accordingly, will not require approval by the majority of the minority shareholders of the Corporation.

The un-audited financial statements of Bullion for the period ended February 28, 2007, indicate that Bullion has total assets of $309,635, total liabilities of $6,000 and net shareholders' equity of $303,635.

It is proposed that upon completion of the Qualifying Transaction, a new board of directors will be appointed or elected. The new board will consist of six directors, five of whom are to be nominees of Bullion and one of whom is to be a nominee of the Corporation. To date, Bullion has nominated Ernie Bergvinson, Marc Davis and John Buckle to be directors. These individuals are currently the only insiders of Bullion. The following, to date, are proposed directors and officers:

President, Chief Executive Officer and Director

Ernie Bergvinson of Kelowna, British Columbia, has 35 years of experience in mineral exploration and development. During this time, as a prospector, he has been credited with a number of mineral discoveries in northwestern British Columbia and the southern Yukon. He has served as the president and a director of four different mineral exploration companies in the late 1970's to 1990's.

Secretary, Chief Financial Officer and Director

Lyle Wunderlich of Calgary, Alberta, has, since 1986, been the owner of Alpine Drywall (Calgary) Ltd, a drywall contracting company based in Calgary, Alberta. Mr. Wunderlich has been involved in the construction industry in management for over 30 years, completing projects in Japan, Russia, and the Middle East and is currently working on a number of projects in Calgary, Alberta.

Vice President of Exploration and Director

John Buckle, P. Geo., P. Geoph. of Toronto, Ontario, has over 35 years of experience as a geophysicist working all over the world. He was instrumental in the discovery ofCanada's Ekati Diamond Mine and he was also involved in the Voisey's Bay nickel find. He has also been involved in over a dozen gold and copper discoveries in Latin America. He was the President of the Association of Professional Geoscientists of Ontario in 2004. He presently serves as a member of the association's executive committee.

Director

Marc Davis of Vancouver, British Columbia, is the Managing Editor ofSmallCapMedia.com, a financial news and analysis online publication, with a focus onCanada's mineral exploration and energy sectors. His career began as an equities floor trader on the Vancouver Stock Exchange in the mid 1980's. Since then, he has gainedexperience from working in different areas, including his positions as a London-basedfinancial journalist for the Dow Jones News Agency and as a business reporter for CBC Television. He was also a consulting mining analyst to a West Coast brokerage firm. Hehas also worked as a mining exploration and development financier.

The Corporation will be applying to the Exchange for an exemption of Sponsorship of the transaction. Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot be closed until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular, or filing statement, to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information