Tiex Inc. is issuing the following news release to clarify the company's disclosure.
August,01,2008
As a result of a review by the British Columbia Securities Commission, Tiex Inc. is issuing the following news release to clarify the company's disclosure. The company regrets any forward-looking statements that may have been misleading to the investor and therefore would like to clarify its news release reported in Stockwatch on June 5, 2008.
The company retracts the previously announced assay results of four grams per tonne 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 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 of Geotronics Consulting Inc. of Vancouver, B.C., was retained to carry out the surveys. A dipole-dipole array survey was applied with 100-metre grid-line 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 approximately 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 comprising 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 grams per tonne 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 1988-1989, 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 National Instrument 43-101 qualified person for Tiex's projects is Dan Cardinal, PGeo, project manager, for all of the company's projects in the Cariboo district and has verified the contents of this news release.
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