Tiex – Announces Option to form Joint Venture Agreement with Newmont
KELOWNA, BC, April 27 /PRNewswire-FirstCall/ – Tiex Inc. (“Tiex” or the “Company”) (TSX-V: TIX) is pleased to announce through its wholly owned operating subsidiary (Bullion Gold Corp.), the
completion of an earn-in option/ joint venture agreement with Newmont
Canada Corporation, a subsidiary of Newmont Mining Corp. (“Newmont”)
in relation to the Company’s Bullion Property. The agreement
encompasses 17 claims within the boundary of the Bullion Property.
The agreement calls for a 2 phase earn-in process. Phase 1 consists of a
5 year, $2.5 million minimum aggregate work expenditure for Newmont to
earn 51% with a minimum 1(st) year commitment of $100,000. The agreement also provides Tiex Inc. cash
payments in the aggregate of $375,000 by Newmont annually over the
Phase 1 earn-in, with the minimum 1(st) year payment of $15,000. The cash amounts will be paid annually on or
before the anniversary date of the agreement. Newmont may elect to
discontinue Phase 1 earn-in at any time after the 1(st )year commitment in which case, it would retain no interest in the
Upon Newmont completing Phase 1 earn-in, Newmont at its sole discretion
may elect to earn and vest in an additional 24% in the Property by (i)
completing an additional $7 million in minimum work expenditures on the
Property within an additional 4 years; or (ii) completing a positive
feasibility study on the defined Property, whichever comes first.
Newmont may elect to discontinue Phase 2 at any time and retain its 51%
interest. On completion of Phase 1 and 2, Newmont will have an earned
and vested 75% interest in the Property.
Ken Faulkner, President and CEO Tiex Inc, states; “We are very pleased
and excited to enter into this agreement with Newmont. Both parties are
hopeful that this agreement can form the basis of exploring further
synergies that will be of mutual benefit. In the meantime, we look
forward to working with Newmont, a first class international mining
About Tiex Inc:
Tiex Inc. is a TSX Venture listed mineral exploration company focused on
the exploration of its 95,559 hectare Cariboo Goldfields Project
located in the historic Quesnel Trough area of central British
Columbia, Canada. The property is accessible by highway and logging
roads year round. For more information, you can visit the company’s
website at www.tiexinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
“Kenneth D. Faulkner”
President & CEO
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.
SOURCE TIEX Inc.