VANCOUVER, July 3 /CNW/ - TIEX INC (TIEX or the Company) (TSV-V:TIX) announces that the company has granted incentive stock options to directors, officers and employees of the company to purchase up to 560,000 common shares in the capital stock of the Company pursuant to a Share Option Plan approved by shareholders. The options are exercisable at a price of $0.18 per share, and have a term of up to five years.
Tiex Amends Advanced Royalty
Tiex has entered into two amended purchase agreements with Lloyd Addie amending the advanced royalty payments that are currently due from $40,000 to $10,000. The prior agreements required additional cash payments of $20,000 annually, but have been amended to $7,000 annually.
Tiex has entered into an amended purchase agreement with George Addie amending the advanced royalty payment that is currently due from $20,000 to $5,000. The prior agreement required additional cash payments of $10,000 annually and has been amended to $3,500 annually. All the agreements retain a 2% net smelter return of which half can be purchased by the company for payment of $1.0 million. The 1.0 million escrowed common shares of Tiex that were issued for the properties were not amended. The properties are located in the historic Cariboo Gold Mining District of central British Columbia and are in the vicinity of Hawthorne Gold Corp/Eureka Resources Frasergold Property.
Tiex Acquires Strategic Claims Adjoining Gold Creek Property
The company has entered into a cash agreement with two vendors to acquire a 100% interest in 16 mineral claims consisting of three properties for a total consideration of $7,500. The Claims are located in the historic Cariboo Gold Mining District of central British Columbia. The Likely property is immediately adjacent to Tiex's Gold Creek claim where a 2009 MMI soil grid survey is underway and a drill program is planned. The other strategic claims are located on Cedar Mountain and adjoin to the south and east of the Spanish Mountain property of Skygold Ventures and connect with Tiex's claims to the south.
For more information, you can visit the company's website at www.tiexinc.com
John Buckle, P. Geo., P. Geoph, the Company's Vice President of Exploration and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this press release.
ON BEHALF OF THE BOARD OF DIRECTORS "Ernest Bergvinson" 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.
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