Tumi Resources Limited's listing status was upgraded to Tier 2, from a capital pool company (formerly Planex Ventures Ltd.) , by the TSX Venture Exchange on May 23, 2002. Shareholders voted approval for a Qualifying Transaction involving a mineral resource property acquisition.
Tumi Resources Limited TM.V (TSX)
Cinco Minas, Jalisco. On July 8, 2002, the Company announced a 60:40 joint venture agreement with a private Mexican company to explore the Cinco Minas silver-gold property located in the Hostotipaquillo District near Guadalajara, Mexico. Historic production (Rivera and Vazquez, 1963), by agitation leaching from high grade zones, is recorded as 97,000 ozs gold and 15 million ozs of silver from 1.08 million tonnes of ore. An independent consultant, Cuellar, 1999, reported resources in the old mine area of 5.07 mt @ 1.24 g/t gold and 120 g/t Ag that are amenable to open-pit mining. Cinco Minas is an advanced stage project and is immediately accessible for underground channel sampling of old mine workings and drill testing of new target areas. The independent geologists report on Cinco Minas (Nebocat, 2002) is available on Tumi's website.