Tirex Resources: Select Mirdita Concessions Set to Transition to Near Term Copper and Gold Production
27 June 2011 - 8:00PM
Marketwired
Tirex Resources (TSX VENTURE: TXX) is pleased to announce that it
has notified the Ministry of Economy, Trade and Energy in Albania
of its intent to convert certain areas of its Exploration
Concessions into Exploitation (Mining) Concessions. Tirex is
planning production at six VMS deposits targeting copper and gold
while also assessing the additional viability of zinc production.
These areas of the Mirdita District (Tuc, Qaf Bari, Paluca,
Fushe Arres, Gurthi-Koshaj, Letitna) were the focus of significant
historical work by Albanian state-run programs and host deposits in
varying stages of development. Some of these deposits were
producing mines while others were being readied for production when
the Albanian state mining industry stopped operations country-wide
due to democratization and privatization. Work by Tirex over the
past four years has been, in part, focussed on rebuilding and
assessing the Albanian database on these deposits.
Tirex has arranged to enter production via a mining partnership
with an experienced mining group (see Tirex News Release
2011-03-23). The arrangement fast tracks Tirex into production in a
cost effective and non-dilutive manner. The mine production plans
will provide employment and development in the Mirdita Region and
will be conducted in accordance with international environment,
health, safety and social standards. Tirex's planned commencement
of gold and copper production comes at a time of rapid emergence of
the Albanian economy, fuelled in part by a 10% flat corporate and
personal tax rate, NATO membership, European Union candidacy, and a
parliamentary democracy.
In addition to planned substantial near term production and cash
flow from mining operations, Tirex will continue the first ever
modern, large scale exploration of the Mirdita District, targeting
the discovery of major VMS deposits. The next exploration areas to
be drilled are large targets defined by geophysics and geological
mapping in late 2010 just before the onset of winter. Tirex's
ongoing district-scale exploration of Mirdita is funded, in part,
by the European Bank for Reconstruction and Development
("EBRD").
Further details on the company and the Mirdita Project can be
found on the Tirex website at www.TirexResources.com.
ON BEHALF OF TIREX RESOURCES LTD.
Bryan J.R. Slusarchuk, CEO and Director
Forward-Looking Statements. This Tirex News Release may contain
certain "forward-looking" statements and information relating to
Tirex that are based on the beliefs of Tirex management, as well as
assumptions made by and information currently available to Tirex
management. Such statements reflect the current risks,
uncertainties and assumptions related to certain factors including,
without limitations, exploration and development risks, expenditure
and financing requirements, title matters, operating hazards, metal
prices, political and economic factors, competitive factors,
general economic conditions, relationships with vendors and
strategic partners, governmental regulation and supervision,
seasonality, technological change, industry practices, and one-time
events. Should any one or more of these risks or uncertainties
materialize or change, or should any underlying assumptions prove
incorrect, actual results and forward-looking statements may vary
materially from those described herein.
"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 news release."
Contacts: Tirex Resources Ltd. Bryan J.R. Slusarchuk CEO and
Director 604-687-7160 604-687-7165 (FAX) info@TirexResources.com
www.TirexResources.com
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