Tirex Resources: Select Mirdita Concessions Set to Transition to Near Term Copper and Gold Production
June 27 2011 - 6:00AM
Marketwired Canada
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.
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