Tirex Resources Ltd.
TSX VENTURE : TXX

Tirex Resources Ltd.

July 30, 2009 08:00 ET

Tirex Announces and Completes Major Land Expansion of the Mirdita District

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 30, 2009) - Tirex Resources (TSX VENTURE:TXX) is pleased to announce that the company has expanded the size of the Mirdita District by an additional 201 sq km (77.6 sq miles).

This significant land expansion results in Tirex's Mirdita District increasing from 352 sq km to 553 sq km, an increase of 57%.

The decision to apply for this increase, subsequently granted by way of a 201 sq km prospecting permit, was based on continued drilling success in known areas of mineralization and on continued field progress on the many undrilled geophysical and geological targets.

In 2008, Tirex drilled wide intersections of strong mineralization in three separate areas of the Mirdita District. These three areas are Koshaj, South Gurthi No. 2 and Letitna. Koshaj is a zinc rich zone with high grade gold and silver values, South Gurthi No. 2 is a copper rich zone with high grade gold values and Letitna is a zone with significant size potential with early drill results including high grade copper, zinc, gold and silver values.

Tirex's most recently announced hole at Letitna (see News Release NR 08-2009, dated July 13th, 2009) returned 46m (151 ft) of 0.70% Copper, 2.68% Zinc, 20.8 g/t Silver and 1.6 g/t Gold including 11.1m (36.4 ft) of 2.18% Copper, 3.80% Zinc, 38.0 g/t Silver and 4.0 g/t Gold including 8.1m (26.5 ft) of 2.59% Copper, 4.70% Zinc, 39.7 g/t Silver and 5.1 g/t Gold and including 2.0m (6.6 ft) of 2.54% Copper, 6.74% Zinc, 18.3 g/t Silver and 14.1 g/t Gold.

Letitna remains open in every direction for expansion and Tirex is conducting an aggressive drill program at Letitna in 2009 to test the very significant tonnage potential in the area.

While the large tonnage potential at Letitna is one focus for Tirex in 2009, other components of the work at Mirdita include advanced stage definition and expansion drilling at Koshaj and South Gurthi No. 2 and continued exploration, geared towards discovery, of the many undrilled targets that Tirex has identified in the District. Multiple undrilled areas of the District are now drill ready based on extensive 2008 field work. The 2009 program is therefore a combination of advanced stage work geared towards resource calculations and exploration work with a discovery focus.

In conjunction with the planned rapid ramp-up of activity onsite at Mirdita, Tirex has arranged an equity financing through the issuance of 4.3m common shares at $0.70 per share for gross proceeds of CAD $3,010,000. Once this equity financing is completed, Tirex has the right to draw down matching funds from the European Bank for Reconstruction and Development (EBRD) under the terms of its loan agreement with the EBRD dated October 9th, 2008. To date, Tirex has drawn down EUR 3 million of the EUR 6 million EBRD facility. Tirex plans to utilize the $3,010,000 equity private placement to advance the Mirdita District and then strategically draw down the EBRD matching funds at a later date, at a time that maximizes shareholder value.

Tirex is a company purpose-built to explore and develop the large 553 square kilometer Mirdita District in Albania. The nature of the VMS mineralization in this District provides Tirex investors with exposure to a high grade basket of metals: Copper, Zinc, Gold and Silver. The property is readily accessible by paved and gravel roads and is located 70 km north of the capital city of Tirana. The property covers the core of the historically productive Mirdita VMS base metal district. It represents an opportunity to explore Copper, Zinc, Gold and Silver zones that were previously partially mined, explored or evaluated at lower metal prices, and provides an opportunity to apply modern exploration techniques toward the discovery of new VMS deposits and extensions of known zones. In addition to the 17 historical deposits identified by previous state-run exploration, Tirex has identified numerous high priority exploration targets resulting from the 2007 airborne geophysical survey, ongoing ground geophysics, geological mapping and other field work. The Mirdita exploration project is managed by an experienced team of Canadian geologists and other professionals, and several senior Albanian geologists, geophysicists and surveyors.

Further details on the Mirdita District can be found on the Tirex website at www.TirexResources.com.

ON BEHALF OF TIREX RESOURCES LTD.

Bryan Slusarchuk, CEO and Director

Forward-Looking Statements. This Tirex News Release may contain certain "forward-looking" statements and information relating to Tirex which 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.

Contact Information

  • Tirex Resources Ltd.
    Bryan Slusarchuk
    CEO and Director
    (604) 687-7160
    (604) 687-7165 (FAX)
    or
    Tirex Resources Ltd.
    512 - 470 Granville Street
    Vancouver, B.C., Canada V6C 1V5
    Email: info@TirexResources.com
    Website: www.TirexResources.com