Tirex Resources Ltd.

Tirex Resources Ltd.

January 20, 2010 13:13 ET

Tirex Resources Drill Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 20, 2010) - Tirex Resources Ltd. (TSX VENTURE:TXX) -

  • 240m step out hole at Letitna encounters mineralization
  • Discovery focused hole south of Munelle was lost prior to reaching target depth due to drilling difficulties, to be re-drilled
  • 2010 drill program to consist of advanced stage drilling in known areas of mineralization alongside of exploration with discovery potential in new areas

Tirex Resources plans to resume drilling at the company's Mirdita VMS District, located in Albania soon. To date, drilling results have intersected wide zones of strong mineralization in three separate areas of the 553 sq km District: Koshaj, South Gurthi No. 2 and Letitna.

Drilling plans for 2010 will be focused on resource definition and expansion drilling at Koshaj, South Gurthi No. 2 and Letitna. In addition to this resource focused drilling, pure exploration drilling will occur in multiple areas of the property that were previously not drilled. The 2010 program is therefore a combination of advanced stage drilling alongside of pure exploration with discovery potential.

At the end of the 2009 drill program, Tirex drilled two high priority holes. The first was a step out hole drilled 240m north of the previous most northerly drilled hole at Letitna. The second was a discovery focused hole, drilled in a new area north of the Koshaj Zone.

The long step out hole at Letitna intersected mineralization and extended the mineralized horizon 240m to the north of its previous most northerly known extent. The hole intersected 1.6m of 0.96% Zn, 3.5 g/t Ag and 0.39 g/t Au, and 2.1m of 0.84% Zn, 1.6 g/t Ag, and 0.12 g/t Au. Letitna is open for expansion to the northeast. Going forward drilling at Letitna will be focused on expansion and definition with further step out and infill holes planned.

The hole north of Koshaj was targeting the favourable volcanic sequence that is host to VMS mineralization under a thick melange (debris flow) cover. The favourable volcanic sequence is interpreted to start at a depth of 325m. Previous, state-run programs had experienced significant drilling difficulty in this part of the District and this resulted in multiple abandoned historical holes attempting to test this target area. In December 2009, Tirex attempted one hole in this area. Drilling difficulty was experienced and multiple rods broken during the drilling. The hole was abandoned at 312m. Onsite drilling staff have made modifications to the drill and are now confident in their ability to penetrate the melange and test the favourable volcanic sequence. Upon resumption of drilling, this discovery focused hole will be re-drilled immediately.

Drilling, at the start of 2010, will be facilitated in part through Tirex's financing arrangement with the European Bank for Reconstruction and Development (EBRD).

Tirex's intense District-scale exploration program at Mirdita is a combination of advanced stage definition and expansion drilling in known areas of mineralization alongside of exploration targeting new discoveries in previously undrilled areas. Tirex is a company purpose-built to explore and develop the large 553 square kilometer Mirdita Property 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 Project is managed by an experienced team of Canadian and Albanian geologists and geophysicists.

John Nicholson, P.Geo., a Qualified Person under the meaning of Canadian National Instrument 43-101 and Mirdita Project Manager, is responsible for the technical content of this news release. Drill core was NTW size (5.71 cm diameter) and BTW size (4.20 cm diameter). Half core samples were collected with a rock saw, tagged for identification and securely stored at the Tirex base camp until shipment. A total of 5% assay standards and 5% blanks were inserted into the sample shipment as a quality control measure in addition to the internal quality control measures applied by the laboratory. All samples were shipped directly to ALS Chemex Labs in North Vancouver, Canada where they were dried, weighed, crushed and pulverized. Splits of each pulp were then analysed for 51 elements by ICP Spectrometry and assayed for copper, lead, zinc, silver and gold by standard assay methods.

Further details on the company and the Mirdita Project can be found on the Tirex website at www.TirexResources.com.


Bryan 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.

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