Tirex Resources Ltd.

Tirex Resources Ltd.

November 07, 2007 16:24 ET

Tirex Resources Signs Extended Lease for Drill Rig

VICTORIA, BRITISH COLUMBIA--(Marketwire - Nov. 7, 2007) - Tirex Resources Ltd. ("Tirex") (TSX VENTURE:TXX) is pleased to report that it has signed a lease contract for a new core drill rig to be mobilized to the Mirdita copper-zinc-gold project in Albania.

More than a simple drill contract, the lease contract allows Tirex to retain the drill on site for the duration of the contract through multiple phases of drilling without giving up the machine to other companies. Drill rigs are in high demand reflecting high metal prices and high levels of exploration spending around the world. Having a drill on the property at all times and available to drill on short notice will allow Tirex geologists to plan and execute drill programs in a timely manner.

The drill lease contract was signed with Energold Drilling Corp. (TSX VENTURE:EGD) of Vancouver, Canada. Energold will act as the drill contractor and is supplying experienced drillers, drill support and supplies for the work. Energold is an industry leader in the use and construction of highly portable drills. The new state-of-the-art Series III drill rig leased by Tirex is capable of drilling to depths of over 750m (subject to rock conditions). The drill is man-portable and leaves a minimal environmental footprint. Drilling can be completed without causing damage to trees and without building bulldozer access roads and can have a positive social impact by creating employment for local communities. Environmental and social benefits are complimented by cost savings in road construction while maintaining high performance standards.

Tirex's large 344 square kilometer property covers the core of the historically productive Mirdita Volcanogenic Massive Sulphide ("VMS") base metal district of Albania in southern Europe. It is readily accessible by paved and gravel roads and is located 70 km north of the capital city of Tirana. The project represents an opportunity to explore not only copper, zinc, gold and silver zones that were previously partially mined or evaluated at lower metal prices but also provides an opportunity to apply modern exploration techniques not available to past explorers toward the discovery of new VMS deposits and extensions of known zones. The magnitude of historic mining in the district, the known mineralization and the results of data compiled to date support a strong mineral potential for the Mirdita Project.

In 2007, Tirex began exploration of the property, flying the first airborne geophysical survey in the history of Albania over the property. The 2,520 km survey produced high quality data and outlined VMS exploration targets by identifying electromagnetic ("EM") conductors associated with most of the known VMS deposits, extended EM anomalies into overburden covered areas and located new EM conductors. Full technical details on the property and of the recommended Phase 1 exploration program are described in Tirex's NI43-101 report posted on the SEDAR website (www.sedar.com).

R. Stuart (Tookie) Angus, Director, states, "We are very pleased to see our exploration plans at Mirdita moving ahead so quickly. An experienced and expert field crew is now onsite, ramping up field work and we now have a drill lease signed, all within three weeks of the Tirex Initial Public Offering. It is a real credit to our veteran team of exploration geologists and managers."

George Gorzynski, P.Eng., Tirex Director and a Qualified Person under the meaning of Canadian National Instrument 43-101 and a director of Tirex, is responsible for the technical content of this news release.


Bryan Slusarchuk, CEO and Director

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

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