Tirex Resources Ltd.

Tirex Resources Ltd.

January 27, 2010 08:00 ET

Tirex Arranges Significant Working Capital Injection and Immediately Remobilizes to Mirdita VMS District

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 27, 2010) - Tirex (TSX VENTURE:TXX) is pleased to announce it has arranged an equity financing for gross proceeds of $2,000,000. The equity will be raised through the issuance of 5 million common shares at $0.40 per share. The equity raise will enable Tirex to apply to immediately draw down approximately CAD$3million (EURO 2million) under the company's convertible debt facility with the European Bank for Reconstruction and Development (the EBRD loan bears interest at LIBOR plus 1.5% and is convertible at $0.62 per share as per the agreement announced on October 8th, 2008). Bryan Slusarchuk, CEO, states, "Tirex has an outstanding, District-scale opportunity at Mirdita. There are 17 known historical deposits, 9 of which were previously in production. We have multiple undrilled, high priority geological and geophysical targets that were identified by Tirex using modern exploration techniques. The program within this 553 sq km district of projects is two-fold; consisting of both advanced stage definition and expansion drilling and pure exploration drilling with discovery focus. This district deserves large-scale and intense exploration and today's financing will assist in facilitating that during the coming weeks and months." With the financing arranged, targeted to give the company approximately $5million in working capital, Tirex technical staff will immediately re-mobilize to Mirdita to begin drilling. The program, during the next several months, is drilling focused as 2009 regional and area-specific field work has defined and refined multiple drill targets.

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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