Tirex Resources Ltd.

Tirex Resources Ltd.

March 04, 2011 17:31 ET

Tirex Closes $5,000,000 Equity Private Placement Fully Subscribed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 4, 2011) - Tirex Resources Ltd. (TSX VENTURE:TXX) -

  • Proceeds to continue advanced stage work and exploration activity at Mirdita
  • This financing is additional to the $2,000,000 in funding recently arranged with the EBRD

Tirex has closed its previously announced $5,000,000 non-brokered private placement via the issuance of 10 million common shares at a price of $0.50 per share. There were no warrants issued in conjunction with this financing.

This equity private placement is additional to the $2,000,000 in funding recently arranged with the European Bank for Reconstruction and Development ("EBRD") which was described in the Tirex News Release dated
January 5, 2011.

Tirex will use the proceeds of the funding to intensify advanced stage work and exploration activity at the company's district-scale Mirdita VMS project located in Southern Europe (Albania). Plans for 2011 include the completion of initial mineral resource estimates, a preliminary economic assessment study and continuing exploration work, with a dominant focus on drilling. The drilling will continue to both define and expand known zones of mineralization, and test geological and geophysical targets with new discovery potential.

As consideration for services rendered in connection with the private placement, the Company paid aggregate finder's fees of $224,600 cash, 177,600 finder's fee shares and 271,000 broker warrants. The private placement shares, the finder's fee shares and the broker warrants are subject to a hold period expiring 4 months from closing.

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


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.

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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