Tirex Resources Ltd.

Tirex Resources Ltd.

March 09, 2009 09:00 ET

Tirex Draws Down Additional Funding From EBRD

- Tirex strengthens balance sheet with a second EBRD investment - Funds to be used for continuing intense District-scale exploration at Mirdita - EBRD’s involvement in the Albanian resource sector growing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 9, 2009) - Tirex Resources Ltd. ("Tirex") (TSX VENTURE:TXX) is pleased to announce that it has arranged to immediately draw down EUR 1 million (approximately CAD $1,625,000) from the European Bank for Reconstruction and Development (EBRD) under the terms of its loan agreement with the company announced October 9, 2008.

Bryan Slusarchuk, Tirex CEO, states, "Today's announcement is very positive for Tirex Resources. It not only puts us in a much stronger position financially as we advance Mirdita, but also indicates the EBRD's level of commitment and support for this project. In today's difficult environment in the capital markets, it is wonderful to know that the EBRD continues to be such a positive force for Tirex as a financial backer. When we first announced the financial involvement of the EBRD with Tirex Resources, we described the bank as an ideal partner. I think today's announcement proves that we were correct in this assessment."

While many financial institutions around the world are dramatically scaling back investments, the EBRD plans to invest approximately EUR 7 billion in its countries of operations this year, compared with EUR 5.1 billion in 2008. This approximate 37% increase in business volume is a direct response to the challenging current global financial conditions. The EBRD's involvement in the Albanian resource sector continues to grow.

Tirex Resources will use the funds to continue to advance the company's district-scale Mirdita Project in Albania. To date, Tirex has drilled wide widths of gold-rich VMS mineralization in three separate areas in the 344 sq km District. In 2009, Tirex will conduct expansion and definition drilling in these three areas as well as drilling extensions of other known zones of mineralization and previously untested geophysical targets. This intense drill program will run concurrently with large, District-scale ground geophysical, geochemical and mapping work. The loan bears interest at LIBOR plus 3%.

About the European Bank for Reconstruction and Development (EBRD)

The EBRD was established in 1991 to nurture private sector business in emerging economies in eastern Europe and central Asia and is the largest single investor in this region. EBRD is owned by 61 different countries and two intergovernmental organizations and invests mainly in private enterprises, usually in conjunction with commercial partners. The EBRD's prudent operational and financial policies along with its strong capital position has resulted in a credit rating of AAA from Standard & Poors, Aaa from Moody's and AAA from Fitch. EBRD has a subscribed capital totaling EUR 20 billion.

About Tirex Resources

Tirex is a company purpose-built to explore and develop the large 344 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 its 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 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 limitation, 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.

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

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