Tirex Resources Ltd.

Tirex Resources Ltd.

August 24, 2009 11:56 ET

Tirex Resources Closes Oversubscribed Financing to Intensify Drilling at Mirdita

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 24, 2009) - Tirex Resources Ltd. ("Tirex") (TSX VENTURE:TXX) is pleased to announce that it has completed its private placement announced July 30, 2009 totalling $3,108,280. These funds were raised through the issuance of 4,440,400 common shares (the "Shares") at a price of $0.70 per share. No warrants were issued in connection with the financing.

With the financing now closed, Tirex also qualifies for future additional matching funds from the European Bank for Reconstruction and Development (EBRD) under the terms of the company's funding agreement with the EBRD announced on October 9, 2008.

In solid financial condition, Tirex is intensifying operations onsite at Mirdita. The Tirex program, moving forward, will include both advanced stage definition and expansion drilling in known areas of mineralization alongside of discovery-focused exploration drilling in areas of the District previously unexplored. The exploration component of the program will be based on the past year of intense prioritization work in the field that included detailed ground geophysics, geochemistry and geological analysis.

Recently, Tirex announced a 57% land expansion of the Mirdita District and the size of this District of projects now stands at 553 sq km. Currently, Tirex is focussed on drilling at an area of the property named Letitna. Letitna has significant tonnage potential and recent Tirex drill results have included wide intercepts of strong copper, zinc, gold and silver mineralization. In addition to continued drilling at Letitna, Tirex will also start exploration drilling in areas of the property such as the newly identified East Slope Trend and south of the Munelle deposit, underneath a melange unit that hampered past state-run exploration efforts.

As consideration for services rendered in connection with the private placement, the Company paid finder's fees aggregating $200,560.50 and issued an aggregate 28,890 common shares ("Finder's Fee Shares") at a deemed price of $0.70 per share. The Shares issued pursuant to the private placement and Finder's Fee Shares are subject to a hold period expiring December 22, 2009.

Tirex is a company purpose-built to explore and develop the large 553 square kilometer Mirdita District 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 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 Mirdita District 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 which 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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