Tirex Announces and Completes Major Land Expansion of the Mirdita District
Friday, July 31st, 2009
Tirex Resources is pleased to announce that the company has expanded the size of the Mirdita District by an additional 201 sq km (77.6 sq miles).
This significant land expansion results in Tirex’s Mirdita District increasing from 352 sq km to 553 sq km, an increase of 57%.
The decision to apply for this increase, subsequently granted by way of a 201 sq km prospecting permit, was based on continued drilling success in known areas of mineralization and on continued field progress on the many undrilled geophysical and geological targets.
In 2008, Tirex drilled wide intersections of strong mineralization in three separate areas of the Mirdita District. These three areas are Koshaj, South Gurthi No. 2 and Letitna. Koshaj is a zinc rich zone with high grade gold and silver values, South Gurthi No. 2 is a copper rich zone with high grade gold values and Letitna is a zone with significant size potential with early drill results including high grade copper, zinc, gold and silver values.
Tirex’s most recently announced hole at Letitna (see News Release NR 08-2009, dated July 13th , 2009) returned 46m (151 ft) of 0.70% Copper, 2.68% Zinc, 20.8 g/t Silver and 1.6 g/t Gold including 11.1m (36.4 ft) of 2.18% Copper, 3.80% Zinc, 38.0 g/t Silver and 4.0 g/t Gold including 8.1m (26.5 ft) of 2.59% Copper, 4.70% Zinc, 39.7 g/t Silver and 5.1 g/t Gold and including 2.0m (6.6 ft) of 2.54% Copper, 6.74% Zinc, 18.3 g/t Silver and 14.1 g/t Gold.
Letitna remains open in every direction for expansion and Tirex is conducting an aggressive drill program at Letitna in 2009 to test the very significant tonnage potential in the area.
While the large tonnage potential at Letitna is one focus for Tirex in 2009, other components of the work at Mirdita include advanced stage definition and expansion drilling at Koshaj and South Gurthi No. 2 and continued exploration, geared towards discovery, of the many undrilled targets that Tirex has identified in the District. Multiple undrilled areas of the District are now drill ready based on extensive 2008 field work. The 2009 program is therefore a combination of advanced stage work geared towards resource calculations and exploration work with a discovery focus.
In conjunction with the planned rapid ramp-up of activity onsite at Mirdita, Tirex has arranged an equity financing through the issuance of 4.3m common shares at $0.70 per share for gross proceeds of CAD $3,010,000. Once this equity financing is completed, Tirex has the right to draw down matching funds from the European Bank for Reconstruction and Development (EBRD) under the terms of its loan agreement with the EBRD dated October 9th , 2008. To date, Tirex has drawn down EUR 3 million of the EUR 6 million EBRD facility. Tirex plans to utilize the $3,010,000 equity private placement to advance the Mirdita District and then strategically draw down the EBRD matching funds at a later date, at a time that maximizes shareholder value.
For further information visit: www.tirexresources.com