Tirex Arranges $5,000,000 Institutionally Led Financing
11 Enero 2011 - 1:03PM
Marketwired
Tirex Resources (TSX VENTURE: TXX) is pleased to announce it is
arranging a non-brokered private placement with various
institutional investors consisting of 10 million shares at $0.50
per share for total proceeds of $5,000,000.
Tirex will use the proceeds of this financing and the recently
announced EBRD financing to significantly accelerate the company's
exploration program and advanced stage work at Mirdita.
Tirex's program at Albania is a concurrent blend of advanced
stage definition and expansion work in known areas of
mineralization alongside of pure exploration in previously
undrilled areas of the District. The most recently announced assays
from drilling at Mirdita included a 19.3m (63.3 ft) intercept of
3.66% Cu, 1.13% Zn, 8 g/t Ag and 1.2 g/t Au including 6.7m (22 ft)
grading 7.38% Cu, 1.77% Zn, 13 g/t Ag and 1.6 g/t Au (see Tirex
News Release 2010-12-13).
To date Tirex has outlined four significant zones of
gold-enriched copper and zinc mineralization on the property at
Gurthi South No. 2, Gurthi South No. 1, Letitna and Koshaj. In late
2010 Tirex contracted SRK Consulting (United Kingdom) Ltd. to
complete initial NI 43-101-compliant mineral resource estimates for
these four deposits based on Tirex results to date. All these zones
remain open for expansion. Plans for 2011 include the completion of
the mineral resource estimates, a Preliminary Economic Assessment
(PEA) 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.
Further details on the company and the Mirdita Project can be
found on the Tirex website at www.TirexResources.com.
ON BEHALF OF TIREX RESOURCES LTD.
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.
Contacts: Tirex Resources Ltd. Bryan J.R. Slusarchuk CEO and
Director 604-687-7160 604-687-7165 (FAX) info@TirexResources.com
www.TirexResources.com
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