-- Lorenco & CO. well established civil engineering firm with international experience
-- Survey to initially commence at high priority Tuci-East Tuci and Qaf Bari license areas
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 9, 2013) - Tirex Resources Ltd. (News - Market indicators)(OTCQX:TIRXF) ("Tirex") is pleased to announce that it has engaged Lorenco & CO., a civil engineering company in Tirana, Albania to conduct a survey of the boundaries of its mining licenses.
The survey will commence initially at the high priority Tuci-East Tuci and Qaf Bari license areas as they host large individual deposits with expansion potential (East Tuci-1.2Mt @ 2.1% Cu, Qaf Bari North-0.39Mt @ 1.82% Cu). Amongst other deposit areas, Tirex was granted 25 year mining licenses at Tuci-East Tuci and Qaf Bari earlier this year by the Albanian government. The East Tuci and Qaf Bari deposits are approximately 4kms apart and can both be accessed from the same camp.
In addition, Lorenco & CO. will also survey the location of the underground openings present in the mining license areas. The survey is part of the preparation to put the mining areas into production, in part by utilizing existing underground workings that were in place during historical state-run mining and development operations. These underground workings, while viewed as a significant positive for Tirex's development plans, will be upgraded as mining commences in accordance with Canadian-European best practice standards approach.
Lorenco & CO. is an established civil engineering firm with a very strong land surveying-cadastral department and has been involved in the execution and designs of civil engineering projects funded by the local governments, European Union, World Bank and USAID, not only in Albania but also in Macedonia (FYROM), Kosovo and Saudi Arabia.
Prior to transitioning its exploration permits to 25 year mining licenses, Tirex invested USD $25 million into its exploration of the Mirdita District utilizing modern geophysical, geological and geochemical procedures. Tirex serves as an example of the fact that the Republic of Albania welcomes the investment of risk capital in the mining sector and demonstrates that companies are able to transition from exploration into production within the current regulatory framework. As part of the Tirex transition towards production, the company will establish a mining office in the municipality of Fushe Arrez, Shkoder County, northern Albania.
Tirex trades publicly in Canada (News - Market indicators), the United States (OTCQX:TIRXF) and Germany (3TI) and has received major financing support from the European Bank for Reconstruction and Development (EBRD) during its exploration at Mirdita.
The resources quoted in this news release are historical and not compliant with NI 43-101. No Qualified Person has done sufficient work to classify the historical estimates as current and Tirex is not treating the historical estimates as current mineral resources or reserves but considers them as historically relevant and material information. Mr. Fred Tejada, P.Geo., Tirex President, and a Qualified Person under the meaning of Canadian National Instrument 43-101, is responsible for the technical content of this news release.
On Behalf of Management,
Fred Tejada, President
Forward-Looking Statements. This Tirex News Release may contain certain "forward-looking" statements and information relating to Tirex. Such statements include but are not limited to statements about the Agreement, Licenses, the production arrangements and the timing of the mine development, and production. Often forward-looking statements or information include words such as "plans", expects", "intends", "anticipates", "estimates" "forecasts", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or will be taken occur or be achieved. Although forward-looking statements and information contained in this release are based on the beliefs of Tirex management, which we consider to be reasonable, as well as assumptions made by and information currently available to Tirex management, there is no assurance that the forward-looking statement or information will prove to be accurate. The assumptions made include assumptions about Tirex's ability to move forward with the arrangements as set out in the definitive agreement and as set out in the order of METE.
The forward-looking statements and information contained in this release are subject to current risks, uncertainties and assumptions related to certain factors including, without limitations, obtaining all necessary approvals, feasibility of mine and plant development, 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 as well as risks, uncertainties and other factors discussed in our quarterly and annual and interim management's discussion and analysis. 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 and information may vary materially from those described herein. Accordingly, readers should not place undue reliance on forward-looking statements and information contained in this release. We undertake no obligation to update forward-looking statements or information except as required by law. The six mineral areas which Tirex will contribute to OpCo are historical in nature, and Tirex has not reported any mineral resource (as defined in NI 43-101) and there are no NI 43-101 compliant technical reports prepared in respect thereto. All resource estimates quoted in this news release are historical, uncategorized and not NI 43-101 compliant and should not be relied upon. Tirex has not verified these historical resources and has not reviewed the assumptions, parameters and methods used to prepare the historical resource estimate. No Qualified Person has done sufficient work to classify the historical estimates as current and Tirex is not treating the historical estimates as current mineral resources or reserves but considers them as historically relevant and material information. A feasibility study has not been completed and there is no certainty the proposed operation will be economically viable.
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