-
Tirex is the first mover in a new era of Albanian mineral exploration and development
-
Sinomine is the top resource exploration company in the People's Republic of China and is listed on the Shenzhen Stock Exchange
Tirex Resources Ltd ("Tirex") is pleased to announce that it has entered into discussions with Sinomine Resource Exploration Co., Ltd ("Sinomine") with regards to its mining exploration and development activities in Albania.
Tirex, as a first mover in a new era of Albanian mineral exploration and development, has worked in Albania since 2007 and holds exclusive rights to 25 year mining licenses for multiple projects in the country. Tirex's focus in Albania has been on the areas of the country that host volcanogenic massive sulphide (VMS) deposits and have had historical production but have not been explored and tested using modern technology. Tirex flew the first ever airborne geophysical survey in Albania's history and has conducted modern exploration including airborne and ground geophysics, rock geochemistry, database compilation, geological mapping and drill testing.
Major financial stakeholders in Tirex include the European Bank for Reconstruction and Development ("EBRD"), which has invested EUR 6 million into Tirex to date.
Discussions with Sinomine are focused on potential collaboration in the Mirdita and Rehova areas and include but are not exclusive to potential joint venture opportunities, pre-production purchase agreements, exploration and development work and processing strategies. The two companies have conducted multiple meetings and discussions on these opportunities in Tirana, Albania and recently in Beijing, China.
Tirex Chief Executive Officer, Bryan Slusarchuk, states,
"Sinomine is the top resource exploration company in the People's Republic of China, has a strong presence in Albania, has a long term view on investing in the mining sector in Albania, and we look forward to advancing these discussions in the coming weeks."
About Sinomine Resource Exploration Co., Ltd.
Sinomine Resource Exploration Co., Ltd. is the top resource exploration company in the People's Republic of China and is listed on the Shenzhen Stock Exchange.
On behalf of management,
Fred Tejada, P.Geo.
President
Tirex Resources Ltd.
700 - 510 West Hastings Street
Vancouver, B.C., Canada V6B 1L8
Tel. 604-687-7130
Fax. 604-608-9110
Email:
[email protected]
Website:
www.TirexResources.com
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 a possible business transaction with Sinomine. 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. Specifically, there is no assurance Tirex will be able to negotiate a business transaction with Sinomine on terms acceptable to Tirex, or at all. 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. Tirex has not completed a feasibility study on the properties stated in this news release and there is no certainty that proposed operation, mentioned or implied, will be economically viable.
"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."