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adjacent and on strike with the high grade Slivovo gold discovery
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5 km away from an operating mine
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exploration license valid for 7 years with extensions
Tirex Resources Ltd. ('Tirex') is pleased to announce that it has signed an Option Agreement ('Agreement') to acquire the Romovista Gold Project ('Romovista') in Kosovo, southern Europe. The agreement was signed after months of investigations on multiple mineral properties in the region, a process which focussed on gold projects of merit.
Romovista has an area of 4,141 hectares and is on strike and adjoining the Slivovo gold discovery which is controlled by Byrnecut International Ltd. ('Byrnecut'), a private Australian company. Slivovo exploration is fully funded by Byrnecut and it is rapidly advancing towards the completion of a pre-feasibility study. The Peshter Gossan is the main body of high grade gold mineralization on the Slivovo property. It is approximately 125m long x 25-40m thick and 50-75m wide. Drilling at Peshter Gossan has shown significant gold intercepts such as SLV004 -126.5 meters @ 6.2 g/t gold; 15.0 g/t silver (drillhole SLV004) and 12.0 meters @ 12.2 g/t gold; 8.02 g/t silver (drillhole SLV005) (information taken from www.avrupaminerals.com). Gold mineralization is believed to be epithermal type.
Romovista Property
The Romovista property optioned by Tirex is covered by an exploration license valid for up to seven years including extensions. A regional-scale structure trending northwest-southeast passing through or close to the Slivovo gold discovery extends through the eastern part of Romovista. Additional to the proximity to Slivovo, approximately 5 kms to the northwest of Romovista is the Artana Mine, one of the very few mining operations still active in Kosovo. Artana is mining approximately 150 tons/day grading 3.33% lead, 4.73% zinc and 124 g/t silver (information provided by Artana mine personnel). Other historic mining operations occur to the northwest of the property.
Tirex believes that due to its proximity to Slivovo gold discovery, the presence of a major structure passing through the two properties and similarity in geology, there is excellent potential for gold and lead-zinc-silver mineralization at Romovista. The private company that Tirex has executed this transaction with has conducted prospecting over the property using its technical staff and has identified outcropping mineralization. Tirex is preparing an exploration plan focussed on stream, soil and rock geochemistry, geophysics and geology to vector in on high priority targets.
Tirex President, Fred Tejada, P.Geo, states, 'This is a high quality gold exploration project adjacent to a significant new gold discovery and within the same underlying geological environment. Kosovo is an excellent jurisdiction and we are fortunate to have successfully concluded this negotiation.'
Terms of the Romovista Option Agreement
Under the Agreement signed, Tirex can earn 51% interest in the property by spending €1.0 million toward work on the property and paying a total of €100,000 to the claim owner within three years after signing of the Agreement. Tirex can earn an additional 29% interest by expending another €1.0 million toward work on the property. Upon Tirex earning 80% interest on the property, each party will fund the development of the property proportional to its respective interest. If the claim owner decides not to provide funding, Tirex will fund the development of the property to earn 100% interest on the property and the interest of the claim owner will be converted to a 2.5% NSR. In such instance, Tirex may buy down the NSR at any time as to: (i) 1% of the NSR for €1.0 million, and (ii) the remaining 1.5% of the NSR for €1.5 million. The claim owner, however, has the option to sell each portion of the NSR to another party (other than Tirex) with Tirex maintaining the exclusive right to match the offer.
Tirex has a three month no cost due diligence period after which an option payment of €20,000 is due. Within this period, Tirex staff will conduct site investigations to assess the potential of the property and also consult with and seek approval from the European Bank for Reconstruction and Development ('EBRD'), a Tirex shareholder and major debt provider.
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
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 and the possible business transaction contemplated in this News Release. 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 proceed with the Option Agreement stated in this News Release. 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, 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.
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