-
option payment made on the Romovista gold-silver-zinc property in Kosovo
-
arranges up to $1 million in financing
Tirex Resources Ltd. ('Tirex') is pleased to announce that the first option payment on the Romovista property in Kosovo has been made and that the company is arranging a financing which will allow exploration work on the project to begin.
Financing
The financing is by way of a non-brokered private placement through the issuance of 10 million units at $0.10 per unit with each unit consisting of one common share and one half share purchase warrant with each full warrant allowing the holder to purchase an additional common share at $0.15 for a period of 12 months subject to acceleration if the common shares close at $0.30 or greater for 10 straight days. The proceeds will be used for the payment of certain outstanding short term obligations, general working capital and for field work at the Romovista Gold-Silver-Zinc Property.
Romovista Property
Romovista covers an area of 4,141 hectares and is on strike and adjoining the Slivovo gold discovery which is controlled by Byrnecut International Ltd. Slivovo is rapidly advancing towards the completion of a pre-feasibility study. Significant drill intercepts continue to flow from Slivovo gold project. A recent report on the 11 holes that were drilled as part of a 15-hole pre-feasibility drilling program gave significant assay results that included 15 metres of 5.98 grams per tonne gold and 15.89 grams per tonne silver in DHIP001. The other holes had assays from 0.52g/t Au and 15.81g/t Ag to 2.76g/t Au and 17.93g/t Ag with thickness ranging from 9.2 m to 45 m (information taken from www.avrupaminerals.com).
Additional to the proximity of Romovista to Slivovo, approximately 6kms to the northeast is the Artana Mine which is mining a lead-zinc-silver deposit containing some of the highest silver grades 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).
Two prospects have been identified on the Romovista property during previous exploration. One is located to the east (Parallove Prospect) along or close to the regional structure that passes through Slivovo property and the other to the northwest (Shishare Prospect). A sample taken from a quarry in Parallove assayed high in silver (44 g/t) while two grab samples taken from Shishare assayed 3.12% Zn and 2.85 % Zn. Shishare occurs along the zone that hosts Kishnica, Hajvalia and Badovci polymetallic (Pb-Zn-Ag) mines. These mines are located 3km to 6kms northwest of Shishare.
The Tirex exploration plan for the property is to confirm the presence of potentially economic mineralization in these prospect areas and will include geological mapping, soil and rock sampling, and a geophysical survey to define drilling targets.
Under the terms of the agreement, Tirex has the option to earn an 80% interest on the Romovista property by spending €2.0 million within 5 years and paying a total of €100,000 to the claim owner within 3 years after signing of the agreement. Tirex can earn 100% interest by funding the development of the project and the interest of the claim owner will be converted to 2.5% NSR which Tirex can buy for a total of €2.5 million.
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, P.Geo, President
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.
'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.'