Tirex Resources Ltd. ('Tirex') is pleased to announce the appointment of Mr. Spiro Kletas to the Board of Directors and to the position of Chief Executive Officer.
Mr. Kletas has been working with public companies for the last ten years, primarily in the junior mining sector. Mr Kletas' strength and focus has been in company corporate development, capital markets, administration, and market awareness. Mr Kletas has developed an extensive network of institutional, brokerage, retail and industry contacts both in Europe and North America. Mr. Kletas has performed various roles within public companies including as Chief Executive Officer and in corporate development. Mr. Kletas is a graduate of the University of British Columbia.
The appointment of Mr. Kletas coincides with the company's upcoming commencement of fieldwork at Romovista, a project in Kosovo, Southern Europe (see Tirex announcement May 5th, 2016 for details on the Romovista property agreement).
The Romovista property has an area of 4,141 hectares and adjoins the Slivovo gold discovery property 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 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). Recent NI 43-101 resource model and estimation completed at cut-off of 1.0 g/t gold resulted into an Indicated mineral resource of 640,000 MT @ 4.8 g/t gold and 14.68 g/t silver (98,700 ounces gold and 302,000 ounces silver) (information taken from www.avrupaminerals.com).
Additional to the proximity to Slivovo, approximately 5 kms 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's initial exploration plan is focussed on stream, soil and rock geochemistry, geophysics and geology to vector in on high priority drill targets.
Mr. Kletas states, 'I am pleased to join Tirex as the company embarks on a work program in Kosovo while also advancing its interests in Albania. I look forward to building on the work the company has been done to-date in Albania while also exploring the significant potential that Slivovo provides us. With growing investor interest in zinc and gold, I anticipate our work program will be widely followed.'
Former Chief Executive Officer, Mr. Bryan Slusarchuk, will stay actively involved in the company, will remain as a Director and will focus his efforts for Tirex on the capital markets and on advancing the company's interests in Albania.
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 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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