Tirex Resources Ltd. ("Tirex") (TSX VENTURE: TXX) is pleased to
announce that it has arranged to commence near term copper and gold
production at its Mirdita VMS project located in Albania. Tirex has
signed a Memorandum of Understanding ("MOU") detailing terms that
have been agreed to with Ekin Maden Tic. Ve San. A.S. ("Ekin
Maden"), Turkey's leading non-ferrous metals and minerals trading
company since 1982.
Under the MOU Tirex and Ekin Maden will organize and establish a
new operating company of which each company will be 50%
shareholders ("OpCo") and:
-- Tirex will contribute 6 historically known mineral deposits to OpCo from
its Mirdita VMS District holdings.
-- Ekin Maden will contribute Fushe Arrez mill capacity to process the ore
mined by OpCo
-- Ekin Maden will finance the mine development capital and equipment
required to commence production
-- OpCo will commence mining of the 6 historically known deposits
-- OpCo will sell broken ore to the mill, at the mill gate
-- OpCo will receive a pre-determined percentage of the gross contained
value of the ore at the mill gate
-- Tirex and Ekin Maden will agree to a mutually acceptable manner to
weigh, assay and value the ore
-- Tirex will have no direct involvement in the mill nor in Ekin Maden's
smelter agreements
-- Tirex will apply for Exploitation Permits (Mining Permits) for the 6
initial deposits covered within the agreement
This production arrangement cost-effectively, and non-dilutively
fast-tracks Tirex into production. The initial production profile
of OpCo will include copper and gold while the additional potential
of zinc production will be immediately assessed by OpCo's technical
team. Substantial near term production and cash flow is being
targeted from the deposits being contributed to OpCo by Tirex.
Ekin Maden is a well-established, respected and privately held
mining company whose principals have extensive expertise and
experience in mining, metals trading and operations. Ekin Maden is
the owner of the biggest copper mine in Albania, namely BERALB SH.
A ("BERALB"), with a capacity of approximately 600,000 tonnes of
copper ore per year. Ekin Maden was established in 1982 and is a
leading Turkish company involved in lead, zinc, copper and chrome
ore exporting, the importing of lead, zinc, aluminum metals and
copper cathodes, mining, and mine finance. The annual turnover of
Ekin Maden companies is approximately $700,000,000 USD.
BERALB has two copper and gold mining operations in Albania and
also operates the Fushe Arrez Copper Enrichment Plant located in
the town of Fushe Arrez in Puka District. This mill and flotation
plant complex has recently been expanded and is targeted to now
have a total ore processing capacity of 600,000 tonnes per year.
The plant is on a surface area of 19.05 ha and can be expanded
further when required by an expansion of available feedstock.
Tirex Chief Executive Officer, Bryan Slusarchuk, states, "We are
very pleased to have reached this production arrangement with Ekin
Maden. The principals of Ekin Maden have a long and distinguished
career in the metals industry and we are proud to enter this mining
partnership. Ekin Maden operates to a very high set of standards,
is an excellent corporate citizen and we look forward to working
with their team within the Mirdita VMS District."
Erol Kohen, Chief Executive Officer of Ekin Maden A.S. states,
"Ekin Maden looks forward to a long term mining partnership with
Tirex. We will work together to move these deposits into production
very quickly and efficiently, while getting maximum value from the
ore through safe, responsible and expert mining methods."
Tirex and Ekin Maden are in the process of establishing a
corporate entity in Albania to fulfill the objectives of the MOU
and are working to complete a Definitive Agreement relating to this
production arrangement. Further details on the transaction and
potential of the mining operations will be provided, pending a
successful finalization of the Definitive Agreement and subject to
all necessary regulatory and other approvals.
This mine production will provide employment and development in
the Mirdita Region and will be conducted in accordance with
international standards in terms of environment, health, safety and
community. During the lead up to mine production, Tirex Directors
Mr. Fred Sveinson, P.Eng. and Mr. George Gorzynski, P.Eng. will
provide technical input alongside of Ekin Maden's experienced team
of mining engineers.
Further details on the company and the Mirdita Project can be
found on the Tirex website at www.TirexResources.com.
ON BEHALF OF TIREX RESOURCES LTD.
Bryan J.R. Slusarchuk, CEO and Director
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 MOU, the production arrangement and the intention to
conclude a definitive agreement. 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 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 MOU and the production arrangement and conclude a definitive
agreement. 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, the risks related to negotiating and concluding a
definitive agreement and obtaining all necessary approvals,
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 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."
Contacts: Tirex Resources Ltd. Bryan J.R. Slusarchuk CEO and
Director 604-687-7160 or Toll Free: 1-877-687-7160 604-687-7165
(FAX) info@TirexResources.com www.TirexResources.com
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