Tirex to Arrange $3,390,000 in Funding for Mirdita VMS District
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/08/10 -- Tirex Resources (TSX VENTURE: TXX) is pleased to announce that it is arranging $3,390,000 in financing for ongoing advanced stage work and exploration work at its Mirdita VMS District located in Albania.
Tirex has arranged $750,000 in equity financing by way of a private placement of 6,250,000 shares at $0.12 per share. Upon closing of this equity raise, Tirex will fully qualify to draw down EUR 2,000,000 (CAD $2,640,000) under the terms of its funding facility with the European Bank for Reconstruction and Development ('EBRD'). The funds from EBRD will bear interest at LIBOR plus 1.5% and will be convertible into Tirex common shares at $0.62 per share (see Tirex News Release dated October 8th, 2008 for details on the facility).
The Tirex program at Mirdita is two-fold. The first part of the program consists of advanced stage work in known zones of mineralization. The second component of the program is pure exploration, targeting discovery. To-date, Tirex has completed approximately 20,000 metres of core drilling in 64 holes. Wide zones of robust and precious-metal rich VMS mineralization were intersected by Tirex in the areas Koshaj, South Gurthi and Letitna (as previously announced).
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 that are based on the beliefs of Tirex management, as well as assumptions made by and information currently available to Tirex management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, 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. 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 may vary materially from those described herein.
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