Tirex Drilling at Mirdita
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/30/10 -- Tirex Resources (TSX VENTURE: TXX) has started its recently announced intense phase of exploration and resource definition work at its Mirdita VMS District and is now drilling.
Deliverables for this advanced component of the program will be the determination and reporting of National Instrument 43-101 compliant Mineral Resources at the Koshaj, Letitna and South Gurthi deposit areas. In drilling completed to-date by Tirex, wide and high grade zones of copper, zinc, gold and silver mineralization were encountered in all of those areas (see Tirex news release dated January 11, 2010). Additionally, Tirex will be targeting discovery of new economic deposits of mineralization in the exploration component of the program.
Drilling has now begun at South Gurthi No. 1 west of previous drilling. Re-interpreted historical reports indicate a copper rich target area where little is known about the potential for zinc, gold and silver mineralization. Tirex will drill a minimum of two exploration holes targeting this zone.
After exploration drilling at South Gurthi No. 1, the drill rig will move to continue mineral resource drilling on the western extensions of the South Gurthi No. 2 Zone where Tirex previously intersected wide zones of copper and gold rich VMS mineralization. When the South Gurthi holes are completed, Tirex will return to exploration drilling in the South Bari Pass area, an underexplored area of Mirdita where Tirex will use borehole electromagnetic ('BHEM') geophysics to vector in on the discovery of potential economic deposits.
Tirex is well funded for the current phase of exploration and has recently completed oversubscribed financings which injected CAD $3.7 million into the company treasury. A major financial backer of the Tirex work program is the European Bank for Reconstruction and Development (EBRD).
George Gorzynski, P.Eng., Tirex director and a Qualified Person under the meaning of Canadian National Instrument 43-101, is responsible for the technical content of this news release.
Further details on the company and the Mirdita Project including a location map for the areas described in this news release can be found on the Tirex website at www.TirexResources.com.
Tirex Resources has issued 545,000 stock options with an exercise price of $0.20 to various directors, officers and consultants to the company.
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.
'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