Tirex Appoints Mr. Jeffrey T. Griffin to Board
Former Chief Executive Officer and President,
Albanian-American Enterprise Fund (AAEF)
Former Chairman of the Board of Directors and
President, American Chamber of Commerce, Albania
Appointment comes as Tirex
targets transition from exploration to copper and gold mining production
Resources Ltd. ("Tirex") (TSX-V:
TXX) is pleased to report
the appointment of Mr. Jeffrey T. Griffin to the Company's Board of Directors.
The appointment comes as Tirex
targets a transition from exploration to mining production in six specific
areas of the Mirdita VMS District after having
invested more than USD $25 million into Albania over a five year period.
From November 2001 until September 2010, Mr. Griffin
was the Chief Executive Officer and President of the Albanian-American
Enterprise Fund (AAEF). The AAEF is one of 12 Enterprise Funds created by the
United States government under the SEED Act of 1989, and was incorporated in
1995. It was funded by a grant from the United States Congress totaling $30
million, and started investment operations in 1995, and ended its new
investment operations in March 2010. AAEFs focus, under its grant, was to
enhance the private sector of the Albanian economy and promote a transparent
capitalistic economy under democratic rule.
The AAEFs assets were approximately $20 million when
Mr. Griffin arrived and as of September 2010 were over six (6) times the
original capital of $30 million, net of all fees and expenses, the highest
percentage return among all the Enterprise Funds created under the SEED Act.
In 2009, Mr. Griffin received the Medal of
Appreciation from President Topi of Albania for
outstanding service to Albania in helping to create and enhance a vibrant
private sector economy.
In addition to his role at AAEF, Mr. Griffin was
elected the Chairman of the Board of Directors and President of the American
Chamber of Commerce, Albania from February 2001 until February 2007. During his
tenure, the Chamber developed regulations that were adopted as law that
supported land title registration, corporate share ownership, reform in
concession awarding procedures and ownership. During the six years that Mr.
Griffin acted as President, the Chamber membership grew from 40 members to over
From 1999 to September 2001, Mr. Griffin was Vice
President for Investment Funds, Overseas Private Investment Corporation, a U.S.
Government agency charged with investing in emerging markets to support private
enterprise development. In this position, he was the senior officer responsible
for 28 international private equity funds with total capital of $4 billion,
which comprised one-third of the corporations operations.
Additionally, Mr. Griffin has held multiple other high
level positions in finance, including Managing Director, Caspian Securities,
Inc., Head, Private Equity Group of International Finance Corporation, a member
corporation of the World Bank Group, Vice President & Principal, Greater
Washington Investors, Inc., President & CEO, American Security Capital
Corporation, Co-founder, Vice President, Sidney A. Staunton, Inc.
Mr. Griffin also served in the United States Army, has
a BA Economics from Tuft University and is a Past President, SASBIC, Past
Trustee, Venture Capital Institute and was an Advisor to the British Government
on the privatization of their private sector development corporation.
In concert with the appointment, Mr. Griffin will be
granted 500,000 stock options subject to availability within the company's
stock option plan exercisable at $0.80 for a 5 year term.
Further details on Tirex
Resources Ltd. and the Mirdita Project can be found
on the Tirex website at www.TirexResources.com.
ON BEHALF OF TIREX
Bryan J.R. Slusarchuk, Chief