January 27, 2010
Tirex Arranges Significant Working Capital Injection and Immediately
Remobilizes to Mirdita VMS District
Vancouver, BC - Tirex (TSX-V:TXX) is pleased to announce it has arranged
an equity financing for gross proceeds of $2,000,000. The equity
will be raised through the issuance of 5 million common shares at $0.40
per share. The equity raise will enable Tirex
to apply to immediately draw down approximately CAD$3million (EURO
2million) under the company's convertible debt facility with the
European Bank for Reconstruction and Development (the EBRD loan bears
interest at LIBOR plus 1.5% and is convertible at $0.62 per share as
per the agreement announced on October 8th, 2008). Bryan Slusarchuk, CEO, states, "Tirex
has an outstanding, District-scale opportunity at Mirdita.
There are 17 known historical deposits, 9 of which were previously in
production. We have multiple undrilled, high priority geological and
geophysical targets that were identified by Tirex
using modern exploration techniques. The program within this 553 sq km
district of projects is two fold; consisting of both advanced stage
definition and expansion drilling and pure exploration drilling with
discovery focus. This district deserves large scale and intense
exploration and today's financing will assist in facilitating that
during the coming weeks and months." With the financing
arranged, targeted to give the company approximately $5million in
working capital, Tirex technical staff will
immediately remobilize to Mirdita to begin
drilling. The program, during the next several months, is drilling
focused as 2009 regional and area specific field work has defined and
refined multiple drill targets.
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 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."
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