July
8, 2010
Tirex to Arrange $3,390,000
in Funding for Mirdita VMS District
Vancouver, BC - Tirex Resources (TSX-V: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.
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