Tirex resources signs extended lease for drill rig

VICTORIA, BRITISH COLUMBIA, Nov. 10 – Tirex Resources Ltd. (“Tirex”) announced it signed a lease contract for a new core drill rig to be put in use at the Mirdita copper-zinc-gold project in Albania. More than a simple drill contract, the lease contract allows Tirex to retain the drill on-site for the duration of the contract through multiple phases of drilling without returning the drill to other companies. Drill rigs are in high demand, reflecting high metal prices and high levels of exploration spending around the world.
Tirex’s large 344 square kilometer property covers the core of the historically productive Mirdita Volcanogenic Massive Sulphide (“VMS”) base metal district of Albania in southern Europe. It is readily accessible by paved and gravel roads and is located 70 km north of the capital city of Tirana. The project represents an opportunity to explore not only copper, zinc, gold and silver zones that were earlier partially mined or evaluated at lower metal prices, but also provides an opportunity to apply modern exploration techniques, not available to past explorers toward the discovery of new VMS deposits and extensions of known zones. The magnitude of historic mining in the district, the known mineralization and the results of data compiled to date, support a strong mineral potential for the Mirdita Project. In 2007, Tirex began exploration of the property, flying the first airborne geophysical survey in the history of Albania over the property. The 2,520 km survey produced high quality data and outlined VMS exploration targets by identifying electromagnetic (“EM”) conductors associated with most of the known VMS deposits, extended EM anomalies into overburden covered areas and located new EM conductors. Full technical details on the property and of the recommended Phase 1 exploration program are described in Tirex’s NI43-101 report posted on the SEDAR website (www.sedar.com). R. Stuart Angus, Project Director, states, “We are very pleased to see our exploration plans at Mirdita moving ahead so quickly. An experienced and expert field crew is now onsite, ramping up field work and we now have a drill lease signed, all within three weeks of the Tirex Initial Public Offering. It is a real credit to our veteran team of exploration geologists an