Tirex Resources draws down additional funding from EBRD

VANCOUVER, 10 March 2009 — Tirex Resources Ltd. (“Tirex”) announced that it has arranged to immediately draw down 1 million (approximately CAD $1,625,000) from the European Bank for Reconstruction and Development (EBRD) under the terms of its loan agreement with the company announced October 9, 2008.
Bryan Slusarchuk, Tirex CEO, states, “Today’s announcement is very positive for Tirex Resources. It not only puts us in a much stronger position financially as we advance Mirdita, but also indicates the EBRD’s level of commitment and support for this project. In today’s difficult environment in the capital markets, it is wonderful to know that the EBRD continues to be such a positive force for Tirex as a financial backer. When we first announced the financial involvement of the EBRD with Tirex Resources, we described the bank as an ideal partner. I think today’s announcement proves that we were correct in this assessment.”
While many financial institutions around the world are dramatically scaling back investments, the EBRD plans to invest approximately 7 billion in its countries of operations this year, compared with 5.1 billion in 2008. This approximate 37% increase in business volume is a direct response to the challenging current global financial conditions. The EBRD’s involvement in the Albanian resource sector continues to grow.
Tirex Resources will use the funds to continue to advance the company’s district-scale Mirdita Project in Albania. To date, Tirex has drilled wide widths of gold-rich VMS mineralization in three separate areas in the 344 sq km District. In 2009, Tirex will conduct expansion and definition drilling in these three areas as well as drilling extensions of other known zones of mineralization and previously untested geophysical targets. This intense drill program will run concurrently with large, District-scale ground geophysical, geochemical and mapping work. The loan bears interest at LIBOR plus 3%.