EBRD Increases Investment in Tirex Resources

TIRANA, Jan. 5 – Canadian-based Tirex Resources Ltd. (“Tirex”) announced on Wednesday that the company has completed an agreement dated 30 December 2010 with the European Bank for Reconstruction and Development (EBRD) through which an additional EUR 1.5 million of funding is available to Tirex for the advancement of the Mirdita District, northern Albania. The funding is via a 25% expansion of the current Tirex-EBRD convertible debenture facility with some additional terms.
The new funding agreement comes during a time of substantial progress at Mirdita.
Tirex plans to conduct a Preliminary Economic Assessment (PEA) of Koshaj, South Gurthi No. 1, Letitna and South Gurthi No. 2. The PEA will start immediately upon completion of resource calculations for the deposits, considering potential production scenarios. There are 17 known historical deposits on Tirex’s property (9 of which were formerly in production). Drilling of other historical deposits at Mirdita will occur in 2011, targeting expansion of certain deposits on strike and at depth. Most of the deposit areas have never been tested with large scale, systematic and modern exploration.
Canadian-based Tirex Resources Ltd. was formed to conduct mineral exploration and development activities in Albania. Tirex has acquired the 553km2 Mirdita property covering most of the traditional Albanian Mining District.