Tirex is planning production at six VMS deposits targeting copper and gold, while also assessing the additional viability of zinc production.
TIRANA, June 27 – Canadian based Tirex Resources says it has notified the Ministry of Economy, Trade and Energy in Albania of its intent to convert certain areas of its Exploration Concessions into Exploitation (Mining) Concessions. Tirex is planning production at six VMS deposits targeting copper and gold while also assessing the additional viability of zinc production. These areas of the Mirdita District (Tuc, Qaf Bari, Paluca, Fushe Arres, Gurthi-Koshaj, Letitna) were the focus of significant historical work by Albanian state-run programs and have deposits in varying stages of development. Some of these deposits were producing mines while others were being readied for production when the Albanian state mining industry stopped operations nation-wide due to democratization and privatization. Work by Tirex over the past four years has been, in part, focused on rebuilding and assessing the Albanian database on these deposits. Tirex has arranged to enter production via a mining partnership. The arrangement fast tracks Tirex into production in a cost-effective manner. The mine production plans will provide employment and development in the Mirdita Region and will be conducted in accordance with international environment, health, safety and social standards.
In addition to the planned substantial production and cash flow from mining operations, Tirex will continue the first ever modern, large scale exploration of the Mirdita District, targeting the discovery of major VMS deposits. The next exploration areas to be drilled are large targets defined by geophysics and geological mapping in late 2010 just before the onset of winter. Tirex’s ongoing district-scale exploration of Mirdita is funded, in part, by the European Bank for Reconstruction and Development (EBRD).
