Tirex to receive matching EBRD funding for Mirdita copper-gold-zinc project
Canadian junior Tirex Resources has successfully completed a private placement which will also enable it to receive matching EBRD funding and will be used on further work on its Mirdita polymetallic prospect in Albania
Author: Sam Kiri
Posted: Tuesday , 25 Aug 2009
PROACTIVE INVESTORS -
mineweb.com
Markets may be yet to fully recover from economic shocks but for companies with good projects, raising money has never been a concern. Investors continue to support companies with advanced stage properties in safe jurisdictions according to the old adage. This explains the continued ability of Canadian Venture listed Tirex Resources (TSX.V: TXX) to raise money for its development endeavours.
On the heels of a series of good news over the past few months TXX announced that it has completed its private placement announced July 30, 2009 totalling $3,108,280. These funds were raised through the issuance of 4,440,400 common shares (the "Shares") at a price of $0.70 per share. No warrants were issued in connection with the financing.
This financing also qualifies TXX for future additional matching funds from the European Bank for Reconstruction and Development (EBRD) under the terms of the company's funding agreement with the EBRD. The company has already drawn down EUR 1 million (approximately CAD $1,625,000) from EBRD.
Funds will be utilised to advance the company's flagship project Mirdita in Albania. Mirdita is expected to have the potential to become one of the world's great VMS Districts with multiple large economic deposits. Albania's mineral riches are yet to be fully exploited as the country languished several decades under Socialistic regimes during which and mining was focused only on copper and was conducted by state-run Soviet, Chinese and Albanian organizations. TXX therefore appears to have secured a good deal for itself in Mirdita.
With coffers well-financed, TXX is intensifying operations onsite at Mirdita. The programme will include both advanced stage definition and expansion drilling in known areas of mineralisation alongside of discovery-focused exploration drilling in areas of the District previously unexplored. The exploration component of the programme will be based on the past year of intense prioritisation work in the field that included detailed ground geophysics, geochemistry and geological analysis.
TXX has been expanding its land position at Mirdita and recently announced a 57% land expansion. Currently, TXX is focussed on drilling at an area of the property named Letitna. Letitna has significant tonnage potential and recent TXX drill results have included wide intercepts of strong copper, zinc, gold and silver mineralization. In addition to continued drilling at Letitna, TXX will also start exploration drilling in areas of the property such as the newly identified East Slope Trend and south of the Munelle deposit, underneath a melange unit that hampered past state-run exploration efforts.
Published courtesy of Proactive Investors - www.proactiveinvestors.com |
