TXX-V broken 52 week support lows - Tirex Resources hires Lorenco for boundary surveys
May 9, 2013 - News Release
Tirex Resources Ltd. has engaged Lorenco & Co., a civil engineering company in Tirana, Albania, to conduct a survey of the boundaries of its mining licences.
The survey will commence initially at the high-priority Tuci/East Tuci and Qaf Bari licence areas as they host large individual deposits with expansion potential (East Tuci: 1.2 million tonnes of 2.1 per cent copper; Qaf Bari North: 390,000 tonnes of 1.82 per cent copper). Amongst other deposit areas, Tirex was granted 25-year mining licences at Tuci/East Tuci and Qaf Bari earlier this year by the Albanian government. The East Tuci and Qaf Bari deposits are approximately four kilometres apart, and can both be accessed from the same camp.
In addition, Lorenco will also survey the location of the underground openings present in the mining licence areas. The survey is part of the preparation to put the mining areas into production, in part by utilizing existing underground workings that were in place during historical state-run mining and development operations. These underground workings, while viewed as a significant positive for Tirex's development plans, will be upgraded as mining commences in accordance with Canadian-European best-practice standards approach.
Lorenco is an established civil engineering firm with a very strong land surveying/cadastral department, and has been involved in the execution and designs of civil engineering projects financed by the local governments, European Union, World Bank and USAID, not only in Albania, but also in Macedonia (FYROM), Kosovo and Saudi Arabia.
Prior to transitioning its exploration permits to 25-year mining licences, Tirex invested $25-million (U.S.) into its exploration of the Mirdita district utilizing modern geophysical, geological and geochemical procedures. Tirex serves as an example of the fact that the Republic of Albania welcomes the investment of risk capital in the mining sector and demonstrates that companies are able to transition from exploration into production within the current regulatory framework. As part of the Tirex transition toward production, the company will establish a mining office in the municipality of Fushe Arrez, Shkoder county, northern Albania.
The resources quoted in this news release are historical and not compliant with National Instrument 43-101. No qualified person has done sufficient work to classify the historical estimates as current, and Tirex is not treating the historical estimates as current mineral resources or reserves, but considers them as historically relevant and material information. Fred Tejada, PGeo, Tirex president, and a qualified person under the meaning of Canadian NI 43-101, is responsible for the technical content of this news release.
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