Tirex Resources Obtains 25 Yr Mine License Approvals for Copper-Gold-Zinc Production

by admin on November 3, 2012

Vancouver, BC (PRWEB) November 02, 2012

(Monetary Press) Canada-based mining business Tirex Resources is generating the essential jump from exploration and development firm to operational mining organization.

Just days ago Tirex announced it has received approvals for its mining permits from the Albanian Ministry of Economic climate, Trade, and Power. These lengthy-awaited permits will have a tremendous influence on Tirexs future.

Tirex has been aggressively creating its 100%-owned gold-copper-zinc mineral district in Albania for far more than 5 years. When Tirex 1st acquired the District, it had 17 known historical deposits, 9 of which were former making mines. Given that the acquisition, Tirex has identified dozens far more high priority exploration targets that have by no means been drilled.

The business was the first business to bring modern day exploration techniques to Albania which has a long history of mining. To date a total of $ 25 million has been invested by Tirex in exploration and development to bring the project to the final stages of pre-production.

And it also completed a deal which will put it into production within a matter of months. Last September Tirex announced a deal with the biggest mining organization in Albania, which also happens to operate a mine instantly adjacent to Tirexs home.

The agreement is between Tirex and Turkey-based mining organization Ekin Maden Tic. Ve San. A.S. (Ekin Maden). The way the agreement is structured puts Tirex in position to reap huge near-phrase benefits of mining with no the high upfront capital charges normally associated with mill construction and underground development.

As part of the deal, Ekin Maden contributes mill capacity and capital although Tirex contributes six of the historical deposits within its lands holdings. The partnership will mine the deposits and take the gold-copper-zinc ore to be processed at the mill which is already in operation and has spare capacity. Then the two companies split the after-price proceeds from the minerals sold.

As a outcome of the agreement, Tirex is in potential position to begin receiving revenues from its deposits within a matter of months and does not have to make any more investments into the large and burdensome capital expenses to create its own processing facilities.

All of this growth and advancement has been on hold in current months even though as the mining permits were getting evaluated.

That has changed. Officially, the permit approval to convert from exploration licenses to exploitation licenses has now been received. The permits are also very good for 25 years. So Tirex has ample time to explore for far more resources inside the vast VMS district. Outside of the six certain places within the partnership, Tirex will concentrate on district-scale exploration on other places of the District for its sole advantage.

This is a main step forward for Tirex and it opens up a number of development and development opportunities. For example, the mining licenses only cover six deposits in the huge Mirdita project. But the business currently has identified far more than 40 high priority exploration targets on the Mirdita project, but to be drilled.

Provided the rate of production, the reported high grade mineralization identified in Albanias VMS deposits which have been mined for centuries, the low level of estimated mining costs, and existing metals costs, the prospective cash flows attributable, Tirex will potentially have enough capital to supply an extensive perform program. The plan will incorporate the exploration and development of the several other targets Tirex has identified over the years on its property during numerous exploration and drilling campaigns, with no obtaining to concern new shares for added capital and dilute current shares.

Bryan Slusarchuk, Tirex CEO, stated instantly following the announcement of the final official approval permits, This is a substantial day, not only for Tirex shareholders but also for the regional communities in northern Albania that will advantage from this decision to grant all six mining licenses to Tirex, as applied for.

This most recent news tends to make Tirex another accomplishment story in Albania. The organization joins several other companies like PriceWaterhouse Coopers, Lockheed Martin, Mercedes, Coca-Cola, Vodaphone and a lot of much more significant worldwide brands and major firms to operate effectively in Albania.

Tirex has a marketplace capitalization of roughly $ 55 million. Its shares trade on the TSX Venture Exchange. Discover more about Tirex Resources at http://www.tirexresources.com exactly where you will locate a lot more data about the company like essential disclaimers about the nature of non-43-101 compliant historic resources and the lack of certainty as to the viability of the future operations given the lack of feasibility study. The web site consists of information about the firm, management, financials, drill outcomes, and other crucial data.

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