Tirex Resources Represents "Unique Example" Of Strong US-Canada-Albania Relationship

Apr. 27, 2012 1:42 PM ET
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Tirex Resources (CVE:TXX) (OTCQX:TIRXF) said late Wednesday that the company represents a "unique example" of trade and business relations between Albania, the US and Canada.

With shareholders in the company including both major US and Canadian institutions, and listings on United States (OTCPK:TIRXF) and Canadian (TXX) stock exchanges, the company has an operational focus in Albania.

Over the past five years, Tirex has invested more than US$25 million into northern Albania through the exploration of the Mirdita VMS Mineral District.

Now, the company has applied to transition six specific areas that it has focussed on into full scale copper and gold production, which will operate to a "Canadian standard in terms of health, safety, community and environment," Tirex said.

The company has submitted all of the required permit documentation to the Ministry of Economy, Trade and Energy (METE) and is ready to execute on this production program while waiting for the final mining permits from the Albanian government.

"Tirex is proud to have been a first mover in a new era of Albanian mineral exploration and development and we look forward to Tirex serving as an example as to the potential of future economic interactions between these three great countries," the company said in a statement.

Tirex noted that Albania's Prime Minister, Sali Berisha, is currently in Washington, D.C., for an official state visit, in which Berisha will be meeting with US Secretary of State Hillary Clinton, and the Speaker of the House, John Boehner, among other high ranking officials.

Meanwhile, Albania's Deputy Prime Minister and Minister of Foreign Affairs, Edmond Haxhinasto, will be visiting Ottawa, Canada on May 10, where he will be meeting several Canadian ministers and high ranking government officials, Tirex said.

The company's management will be conducting media interviews in Albania, the United States, and Canada prior to the official Albanian visit to Canada, it added, "as to our experience as a leader in Albanian mineral exploration and development."

The large copper-gold-zinc Mirdita project encompasses a 45 kilometre strike line that includes 17 historic deposits, 9 of which became producing mines, with many of them having extensive underground workings.

Historical production from the District is said to be in excess of 10 million tonnes of ore.

In 2007, Tirex completed an airborne EM geophysical survey that was the first ever airborne geophysical survey completed in the history of the country, and identified 102 geophysical anomalies, most of which had never been drilled before.

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