Tirex Signs Agreement with Albanian Geological Survey
Tirex Resources Ltd. (Tirex) is pleased to announce that it has signed an agreement with the Albanian Geological Survey (“AGS”) to collaborate in the metallurgical studies of the zinc-rich copper deposit at Koshaj.
– Tirex to collaborate with the Albanian Geological Survey at Koshaj
– Work to include re-opening underground workings for sampling and metallurgical tests
– Tirex and AGS focus will include gold, silver and zinc in addition to copper
This collaboration will include the re-opening of the underground workings in Koshaj, and the collection and shipment of samples to an international laboratory for metallurgical tests. As Tirex does not have technical specialists relating to this specific work based in-country, under the agreement AGS will provide technical supervision in the re-opening of the underground workings, collect the samples and ensure workplace safety. Tirex personnel will decide where the samples will be taken and will oversee sample collection.
Tirex, AGS and Ministry of Energy and Industry of Albania anticipate that the results of the tests may pave the way for exploitation of zinc-rich copper deposits in the country as zinc minerals has never been recovered from historic mining operations.
This collaboration with AGS follows the signing of a Memorandum of Understanding (“MOU”) between Tirex and Sinomine Resource Exploration Co., Ltd. (“Sinomine”) with regards to Tirex’s exploration and development activities in Albania whereby Sinomine, through its mining operations in Albania, will purchase mineralized materials that will be produced from Koshaj (see Tirex news release of August 25, 2015). Metallurgical testing of Koshaj mineralized materials is required by Sinomine in the MOU for its participation in the development of Koshaj as an additional source of mill feed for a processing plant it plans to build in Albania.
Koshaj is a zinc-rich volcanogenic massive sulfide copper deposit located in the historic copper producing Mirdita District of northern Albania. Although the mine was fully developed and ready for mining in the 1990s, no actual mining took place. Koshaj is reported to have a historic resource of 707,592 tonnes at 0.98% copper, 3.88% zinc and 0.71 g/t gold with a high grade copper and zinc zone of 388,164 tonnes grading 4.21% zinc, 1.19% copper and 0.95g/t gold. The deposit remains open for expansion.
All of the above stated resources and grade estimates are historic in nature; were obtained from information provided by the Albanian government; are not the subject of an NI 43-101 compliant report; and have not been verified by Tirex. No qualified person has done sufficient work to classify the historical estimates as current mineral resources; and Tirex is not treating the historical estimates as current mineral resources. Tirex is including the historical estimates for information purposes only, and offers no assurances as to the reliability of the estimates. Tirex will need to undertake a comprehensive review of available data, and in all likelihood a drill program, to verify the historic estimates and classify them as current resources.
Mr. Fred Tejada, P.Geo., Tirex President, and a Qualified Person under the meaning of Canadian National Instrument 43-101, is responsible for the technical content of this news release.
On Behalf of Management,
Fred Tejada, President
Forward-Looking Statements. This Tirex News Release may contain certain “forward-looking” statements and information relating to Tirex. Such statements include but are not limited to statements about a possible business transaction with Sinomine and the technical cooperation with AGS. Often forward-looking statements or information include words such as “plans”, expects”, “intends”, “anticipates”, “estimates” “forecasts”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or will be taken occur or be achieved. Although forward-looking statements and information contained in this release are based on the beliefs of Tirex management, which we consider to be reasonable, as well as assumptions made by and information currently available to Tirex management, there is no assurance that the forward-looking statement or information will prove to be accurate. Specifically, there is no assurance Tirex will be able to finalize a business transaction with Sinomine on terms acceptable to Tirex, or at all. The forward-looking statements and information contained in this release are subject to current risks, uncertainties and assumptions related to certain factors including, without limitations, obtaining all necessary approvals, feasibility of mine and plant development, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events as well as risks, uncertainties and other factors discussed in our quarterly and annual and interim management’s discussion and analysis. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements and information may vary materially from those described herein. Accordingly, readers should not place undue reliance on forward-looking statements and information contained in this release. We undertake no obligation to update forward-looking statements or information except as required by law. All resource estimates quoted in this news release are historical, uncategorized and not NI 43-101 compliant and should not be relied upon. Tirex has not verified these historical resources and has not reviewed the assumptions, parameters and methods used to prepare the historical resource estimate. 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. A feasibility study has not been completed and there is no certainty the proposed operation will be economically viable.
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