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Last C$0.16 CAD
Change Today 0.00 / 0.00%
Volume 46.0K
TXX On Other Exchanges
As of 3:57 PM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

tirex resources ltd (TXX) Snapshot

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tirex resources ltd (TXX) Details

Tirex Resources Ltd., an exploration stage company, engages in the acquisition and exploration of mineral properties in Albania. The company primarily explores for copper, zinc, gold, and silver deposits. It holds interest in Mirdita property that covers approximately 344 square kilometers located to the northeast Tirana city. The company was founded in 2006 and is headquartered in Vancouver, Canada.

Founded in 2006

tirex resources ltd (TXX) Top Compensated Officers

Chief Executive Officer and Director
Total Annual Compensation: C$150.0K
President and Vice President of Operations & ...
Total Annual Compensation: C$165.0K
Chief Financial Officer
Total Annual Compensation: C$60.0K
Compensation as of Fiscal Year 2014.

tirex resources ltd (TXX) Key Developments

Tirex Resources Ltd. and Sinomine Resource Exploration Co., Ltd. Sign Memorandum of Understanding

Tirex Resources Ltd. announced on July 31, 2015 that it had entered into discussions with Sinomine Resource Exploration Co., Ltd. with regards to Tirex's exploration and development activities in Albania. Tirex announced that it has signed an agreement with Sinomine that further defines a framework for collaboration between the two companies. Sinomine and Tirex have executed a Memorandum of Understanding (MOU) with regards to the Koshaj Project and the Rehova Project, both located in Albania. Sinomine, through its mining operations in-country, will purchase mineralized materials that will be produced from Koshaj. The selling price will be based on an internationally accepted formula based on prevailing metal prices. While it is estimated that Sinomine will complete its evaluation of the project prior to the end of 2015, the materials pre-purchased by Sinomine from Tirex will occur before this. Additionally, Sinomine will provide funds for additional confirmation and resource expansion drilling and the rehabilitation of the underground workings in place at Koshaj. All funds advanced to Tirex will be treated as an advance payment for the purchase of materials. Tirex plans to conduct exploration and resource confirmation drilling at the Rehova Project. Sinomine proposes to provide core drilling services to Tirex during the confirmation drilling stage. The confirmation drill program, designed by Tirex technical staff, is targeted to confirm historical drill results garnered during state-run drilling at Rehova. If confirmation is positive, Sinomine will provide financing for Tirex and Sinomine to jointly move Rehova into commercial production in consideration for a financial interest in the project.

Tirex Resources Ltd. Receives Final Environmental Permits and Approvals for Rehova Project

Tirex Resources Ltd. announced that it has received the Final Environmental Permit, as of June 12, 2015, from the Ministry of Environment of Albania. This is the final permit required for Tirex to exercise it's exclusive rights to 25 year mining licenses at the Rehova Project. This final environmental permit required community consultation and approval; which has been achieved. Prior approvals received from applicable government agencies relating to this process also included the final approval of all onsite work plans by Albania's National Agency of Natural Resources. Tirex acquired the Rehova Mine Property through an open tender process which the government of Albania held in January 2015. Winning the open tender gave Tirex the exclusive right to an initial 25-year mine license at Rehova. Tirex plans to commence confirmation drilling within Rehova to update the historic resources to current resources compliant with National Instrument 43-101 while also targeting an expansion of the known mineralized zones. Rehova is located in central Albania, is readily accessible by paved roads and is on the electrical power grid. The mining property contains four historical VMS deposits. These are surrounded by exploration areas of interest that have not yet been systematically tested using modern exploration techniques and technology. The four known deposits called Bregu i Geshtenjes, Rehova-Kanisqel, fiflig and Dushku i Trashe comprise the Rehova Copper Mine. Rehova is an historically producing mining operation which was formerly operated by the Albanian state copper enterprise. Prior to the start of production in 1980 the Albanian Geological Survey had defined combined resources of 3.43 million tons grading 2.17% copper for the four deposits and by the time operations stopped in 1990 reported 2.87 million tons grading 2.14% copper remaining. The majority of the remaining resources consisting of 2.09 million tons grading 2.15% copper are reported from B&G, which has remained intact and is open for expansion. Underground development works had been started at B&G as the deposit was being prepared for mining when the state run mining enterprise shut down its mining operations country-wide at the time of the collapse of communism. Tirex will assess developing the 4.45 s.q k.m Rehova property as a stand-alone mining and processing operation. Most historic facilities such as the processing plant equipment and mining equipment have been removed from the site but in addition to the underground development that exists, infrastructure such as good roads, mill foundations, tailings area and electrical power lines are still in place. Tirex also plans to explore for similar VMS deposits elsewhere in the Rehova region outside of the mining license area. Several prospects had been identified by the AGS prior to the closure of the mine and Tirex intends to evaluate the potential of developing multiple deposits of various sizes that will feed a central mill that produces potentially copper, gold, silver and/or zinc. 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.

Tirex Resources Ltd. Arranges Loan from Pacific Investment Corporation Limited

Tirex Resources Ltd. announced it has arranged a loan from Pacific Investment Corporation Limited of Vancouver, British Columbia, Canada, for the amount of $250,000. Proceeds will be used for working capital in Albania.


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