- 25 year term
- Rehova is a high grade past producing copper mine
- approximately 84% of pre-mining historic mineralization is
reported to be intact
- exploration upside with deposits largely untested as to
gold, silver, zinc content
TXX: TSX-V
VANCOUVER, Feb. 14, 2017 /CNW/ - Tirex Resources Ltd.
("Tirex") is pleased to report that the mining license application
for the Rehova mining property ("Rehova") in Albania had been approved by the Ministry of
Energy and Industry. The mining license is valid for 25 years and
can be extended for another 10 years.
Tirex acquired the rights to Rehova after it won the bidding
process held by the government of Albania in 2015. The processing of the mining
license application stalled when a private company questioned the
legality of the government's action to nullify the exploration
license it had on Rehova for failure on its part to meet work the
obligations on the property several years prior to the bidding of
Rehova in 2015.
This issue has now been settled by the Albanian courts which led
to the recent approval of the license.
Spiro Kletas, Tirex Chief
Executive Officer, states, "After a very long and difficult time
period for Tirex, today represents the start of a new era for the
company. With the news on licensing at Rehova and a healthy macro
environment for copper, there is much to look forward to for Tirex
and our shareholders."
Rehova is located 114 kms straight distance southeast of Tirana
or 200 kms by road 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
("B&G"), Rehova-Kanisqel, Çiflig and Dushku i Trashe comprise
the Rehova Copper Mine, a historically producing mining operation
which was formerly operated by the Albanian state copper
enterprise. These deposits are relatively close to each other
(200m-500m apart) which made ore delivery to a single processing
facility possible.
Prior to the start of production in 1980 the Albanian Geological
Survey ("AGS") had defined combined mineralization in the four
deposits of 3.43 million tons grading 2.17% copper* and by the time
operations stopped in 1990 had 2.87 million tons grading 2.14%
copper* remaining. The majority of the remaining mineralization
consisting of 2.09 million tons grading 2.15% copper* were from
B&G, which was not mined and has exploration potential beyond
the historic drilling. Underground development workings 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.
Çiflig and Dushku i Trashe were mined by underground method
while Rehova-Kanisqel was mined by open pit and to a limited extent
by underground. The materials mined were sent to a processing plant
nearby with an annual capacity of 60,000 tons. It should be
noted that the largest deposit, B&G has not been mined.
Tirex will be evaluating underground development and mining
opportunities at the B&G, Çiflig and Dushku i Trashe deposits
while evaluating open pit mining at the near surface
Rehova-Kanisqel deposit. On a conceptual basis for potential future
mine planning, the possibility to open pit mine at Rehova-Kanisqel
may provide a targeted accelerated path to production while the
larger deposit, B&G, is being developed.
*The tonnage and grade estimates stated above are historic in
nature and were obtained from information provided by the Albanian
government. The AGS historical calculations classify the estimates
in a combination of C1 & C2 categories, being based on the
Russian deposit reporting system and are roughly equivalent to the
NI 43-101 inferred and indicated categories. These historical
estimates are not compliant with NI 43-101 and should not be relied
upon. 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, including planned drilling by Tirex to verify
the historic estimates and classify them as current resources.
Tirex also plans to study the economics of developing the 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 President, Fred Tejada,
P.Geo, states "The approval of the license will finally allow
Tirex to move ahead with its plans on Rehova which has been on hold
while the court case was being heard. With this license we can
begin work on Rehova and update our plans on our Mirdita assets in
northern Albania which has also
been put on hold as we wait for the resolution on Rehova."
Fred Tejada, P.Geo., a Qualified
Person under National Instrument 43-101, has reviewed and approved
the scientific and technical information in this press release.
On Behalf of Tirex Resources Ltd.
Spiro Kletas
CEO and Director
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 the Award, the production arrangements and the
timing of the mine development, mill construction and ore
production. 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. The assumptions made include assumptions
about Tirex's ability to move forward with the licensing. 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 or will commence.
"Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release."
SOURCE Tirex Resources Ltd.