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Monday, 14 January 2013
Tirex Resources in "great shape" to move forward, says CEO
Tirex Resources (CVE:TXX)(OTCQX:TIRXF) has now received all six mining licenses from Albania's National Licensing Center as per the approval from the Ministry of Environment, Trade and Energy announced late last year - paving the way for near-term production for the company.
The six specific areas, for which conversion from exploration permits to 25-year mining licenses has now been completed, are located in the Mirdita volcanogentic massive sulfide (VMS) district in Albania.
VMS deposits are a type of metal sulfide ore deposit, and are created by volcanic-associated hydrothermal events in submarine environments.
The licenses encompass the deposits known as Fushe Arrez, Qafe Bari, Tuc, Paluce, Gurth 1 and Gurth 2 (Central Gurthi and Koshaj), Gurth 3 and Letitna (South Gurthi and Letitna).
The company said Tuesday it also received from the National Licensing Center all the environmental permits for the licenses, also as previously approved by the Ministry of Environment, Forests and Water Administration.
"With the mining licenses that were previously approved now in hand, along with all of the required environmental permits, Tirex is in great shape to move forward onsite," CEO Bryan Slusarchuk told Proactiveinvestors.
Indeed, the company now has all the required documents and permits in place to allow for mining operations in the six areas. The company already has a partnership agreement relating to copper, gold and silver production, meaning it can fast track to production without corresponding share dilution.
Initially, the partnership is targeting 500 tonnes per day of production, with a target to ramp up to 2,000 tonnes per day of production after two years.
"Our engineering team has a mandate to move into copper and gold production as quickly and as efficiently as possible and they are working hard on that process to achieve those goals. We look forward to updating investors further in relatively short order as to plans onsite."
According to previous statements, output will initially be started in Tirex's Tuc deposit area through a "trackless mining system", the company said, using a transverse long hole sublevel retreat mining method.
The Tuc area alone contains around 2.35 million tonnes of 1.46% grade copper, according to historical (non 43-101 compliant) estimates. The deposit is reported to be open for expansion, as the area has never been drilled from underground set ups.
So far, Tirex has invested more than $25 million in Mirdita. As well as targeting production at the six areas of Mirdita, Tirex is also planning to explore other regions in the district.
Based on historical data and the exploration work done thus far, the company said it believes that the district is "highly prospective" for new discoveries.
In late November, the Vancouver-based company closed the first tranche of a planned $7.7 million equity financing, raising $1.2 million so far. The new funds are earmarked for exploration, targeting new discoveries in the areas of Mirdita outside of its mining partnership.
The company has more than 40 high priority airborne electromagnetic (EM) anomalies at Mirdita and has identified six exploration areas for immediate ground geophysical surveying and drilling outside of the mining partnership zones.