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Thursday, 9 May 2013
Tirex Resources to survey Albanian licenses
Tirex Resources (CVE:TXX) announced Thursday that it has engaged an engineering firm in Albania to carry out a survey of the boundaries of its mining licenses.
The Vancouver-based explorer announced contracting Lorenco & Co., civil engineers in Tirana, Albania for the survey, which is scheduled to begin at two high priority license areas which are known to host large individual deposits with expansion potential.
Lorenco, an established civil engineering firm with a strong land surveying-cadastral department, has been involved in the execution and design of civil engineering projects funded by local governments, the European Union, the World Bank and USAID, not only in Albania but also in Macedonia (FYROM), Kosovo and Saudi Arabia.
The two areas, Tuci-East Tuci and Qaf Bari, are among several licenses granted earlier this year by the Albanian government, giving the Albania-focused Tirex a district of properties, although the two deposits to be surveyed are proximate to each other, roughly 4 km apart, meaning both are accessible from the same camp.
The company’s plans for these areas were approved during the mining licensing process, through which its exploration licenses were transitioned to 25 year mining licenses after an investment of more than US$25 million investigating six specific areas of the Mirdita Volcanogenic Massive Sulphide (VMS) district utilizing modern geophysical, geological and geochemical procedures.
Lorenco & Co. is also to survey the pre-existing underground openings present in the mining license areas in preparation to bring the mining areas into production, an exercise to be carried out in part by using existing underground workings already in place from historical state-run mining and development operations.
These pre-existing underground workings represent a significant asset for Tirex's development plans, and are also to be upgraded as mining commences.
The advancement of plans on the Mirdita project is to be funded with the proceeds of Tirex’s private placement which closed in March, having raised almost $3.12 million in cash. 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 to target 500 tonnes per day of production, with plans to ramp up to 2,000 tonnes per day of production after two years. As well as prioritizing production at the six areas of Mirdita, Tirex is also planning to explore other regions in the district.
Tirex’s experience is proof positive of the welcome extended to miners by the Republic of Albania, a nation rich in mining history. The company’s experience demonstrates the ease of transition from exploration into production within the current regulatory framework.
Tirex has received major financing support from the European Bank for Reconstruction and Development (EBRD) during its exploration at Mirdita.
Company plans include the establishment of a mining office in the municipality of Fushe Arrez, Shkoder County, northern Albania.