Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Oct. 18, 2011) – Tirex Resources (TSX VENTURE:TXX) announces that it has submitted all of the required documentation to apply for mining permits in the areas known as Central Gurthi & North Gurthi (Koshaj), South Gurthi & Letitna, Tuc, Qaf Bari, Fushe Arres and Paluca via license application numbers LC-9821-08-2011, LC-9819-08-2011, LC-9822-08-2011, LC-9820-08-2011, LC-9817-08-2011 and LC-9818-08-2011.
These areas of the Mirdita District have been the subject of substantial investment by Tirex during the past four years and held by Tirex within Tirex’s exploration land package (Exploration Concession 1013). To date, Tirex has spent a total of approximately $25 million on the company’s Mirdita VMS Project.
Tirex has now applied to transition the six specific areas into production based on successful work that variously consisted of drilling, database compilation, airborne geophysics, ground geophysics, geochemistry and geological mapping.
Tirex has submitted comprehensive documentation with respect to the environment and the community to the Ministry of Environment and Forestry and mining plans to the Ministry of Economy, Trade and Energy. Tirex’s applications have received official support from all the host communities where the mining permit applications are located.
Tirex’s mining plans, as presented to the government, would create substantial long term employment, infrastructure growth and community benefits in an area of Albania in need of investment and economic activity. During exploration in these areas, Tirex established a strong local presence that has resulted in a level of employment and economic activity that is expected to grow further during prospective mining operations.
Further details on Tirex Resources Ltd. and the Mirdita Project can be found on the Tirex website at www.TirexResources.com.
ON BEHALF OF TIREX RESOURCES LTD.
Bryan J.R. Slusarchuk, Chief Executive Officer
