VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 18,
2010) - Tirex
Resources Ltd. ("Tirex") (TSX VENTURE:TXX) is pleased to announce that it has
completed its equity private placement, announced March 12, 2010, for total
gross proceeds of $1,000,000.
Tirex
has recently remobilized to its Mirdita VMS project in Albania, to commence its
2010 exploration and drilling program. Technical team members are now on
site with drilling to commence this month.
The
district-scale program at Mirdita is a combination of advanced stage definition
and expansion drilling, combined with pure exploration drilling targeting
discovery.
Additional
to this equity raise and equity the Company may raise in the future, Tirex also
has EUR 2 million yet to be drawn (approximately CAD $2.78 million) remaining
under its loan agreement announced on October 8th, 2008, with the
European Bank for Reconstruction and Development ("EBRD").
As
consideration for services rendered in connection with the private placement,
the Company paid finder's fees aggregating $28,800 and issued an aggregate
149,600 common shares ("Finder's Fee Shares"). The private placement shares and
the Finder's Fee shares issued are subject to a four month hold period,
expiring July 17th, 2010.
Further details on the company and the
Mirdita Project can be found on the Tirex website at www.TirexResources.com.
ON BEHALF OF
TIREX RESOURCES LTD.
Bryan Slusarchuk, CEO and Director
Forward-Looking
Statements. This Tirex News Release may contain certain
"forward-looking" statements and information relating to Tirex that
are based on the beliefs of Tirex management, as well as assumptions made by
and information currently available to Tirex management. Such statements
reflect the current risks, uncertainties and assumptions related to certain
factors including, without limitations, 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. 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 may vary materially
from those described herein.
"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."