Tirex Resources Signs Definitive Agreement with Ekin Maden to Commence Copper and Gold Mining Production
07 9월 2011 - 4:20AM
Marketwired Canada
Tirex Resources ("Tirex")(TSX VENTURE:TXX) is pleased to announce it has signed
a Definitive Agreement ("the Agreement") with Ekin Maden Tic. Ve San. A.S.
("Ekin Maden") to commence commercial production of copper and gold from six
areas of the Mirdita District located in Albania. The Agreement allows Tirex to
target significant cash flow through a quick transition into commercial
production, without any corresponding share dilution relating to the financing
of capital and operating expenditures.
The Agreement stipulates that Tirex will contribute six historically known
mineral deposits to a newly formed operating company ("OpCo") in which Tirex and
Ekin Maden will each hold an indirect 50 percent interest. OpCo will be managed
by a technical team within Albania under the leadership of a Board of Directors
that has equal representation from both Tirex and Ekin Maden. Funding of the
Initial Phase and the Second Phase of development, as set out below, will be
pursuant to approval of programs and budgets, with deadlock resolution by an
independent Expert.
Key details of the Agreement are outlined below:
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Tirex Ekin Maden
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Contribution to OpCo 6 Deposit Areas: Tuc, 500 tpd mill capacity
Paluca, Qaf Bari, Letitna, (150,000 t/y)
Gurthi-Koshaj, and Fushe Finance of:
Arres Mine development capital
Operating capital
Mining equipment
Possibly new OpCo
processing facilities and
all expansions
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Receives via OpCo 50% of net ore value less 50% of net ore value less
mining, processing and mining, processing and
sales cost sales cost
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Other Protection from cash calls Receives a portion of
for 24 months through concentrate as compensation
capital and operating loan for processing and sales
by Ekin Maden to Opco services
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Ekin Maden will finance mine development capital, operating capital and mining
equipment as well as contribute the mill capacity required by OpCo to commence
production and sales. This mill capacity is made available to OpCo via Ekin
Maden's existing mill and flotation plant complex located in Fushe Arres, owned
by BERALB SH A., an affiliate of Ekin Maden, which has recently completed a
major capacity expansion.
Under the terms of the Agreement, Tirex will transfer the six properties to OpCo
and Ekin Maden will fund the capital and operating costs of reaching production.
The initial six deposit areas targeted for production are Tuc, Paluca, Qaf Bari,
Letitna, Gurthi-Koshaj and Fushe Arres.
The Agreement has been structured to expedite OpCo commencing production through
a multi-stage process as follows:
Initial Phase of Production
Ekin Maden will fund the capital (and, if needed 24 months operating) costs of
the Initial Phase in which OpCo will target to develop 500 tonnes production of
ore per day. Ekin Maden, through BERALB, will perform ore processing and sales
agency for OpCo.
The mill capacity required for the Initial Phase is in place and fully
constructed and operational. This capacity will be dedicated for the use of OpCo
under the terms of an Ore Processing Agreement and Sales Agency agreement
between BERALB and OpCo. BERALB is entitled to a portion of the produced
concentrate as compensation for processing and sales services. OpCo will receive
the gross proceeds of the remaining concentrate sales less all repayment of any
operating loan advances from Ekin Maden and the costs of production and sales.
OpCo will not be responsible for the repayment of any of the capital
expenditures incurred by Ekin Maden to date relating to the construction of the
BERALB mill. A maximum of 25% of OpCo net profits are earmarked to pay mine
capital expenditure debt financed by Ekin Maden, in respect of the Initial
Phase, with the balance being paid in 24 months of first ore delivery to BERALB.
Potential Growth (Second Phase)
Under the terms of the Agreement, OpCo will then enter into its second phase,
targeting production of at least an additional 500 tonnes per day. The ore
processing and sales agency arrangement will remain in place. Tirex (through
OpCo) will participate in the ownership of any new OpCo processing facilities
constructed to service the Second Phase production while Ekin Maden will have
the obligation to fund or arrange financing for the construction of such
facilities, if required. It is anticipated that future expansion of mill
facilities would be required if OpCo's production profile exceeds 2000 tonnes
per day, as targeted.
If expanded mill capacity is required under the Second Phase, then OpCo will
have the option to participate in the profitability of the milling and
processing of ore through direct processing facility ownership over and above
the profitability targeted as miners during the Initial Phase.
Tirex Chief Executive Officer, Bryan Slusarchuk, states, "Tirex is forging ahead
in this unique opportunity to create a substantial copper and gold production
profile with no corresponding shareholder dilution. As we grow the cash flow
from our mining operations, we will continue to concurrently target the
discovery of new economic ore bodies within the Mirdita District. We are proud
to be working with Ekin Maden within the production process, a company with an
outstanding track record as Turkey's leading non-ferrous metals trading group
with well established mining interests in Albania."
Ekin Maden Chief Executive Officer, Erol Kohen, states, "Ekin Maden looks
forward to creating a significant mining partnership with Tirex Resources on
these deposits within the Mirdita District in Albania. The new OpCo will work to
the highest international standards while creating significant benefits for the
local communities, the country and stakeholders."
The Agreement is subject to regulatory and European Bank of Reconstruction and
Development approval.
Tirex Deposits
Current on-site assessment work is taking place at Fushe Arres, Tuc and Qaf
Bari. While Tirex has not drilled these areas, the deposits are of significant
interest due to past historical work and the existence of underground mine
workings. According to early 1970s resource estimates (not National Instrument
43-101 ("NI 43-101") compliant) by the Albanian Geological Survey (AGS), the
deposits at Fushe Arres totals 1,115,600 tons of 1.04% Cu, within which is a
267,000 tons zone near surface of 2.77% Cu, Qaf Bari totals 445,700 tons of
2.07% Cu and Tuc totals 2,072,000 tons of 1.54% Cu. It is the belief of the
Tirex technical team, who now have more than 5 years of onsite experience
drilling four separate areas within the District, that the Fushe Arres, Qaf Bari
and Tuc deposit areas have room for significant expansion and importantly are
prospective for precious metal exploitation. Tirex's advanced stage drilling at
Koshaj, Gurthi and Letitna where thick zones of copper, zinc, gold and silver
rich volcanogenic massive sulphide mineralization were encountered, has
demonstrated that often historical deposit reports either omit or do not
recognize gold, silver and zinc mineralization, having dominantly focussed on
copper.
The early 1970's historical AGS calculations classify the deposit resources 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 resources are not compliant with NI 43-101 and
should not be relied upon. A qualified person within the meaning of NI 43-101
has not done sufficient work to classify the historical estimate as current
mineral resources or reserves and additional work will be required to upgrade or
verify the historical estimates. Tirex is not treating the historical estimates
as current mineral resources or reserves but considers them important as a guide
for future work in the District.
Modern Mining in Mirdita District
Ekin Maden is the only modern miner in the Mirdita VMS District of Albania, with
current production at the Lak Roshi and Munelle deposits. Both Lak Roshi and
Munelle were in production during Albania's communist era as were many of the
deposits on Tirex's ground. Lak Roshi, Munelle and the six deposits being
contributed by Tirex to the joint venture are Kuroko type VMS deposits with
comparable copper and zinc grades.
About Ekin Maden Tic. Ve San. A.S.
Ekin Maden is a well-established, respected and privately held mining company
whose principals have extensive expertise and experience in mining, metals
trading and operations. Ekin Maden is the owner of the largest copper mine in
Albania, namely BERALB SH. A. Ekin Maden was established in 1982 and is a
leading Turkish company involved in lead, zinc, copper and chrome ore exporting,
the importing of lead, zinc, aluminum metals and copper cathodes, mining, and
mine finance. The annual turnover of Ekin Maden companies is approximately
$1,000,000,000 USD.
John Nicholson, P.Geo., Mirdita Project Manager and a Qualified Person under the
meaning of Canadian National Instrument 43-101, is responsible for the technical
content of this news release.
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, 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 Agreement, 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 arrangements as set out in the
definitive agreement. 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.The six mineral deposits which Tirex will
contribute to OpCo are historical in nature, and Tirex has not reported any
mineral resource (as defined in NI 43-101) and there are no NI 43-101 compliant
technical reports prepared in respect thereto.
Tirex Resources Ltd. (TSXV:TXX)
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Tirex Resources Ltd. (TSXV:TXX)
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