Tirex Resources Mining License FOR High Grade Rehova Copper Project Approved
488-1090 West Georgia St. Tel: 604-687-7 160 www.tirexresources.com
Vancouver B.C. [email protected]
Canada V6E3V7 TXX: TSX-V
February 14, 2017 - NR 01-2017
NEWS RELEASE
TIREX RESOURCES MINING LICENSE FOR HIGH GRADE REHOVA COPPER PROJECT
APPROVED
25 year term
Rehova is a high grade past producing copper mine
approximately 84% of pre-mining historic mineralization is reported to be intact
exploration upside with deposits largely untested as to gold, silver, zinc content
Tirex Resources Ltd. (“Tirex”) is pleased to report that the mining license application for the Rehova mining
property (“Rehova”) in Albania had been approved by the Ministry of Energy and Industry. The mining
license is valid for 25 years and can be extended for another 10 years.
Tirex acquired the rights to Rehova after it won the bi dding process held by the government of Albania in
2015. The processing of the mining license applicati on stalled when a private company questioned the
legality of the government’s action to nullify the exploration license it had on Rehova for failure on its part to
meet work the obligations on the property several years prior to the bidding of Rehova in 2015.
This issue has now been settled by the Albanian courts which led to the recent approval of the license.
Spiro Kletas, Tirex Chief Executive Officer, states, “After a very long and difficult time period for Tirex,
today represents the start of a new era for the compan y. With the news on licensing at Rehova and a healthy
macro environment for copper, there is much to look forward to for Tirex and our shareholders.”
Rehova is located 114 kms straight distance southeast of Tirana or 200 kms by road and is on the electrical
power grid. The mining property contains four historical VMS deposits. These are surrounded by exploration
areas of interest that have not yet been systemati cally tested using modern exploration techniques and
technology. The four known deposits called Bregu i Geshtenjes (“B&G”), Rehova -Kanisqel, Çiflig and
Dushku i Trashe comprise the Rehova Copper Mine, a historically producing mining operation which was
formerly operated by the Albanian state copper enterp rise. These deposits are relatively close to each other
(200m-500m apart) which made ore delivery to a single processing facility possible.
Prior to the start of production in 1980 the Albanian Geological Survey (“AGS”) had defined combined
mineralization in the four deposits of 3.43 million tons grading 2.17% copper* and by the time operations
stopped in 1990 had 2.87 million tons grading 2.14% c opper* remaining. The majority of the remaining
mineralization consisting of 2.09 million tons grading 2.15% copper* were from B&G, which was not mined
and has exploration potential beyond the historic dr illing. Underground developm ent workings had been
started at B&G as the deposit was being prepared for mining when the state run mining enterprise shut down
its mining operations country-wide at the time of the collapse of communism.
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Çiflig and Dushku i Trashe were mined by undergro und method while Rehova-Kanisqel was mined by open
pit and to a limited extent by underground. The material s mined were sent to a processing plant nearby with
an annual capacity of 60,000 tons. It should be noted that the largest deposit, B&G has not been mined.
Tirex will be evaluating underground development and mining opportunities at the B&G, Çiflig and Dushku
i Trashe deposits while evaluating open pit mining at the near surface Rehova-Kanisqel deposit. On a
conceptual basis for potential future mine planning, the possibility to open pit mine at Rehova-Kanisqel may
provide a targeted accelerated path to production while the larger deposit, B&G, is being developed.
*The tonnage and grade estimates stated above are hist oric in nature and were obtained from information
provided by the Albanian government. The AGS histor ical calculations classify the estimates 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 cat egories. These historical estimates are not compliant
with NI 43-101 and should not be re lied upon. No qualified person has done sufficient work to classify the
historical estimates as current mineral resources; and Tirex is not treating the historical estimates as current
mineral resources. Tirex is including the historical estimates for information purposes only, and offers no
assurances as to the reliability of th e estimates. Tirex will need to un dertake a comprehensive review of
available data, including planned drilling by Tirex to verify the historic estimates and classify them as current
resources.
Tirex also plans to study the economics of develo ping the Rehova property as a stand-alone mining and
processing operation. Most historic facilities such as the processing plant equipment and mining equipment
have been removed from the site but in addition to the underground development that exists, infrastructure
such as good roads, mill foundations, tailings area and electrical power lines are still in place.
Tirex President, Fred Tejada, P.Geo, states “The approval of the license will finally allow Tirex to move
ahead with its plans on Rehova which has been on hold while the court case was being heard. With this
license we can begin work on Rehova and update our plans on our Mirdita assets in northern Albania which
has also been put on hold as we wait for the resolution on Rehova.”
Fred Tejada, P.Geo., a Qualified Person under National Instrument 43- 101, has reviewed and approved the
scientific and technical information in this press release.
On Behalf of Tirex Resources Ltd.
Spiro Kletas
CEO and Director
Forward-Looking Statements. This Tirex News Release may contai n certain "forward-looking" statements
and information relating to Tirex. Such statements in clude but are not limited to statements about the Award,
the production arrangements and the timing of the mine development, mill constr uction and ore production.
Often forward-looking statements or information incl ude 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", "mi ght" 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 th at the forward-looking statement or information will
prove to be accurate. The assumptions made include assu mptions about Tirex's ability to move forward with
the licensing. The forward-looking statements and informa tion 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 mi ne and plant development, expl oration and development risks,
expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic
factors, competitive factors, general economic conditions , relationships with vendor s and strategic partners,
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governmental regulation and supervision, seasonality, t echnological change, industry practices, and one-time
events as well as risks, uncertainties and other factor s 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 inco rrect, actual results and forward-looking statements
and information may vary materially from those desc ribed herein. Accordingly, readers should not place
undue reliance on forward-looking statements and inform ation contained in this release. We undertake no
obligation to update forward-looking statements or information except as required by law. All resource
estimates quoted in this news releas e are historical, uncategorized and not NI 43-101 compliant and should
not be relied upon. Tirex has not verified these histor ical resources and has not reviewed the assumptions,
parameters and methods used to prepare the histor ical resource estimate. No Qualified Person has done
sufficient work to classify the histor ical estimates as current and Tirex is not treating the historical estimates
as current mineral resources or reserves but considers them as historically relevant and material information.
A feasibility study has not been completed and ther e is no certainty the proposed operation will be
economically viable or will commence.
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsib ility for the adequacy or accuracy of this news
release."