| ||November 16, 2016|
Tirex Provides Update On The Rehova Project
| ||Tirex Resources Ltd ("Tirex" or the "Company") (TXX: TSXV) is pleased to announce that the Appeals Court in Tirana, Albania has decided in favor of the Ministry of Energy and Industry ("MEI") and Tirex Exploration Shpk, a local company controlled by Tirex, against an appeal filed by a private Turkish company ("Privco"), in regards to the Rehova property. As previously disclosed (see Tirex Management Discussion and Analysis dated July 31, 2016), Tirex viewed this action as frivolous and without merit but is nonetheless pleased to provide this update as to the decision in favor of the MEI.|
The case stemmed from the government's decision in 2011 not to accept the exploitation license application of Privco on Rehova because it failed to comply with the required exploration obligations on the property. The recent decision by the Appeals Court is "binding and enforceable with immediate effect".
Fred Tejada, Company President stated, "We are pleased with the Appeal Court's decision which ruled in favor of the Government of Albania, and the Government's ability to enforce local mining laws. The Rehova project includes a past producing mine and contains a historic remaining resource of 2.87 million tons grading 2.14% copper, significant exploration potential and we are looking forward to carrying out the exploration and development program on this project."
Rehova is located southeast of Tirana, is readily accessible by paved roads and is on the electrical power grid. The mining property contains four historical VMS deposits. This is surrounded by exploration areas of interest that have not yet been systematically 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 enterprise. 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 1981 the Albanian Geological Survey ("AGS") had defined combined resources of 3.43 million tonnes grading 2.17% copper for the four known zones in the Rehova Project. When operations stopped in 1993 AGS reported 2.87 million tons grading 2.14% copper remaining. The majority of the resource or 2.09 million tons grading 2.15% copper were in the B&G zone. The AGS historical calculations classify the 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.
The historical resources quoted in this news release are not compliant with NI 43-101 and should not be relied 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 the estimates. Tirex will need to undertake a comprehensive review of available data, and in all likelihood a drill program, to verify the historic estimates and classify them as current resources.
Mr. Tejada, PGeo, Tirex president, and a qualified person under the meaning of Canadian National Instrument 43-101, is responsible for the technical content of this news release.
On Behalf of the Company
Mr. Spiro Kletas
Chief Executive Officer and Director
Forward-Looking Statements. This Tirex News Release may contain certain "forward-looking" statements and information relating to Tirex. 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 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. All resource estimates quoted in this news release are historical, uncategorized and not NI 43-101 compliant and should not be relied upon. Tirex has not verified these historical resources and has not reviewed the assumptions, parameters and methods used to prepare the historical resource estimate. No Qualified Person has done sufficient work to classify the historical 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.
"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."
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