[Marinir] {Disarmed} Tirex Resources Signs Definitive Agreement with Ekin Maden to Commence Copper and Gold Mining Production

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Tirex Resources Signs Definitive Agreement with Ekin Maden to Commence 
Copper and Gold Mining Production 

Ekin Maden is Turkey's leading non-ferrous metals and minerals trading 
company since 1982 with significant mining and processing experience in 
Albania 

mining partnership to focus on six deposit areas of the Mirdita District 
while Tirex continues exploration targeting discovery in other areas of 
property 

arrangement allows Tirex to move into copper and gold production with 
zero share dilution 

Tirex Resources ("Tirex")(TSX-V: TXX 

http://www.stockwatch.com/Quote/Detail.aspx?action=go&symbol=TXX&region=C&lookup=symbol&snapshot=default 

) 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: 

Tirex Ekin Maden 

Contribution to OpCo 6 Deposit Areas: Tuc, Paluca, Qaf Bari, Letitna, 
Gurthi-Koshaj, and Fushe Arres 500 tpd mill capacity (150,000 t/y) 

Finance of: 

Mine development capital 

Operating capital 

Mining equipment 

Possibly new OpCo processing facilities and all expansions 

Receives via OpCo 50% of net ore value less mining, processing and sales 
cost 50% of net ore value less mining, processing and sales cost 

Other Protection from cash calls for 24 months through capital and 
operating loan by Ekin Maden to Opco Receives a portion of concentrate 
as compensation for processing and sales services 

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 

http://www.TirexResources.com 

. 

ON BEHALF OF TIREX RESOURCES LTD. 

"Bryan J.R. Slusarchuk" 

CEO and Director 

Tirex Resources Ltd. 

512 -- 470 Granville Street 

Vancouver, B.C., Canada V6C 1V5 

Tel. 604-687-7160 Fax. 604-687-7165 Email: info at TirexResources.com 

Website: www.TirexResources.com 

http://www.TirexResources.com 

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. 

"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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