Business
Tirex and Sinomine Sign Memorandum of Understanding
(via Thenewswire.ca) Vancouver, BC / TheNewswire / August 25, 2015 - ...
About this update from Canadian Goldfields Discovery Corp
[{"type":"text","content":"Tirex and Sinomine Sign Memorandum of Understanding(via Thenewswire.ca)\n \n \nVancouver, BC / TheNewswire / August 25, 2015 - Tirex Resources Ltd. (\"Tirex\") announced on July 31, 2015 that it had entered into discussions with Sinomine Resource Exploration Co., Ltd. (\"Sinomine\") with regards to Tirex's exploration and development activities in Albania.\n\n\n \nToday, Tirex is pleased to announce that it has signed an agreement with Sinomine that further defines a framework for collaboration between the two companies.\n\n\n \nSinomine and Tirex have executed a Memorandum of Understanding (\"MOU\") with regards to the Koshaj Project (\"Koshaj\") and the Rehova Project (\"Rehova\"), both located in Albania. \n\n\n \nKoshaj\n\n\n \nSinomine, through its mining operations in-country, will purchase mineralized materials (\"materials\") that will be produced from Koshaj. The selling price will be based on an internationally accepted formula based on prevailing metal prices. \n\n\n \nWhile it is estimated that Sinomine will complete its evaluation of the project prior to the end of 2015, the materials pre-purchased by Sinomine from Tirex will occur before this. \n\n\n \nAdditionally, Sinomine will provide funds for additional confirmation and resource expansion drilling and the rehabilitation of the underground workings in place at Koshaj. All funds advanced to Tirex will be treated as an advance payment for the purchase of materials. \n\n\n \nKoshaj is located in the Mirdita District, a major historic copper producing area in northern Albania. It was ready to start production alongside nearby producing mines when the state mining operations stopped in Albania in early '90s due to the collapse of the previous communist government. Koshaj has a historical resource of 707,592 tons at 0.98% copper, 3.88% zinc and 0.71 g/t gold with a high grade copper and zinc zone of 388,164 tons grading 4.21% zinc, 1.19% copper and 0.95g/t gold.\n\n\n \nRehova\n\n\n \nTirex plans to conduct exploration and resource confirmation drilling at the Rehova Project. Sinomine proposes to provide core drilling services to Tirex during the confirmation drilling stage. The confirmation drill program, designed by Tirex technical staff, is targeted to confirm historical drill results garnered during state-run drilling at Rehova. If confirmation is positive, Sinom...