Tirex Resources, Ekin Maden to Establish New Company

27 March 2011 (Last Updated March 27th, 2011 18:30)

Tirex Resources and Ekin Maden have signed a memorandum of understanding to organise and establish new operating company OpCo with a 50% stake each. Tirex will provide six mineral deposits from its Mirdita VMS District holdings to OpCo and Ekin Maden's Fushe Arrez mill will process the

Tirex Resources and Ekin Maden have signed a memorandum of understanding to organise and establish new operating company OpCo with a 50% stake each.

Tirex will provide six mineral deposits from its Mirdita VMS District holdings to OpCo and Ekin Maden's Fushe Arrez mill will process the ore mined by OpCo.

The finance required for the mine to begin production will be provided by Ekin Maden.

Tirex will apply for permits for the six mineral deposits that OpCo will begin mining.

OpCo will initially produce copper and gold. The additional potential of zinc production will be assessed by OpCo's technical team.

Ekin Maden CEO Erol Kohen said the firm will work with Tirex to move these deposits into production, while getting maximum value from the ore through safe, responsible and expert mining methods.