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Dec 04, 2009 13:32 EEST
December 4 (SeeNews) - Canada's Tirex Resources has taken out a 1.0 million euro ($1.5 million) loan from the European Bank for Reconstruction and Development (EBRD) to finance drilling in an Albanian mineral field, the company has said.
"Tirex will use the funds to continue drilling at the company's Mirdita District in Albania," it said in a statement on its website.
The financing is part of a 6.0 million euro EBRD loan agreed in October last year.
In 2007, Tirex Resources carried airborne geophysical survey to identify the Mirdita deposits, mineral field, some 70 kilometers north of the capital Tirana. Mirdita covers an area of 344 square kilometers. It is located some 85 kilometers northeast of the country’s biggest Adriatic port of Durres. Exploration targets on Mirdita are Volcanogenic Massive Sulphide (VMS) deposits. VMS deposits contain some of the most valuable aggregates of metal in the world.
Tirex Resources is listed on the TSX Venture Exchange, Canada, and the open market in the Frankfurt Stock Exchange.
($ = 0.664 euro)
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