Vancouver-based Canadian Tirex Resources (TSX-V:TXX) has received the go-ahead from Albania's Ministry of Economy, Trade and Energy to transition six areas from exploration licences to 25-year mining permits, the company announced this morning.
Mining operations in these six areas, said the company, is expected to create significant employment, infrastructure growth and economic development in northern Albania.
Tirex has invested $25 million exploring for copper, gold, silver and zinc in the southeastern European country.
"This is a significant day, not only for Tirex shareholders but also for the local communities in northern Albania that will benefit from this decision," said Tirex CEO Bryan J. Slusarchuk.
He added Tirex serves as an example of the fact that the Republic of Albania welcomes investment of risk capital in the mining sector and demonstrates that companies are able to transition from exploration into production licensing within the regulatory framework.
Courtesy of MINING.com
