Tirex Resources Draws Down Funding From World Bank Loan

Tirex Resources Inc. has drawn down 1 million Euros from a loan to it by the International Bank for Reconstruction and Development, or the World Bank, secured last October 9th. The funds are earmarked for exploring/developing Tirex's Mirdita Project in Albania - specifically, for more intensive drilling of the property. Some of the holes will be sunk into defined geophysical anomalies, and others will be put into already-drilled areas for further exploration. The news release points out that Tirex secured this funding in the teeth of the credit crunch.

This announcement didn't benefit Tirex's stock price all that much. It opened at 48 cents, down two cents from Friday's close, but climbed back to unchanged five minutes after the open. As of 10:40 AM ET, Tirex was up a penny.

Tirex Resources' Google Finance page is here.

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