TORONTO, ON / ACCESSWIRE / October 16, 2015 / Pasinex Resources Limited (CSE: PSE) (PNX.DE) (the "Company" or "Pasinex") today announced it has completed a 1,215 tonne wet weight (1,119 tonne dry weight) lot sale of high grade zinc material (approximately 30% Zn) from its Pinargozu zinc mine in Adana province, Turkey. This lot represents about 700,000 lbs of contained zinc metal. The previously announced sale of an estimated 4,760 tonnes (see August 6, 2015 news release) brings the total amount now sold by Horzum A.S. to over 12,428 tonnes (wet weight), containing about 7,700,000 lbs of zinc.
Steve Williams, CEO commenting, "We are delighted to report this latest lot sale of high grade zinc material from Pinargozu mine. This sale is our third and demonstrates the remarkable nature of this deposit. The Horzum A.S. joint venture company is profitable and we are proud of this accomplishment. We are also optimistic about the direction of zinc prices. Last week, Glencore, the world's largest zinc producer, announced mine closures and reduced production totalling 500,000 tonnes zinc. We are very heartened by this because it led to an immediate spike up in the zinc price and provides a positive market environment."
"Like many small mines, we have mineralized material that has been delineated however it does not constitute a compliant resource at this time. Pasinex plans to increase its daily mine output over the coming months," added Mr. Williams.
The joint venture company Horzum A.S has both drilling and mining activities in parallel at the Pinargozu mine. Mining operations consist of small-scale mechanized mining employing about 60 people. The 12,428 tonnes (wet weight) mined material reflects the total production of the operation from late 2014 to end of September 2015. The material, once mined, is loaded onto trucks and transported about 100 kms by road to a warehouse in Adana where it is crushed, screened and stored, awaiting sale.
While Horzum A.S. expects to sell more material this year and beyond, currently the expected cash will not yet be sufficient to capitalize Pasinex fully. Therefore, Pasinex management is in the process of raising further equity to cover G&A for the time being. Pasinex' dependency on further capital injections ought to change during 2016 provided the Pinargozu mine continues to run at similar production rates as in the past ten months.
The non-brokered private placement previously announced in June, 2015 for up to $500,000 at $0.07 per unit did not close.
About Pasinex
Pasinex Resources Limited (CSE: PSE; FSE: PNX) is a base-metal and precious-metal focused Company with a goal to build a mid-tier international mining company. The Company's initial priority is to build a prospective portfolio of base-metal opportunities in Turkey. The Company has a strong technical management team with many years of experience in mineral exploration and mining project development. The focus of Pasinex is to build a mid-tier zinc company based on their Turkey zinc projects.
The Pinargozu mine is included in the 50-50 company, Horzum Arama Isletme AS (Horzum AS), which is a corporate joint venture between Pasinex and Turkish mining house, Akmetal Madencilik San ve Tic. AS (Akmetal AS). Akmetal A.S is one of Turkey's largest family-owned conglomerates with the past-producing Horzum Zinc Mine nearby.
Visit our web site at: www.pasinex.com
On Behalf of the Board of Directors
PASINEX RESOURCES LIMITED
"Steve Williams"
Steve Williams
President/CEO
Phone: 416.861.9659 / 705.292.8116
Email: info@pasinex.com
Cathy Hume
CHF Investor Relations
Phone: 416.868.1079 ext. 231
Email: cathy@chfir.com
The CSE does not accept responsibility for the adequacy or accuracy of this news release.
This news release includes forward-looking statements that are subject to risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements.
All statements within, other than statements of historical fact, are to be considered forward looking. Although Pasinex Resources Ltd. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: the forgoing ability to finance exploration in order to further the Pinargozu Property, and other properties in its portfolio, all exploration drilling results, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate. Readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.
SOURCE: Pasinex Resources Limited
