Pasinex Resources Doubles Production to 60 tpd With Latest Lot Sale of 38% Zinc Mineral Product From Pinargozu Mine
TORONTO, ONTARIO--(Marketwired - Feb 9, 2016) - Pasinex Resources Ltd. (CSE:PSE)(FRANKFURT:PNX) (the "Company" or "Pasinex") today announced the completion of another lot sale of 1,556 tonnes wet weight (1,463 tonnes dry weight) of high grade zinc mineral material (at approximately 38% Zn) from the Pinargozu zinc mine in Adana province, Turkey. This lot represents a doubling of tonnage produced and over 1,200,000 lbs of contained zinc metal. The Pinargozu mine is included in the 50-50 company, Horzum Arama Isletme AS (Horzum AS), which is a corporate joint venture (JV) between Pasinex and Turkish mining house, Akmetal Madencilik San ve Tic. AS (Akmetal AS).
Steve Williams, President and CEO of Pasinex, commented, "With this latest lot sale, we continue to improve the stability and predictability of our operation. By doubling mine production to approximately 60 tonnes per day, the Horzum AS JV company is in a cash flow positive scenario, which is where every mining company wants to be - and we're there! An advancing zinc price and our increase in tonnes produced is a great way to begin our second full year of production."
Pasinex Resources also announced the VP - Exploration, Clinton Smyth has resigned from this role to pursue other options. Steve Williams commented, "Clinton made a great contribution to Pasinex in our formative years and in guiding our early property acquisitions. We wish him the best in his next endeavour."
About Pasinex
Pasinex Resources Ltd. (CSE:PSE)(FRANKFURT: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 LTD.
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 develop the Pinargozu Property, 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.
Contact
Pasinex Resources Ltd.
Steve Williams
President / CEO
416.861.9659
info@pasinex.com
CHF Investor Relations
Cathy Hume
416.868.1079 ext. 231
cathy@chfir.com