Pasinex Sells 4,760 Tonnes High Grade Zinc from Pinargozu

Pasinex Resources Ltd. (CSE:PSE,FWB:PNX) announced the completion of a 4,760 tonne (wet weight) lot sale of high grade zinc material from its Pinargozu zinc mine in Adana province, Turkey. This lot represents about 2,900,000 lbs of contained zinc metal, and sold to Akmetal AS who is acting as commercial trader.
As quoted in the press release:

The product has been sold to Akmetal AS who is acting as commercial trader. The previously announced sale of an estimated 5,000 tonnes (see December 14, 2014 news release) which finally, was a lot of 6,453 tonnes (wet weight), bringing the total amount now sold by Horzum AS to over 11,213 tonnes (wet weight) with a contained amount of about 7,000,000 lbs of zinc.
… Horzum AS sold their product to Akmetal AS who act as traders and then sell this product to third parties. When Akmetal AS has completed a sale to third parties they move the product by truck from the Adana warehouse 80 kms to the port of Mersin on the Mediterranean coast. The product then moves from the port, via ship, to final destination(s). The total time from mine production to sale is about six to seven months reflecting the large lot sizes being sold relative to the mine production rate and the many steps in the process. Akmetal AS now has a payable to Horzum AS for the goods sold. However, Akmetal AS, as a partner in the Horzum AS JV company, also has a receivable owed to them by the JV company. This receivable will be offset against the payable to Horzum AS prior to payment of the cash difference into the JV company. With the completion of the above mentioned sale of 4,760 tonnes, Akmetal’s payables will be greater than the receivables for the first time. Therefore, the Horzum AS JV company, and ultimately Pasinex, are due to receive a first, albeit still modest, cash payment.

Pasinex President and CEO, Steve Williams, said:

“I am very pleased to announce the sale of our second lot of high grade zinc material produced from the Pinargozu mine. Having now produced and sold over 11,000 tonnes of high grade zinc material we feel we have made great advances this year. We are clearly now a producing company. Our path forward is to continue to drill and mine at Pinargozu, whilst we look for that bigger resource target. We currently have three drill rigs running and that should continue for the rest of this year and beyond. We will use the surplus cash coming from the mining operations to offset some of these exploration and production expenses.”

Click here for the full Pasinex Resources Ltd. (CSE:PSE,FWB:PNX) press release.
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