Zinc

CSE:PSE

Pasinex Resources Limited (CSE:PSE,FSE:PNX) announced today the financial results for the six months ended June 30, 2015, which include the highlights of the Horzum A.S Joint Venture as well as the acquisition of eight new properties for zinc/lead exploration in Turkey.

Pasinex Resources Limited (CSE:PSE,FSE:PNX) announced today the financial results for the six months ended June 30, 2015, which include the highlights of the Horzum A.S Joint Venture as well as the acquisition of eight new properties for zinc/lead exploration in Turkey.
As quoted in the press release:

Financial Statement Highlights of the Horzum A.S. Joint Venture Company Ended June 30, 2015:

  • Maiden Sales: High grade direct shipping of zinc mineral product from Pinargozu totalled 6,453 tonnes (wet weight) and assayed 32.7% Zn
  • Gross Sales: CDN$1,782,540
  • Net Income: CDN$700,576 (for the six months ended June 30, 2015). Funds generated have been used to partially offset joint venture project development and exploration costs
  • Inventory or Stock on Hand: 4,890 tonnes (wet weight) stock on hand CDN$1,069,078
  • Balance Sheet: Total assets were CDN$4,165,982

Subsequent Events

  • Pending Sales: Subsequent to June 30, 2015, the Horzum A.S. JV company had sold an additional 4,760 tonnes of high grade zinc mineral product with a preliminary assay of 31.6% Zn.
  • New Zinc Projects: On August 28, 2015 the Company announced the provisional acquisition of eight new properties for zinc / lead exploration in the province of Adana, Turkey. The properties were acquired through a staking process for the joint venture company Horzum A.S. (a 50 / 50 joint venture between Pasinex Turkey and Turkish mining house Akmetal A.S.).

Pasinex Resources President and CEO, Steve Williams, stated:

We are very pleased with the financial performance of our joint venture in Turkey. Pasinex has become a producing company for the first time. The success of our Pinargozu mine has provided the capital needed to fund some of our exploration costs, which benefits all shareholders.

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