Pasinex Resources Lot Sale of 1,215 Tonnes of +30% Zinc Brings Total Production To 7.7 M Lbs

Pasinex Resources Limited (CSE:PSE,FSE:PNX) 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.
As quoted in the press release:

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.
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.

Pasinex CEO Steve Williams stated:

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

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