TORONTO, ONTARIO--(Marketwired - Nov. 3, 2016) - Pasinex Resources Limited (CSE:PSE)(CSE:PSE.CN)(FRANKFURT:PNX) (the "Company" or "Pasinex") today announced its first sale of direct shipping (DSO) high-grade zinc sulphide material from its 50%-owned Pinargozu zinc mine in Turkey. The joint venture company Horzum AS reported a sale of 991 tonnes averaging 46.82% Zn. The approximate value of the product realized was over US$700 per tonne.
Steve Williams, President and CEO of Pasinex Resources Limited said, "Direct shipping of sulphide mineralization is virtually unheard of in the world, which is why we are so excited. This is another important step forward for Pasinex and the growth of our Pinargozu zinc mine. This is the first sulphide sale from our newly opened third adit at Pinargozu. It is also direct shipping sulphide mineralization which confirms the high grade material delineated from drilling. This sale represents just a portion of our DSO recently mined and sold. Mining is ongoing and we will be reporting our total production quarterly."
Pinargozu Zinc Mine
Mining at 120 tonnes per day, predominantly exploiting non-sulphide high grade zinc carbonate mineralization from two adits, the new third adit is mining sulphide-zinc-rich material. The grade of the mined non sulphide material consistently exceeds the 25% zinc threshold for direct shipping to zinc processing plants and the sulphide zinc material is averaging over the required 45% zinc threshold. Pinargozu is one of several exploration targets along the Horzum Zinc Trend (HZT). The HZT controls a series of Carbonate-Replacement-Deposit (CRD) mineral occurrences. The HZT extends north of the old Horzum mine, currently operated by our joint venture partner, Akmetal Madencilik San ve Tic. AS (Akmetal AS), for at least 8 kilometres. The HZT is completely under-explored. Pasinex is the first to apply advanced exploration technology and CRD exploration concepts and models to the HZT.
EurGeol, P.Geo. John Barry, a qualified person (QP) as defined by NI 43-101. Mr Barry has inspected the original paid sales invoice issued by the JV for the shipment of zinc sulphides specified in this news release. Mr. Barry is a director of the Company.
Pasinex Resources Limited (CSE:PSE)(CSE:PSE.CN)(FRANKFURT:PNX) is a metals company which is a 50% owner of the high grade Pinargozu zinc mine which is in production and, under its DSO Program, is shipping directly to zinc smelter / refiners from its mine site in Turkey. The Company has a strong technical management team with many years of experience in mineral exploration and mining project development. The mission of Pasinex is to build a mid-tier zinc company based on building a large land within a productive CRD district in Turkey.
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 AS is one of Turkey's largest family-owned conglomerates with the nearby past-producing Horzum zinc mine.
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On Behalf of the Board of Directors
PASINEX RESOURCES LIMITED
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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 Limited 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 market prices, continued availability of capital and financing, exploration results, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.