Pasinex Resources receives drill permits in Turkey

Apr 22, 2014

PASINEX RESOURCES LIMITED ANNOUNCES RECEIPT OF DRILL PERMITS FOR ITS PINARGOZU AND AKKAYA ZINC-LEAD TARGETS IN ADANA PROVINCE, TURKEY

Pasinex Resources Ltd. has received drill permits for its Pinargozu and Akkaya zinc-lead targets in Adana province, Turkey. Both projects are 50% owned by Pasinex, and 50% owned by Pasinex’s partner Adana, Akmetal Madencilik San ve Tic A.S. Pinargozu is a small, historic, marble-hosted, zinc-oxide mine and Akkaya is a prospect discovered by soil sampling over limestones and dolomites carried out by Pasinex. The Akkaya target was described in a news release dated 19 September, 2012. Both targets lie within less than 10 kilometers along strike from the historic Horzum Mine. Drilling is planned to start at Pinargozu during the first half of May, and will progress to Akkaya shortly thereafter.

Steve Williams, CEO, comments that Pasinex has waited quite some time for the drill permits for the Akkaya and Pinargozu projects and so to have them now is very positive. We are currently running ground penetrating radar at these projects to identify the drill targets and so, with the drill permits in hand now, Pasinex can move quickly from target identification to drilling.

Pinargozu and Akkaya are owned 50% by Pasinex through Horzum AS, its joint venture company with Turkish mining company, Akmetal AS.

Clinton Smyth, P.Geo., and VP Exploration for Pasinex, is the qualified person as defined by National Instrument 43-101 who has verified the written disclosure of all scientific and technical information in this news release.

In addition, the Company has completed a second tranche of the private placement of units announced on April 7, 2014. The second tranche is composed of 1,449,460 units $0.07 per unit for gross proceeds of $101,462. Each unit consists of one common share and one-half of share purchase warrant, each whole warrant entitles the purchaser to acquire an additional common share at the price of $0.12 for a period of three years from closing. The Company also paid finder’s fees in connection with this placement of $14,000 cash. The securities issued under this private placement are restricted from trading for a four month period in accordance with applicable securities laws.

http://pasinex.com/press-releases/