Pasinex Resources appoints Wells chairman

Oct 19, 2016

PASINEX RESOURCES APPOINTS VICTOR WELLS AS NEW CHAIRMAN AND REPORTS GRANT OF STOCK OPTIONS

Pasinex Resources Ltd. has appointed Victor Wells, FCPA, FCA, ICD.D, as chairman, effective immediately.

Mr. Wells has served on the boards of several public companies and is currently a member of the board of Student Transportation Inc. and Contagious Gaming Inc. During his career he held increasingly senior financial positions such as vice-president, finance, and chief financial officer of Chemtrade Logistics Income Fund from its initial public offering in July, 2001, to April, 2006. Mr. Wells was chair of the Canadian Financial Executives Research Foundation (2011 to 2016). A past director and chapter president of FEI Canada, he was awarded the Frank S. Capon Distinguished Service Award by FEI Canada in 2011.

He obtained his chartered accountant designation with Ernst & Young LLP in Toronto and is a fellow of the Chartered Professional Accountants of British Columbia and Ontario. Mr. Wells obtained his Institute of Corporate Directors designation in 2007.

Steve Williams, president and chief executive officer of Pasinex, said: “Our rapid growth requires us to address our governance and oversight needs to ensure Pasinex’s continuing success. Victor will succeed me as chairman of the board. As Pasinex has grown, it has become important to separate the roles of chairman and CEO. Victor’s experience over the years and his expertise in corporate governance and managing audit committees makes him an ideal chairman for Pasinex going forward. An awarded and recognized leader, known for his integrity and honesty, Victor is also an expert in assessing the balance between risk and reward in complex finance strategies. We look forward to working with Victor as we stay the course of mining zinc in Turkey with our joint venture partner.”

The board of directors also announced that it has approved the issuance of 2.2 million incentive stock options to officers and directors of the company. The options are exercisable at a price of 19 cents per share for a period of two years from the issue date of Oct. 18, 2016.

Pasinex Resources is a 50-per-cent owner of the high-grade Pinargozu zinc mine, which is in production and, under its direct shipping ore program, is shipping directly to zinc smelters/refiners from its mine site in Turkey.

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