Pasinex sells 5,000 tonnes of Zn from Pinargozu

Dec 11, 2014

PASINEX RESOURCES ANNOUNCES SALE OF HIGH-GRADE ZINC MATERIAL FROM ITS PINARGOZU MINE IN TURKEY

Pasinex Resources Ltd. has sold up to 5,000 tonnes of high-grade, zinc-mineralized material from its Pinargozu mine for an expected value to be well over $1-million (U.S.).

Steve Williams, president and chief executive officer, said: “We have been mining now for nearly six months at our Pinargozu zinc mine and have produced about 5,000 tonnes of material grading about plus 30 per cent Zn. The sale of our mined product is a significant step forward for the company, and it indicates the important potential presented to us by the Pinargozu project and the Horzum AS joint venture. I now look forward to moving ahead to our next important milestones, which are to start to build a resource at Pinargozu and, in 2015, to further expand mine production there.”

The Pinargozu mine is a 50/50 joint venture, called Horzum AS, with Turkish mining company Akmetal AS. The sale of the high-grade zinc material is made by the joint venture to Akmetal, which, in turn, sells the material, together with other zinc products, to third parties.

Proceeds from the sale will be used to finance continuing exploration and mining at Pinargozu, and general costs for Pasinex Turkey operations.

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