Pasinex starts GPR survey at Pinargozu

Apr 7, 2014

PASINEX ANNOUNCES START TO COMPREHENSIVE GROUND PENETRATING RADARSURVEYS OFZINC-LEAD TARGETS ON ITS PINARGOZU AND AKKAYA PROPERTIES IN TURKEY ANDCLOSING OF OVER-SUBSCRIBED PRIVATE PLACEMENT

Pasinex Resources Ltd. began comprehensive ground penetrating radar (GPR) surveying over the Pinargozu property on April 3, 2014. Further, GPR surveying over the Akkaya property is scheduled to begin on April 8, after which time the GPR survey equipment will be shared between these two properties and the nearby Horzum mine property on a continuing basis to identify drill targets on all three properties. In order to ensure the best possible outcomes to these surveys, the company has entered into a contract with International Groundradar Consulting Inc. whereby the company will use GroundRadar’s UltraGPR equipment for all surface GPR surveys and Groundradar will undertake all the preliminary data processing for the company, ahead of geological interpretation of survey results jointly by Groundradar and Pasinex. Groundradar has also been contracted to carry out all preliminary data processing of underground GPR surveys undertaken using a Mala 100-megahertz shielded antenna GPR device on the Horzum mine.

As reported by Pasinex in a news release dated March 3, 2014, penetration depths from surface to 80 metres were achieved in the carbonate rocks on both the Pinargozu and Akkaya properties using an UltraGPR antenna. Radar reflection signatures indicative of geological features relevant to potential mineralization and drill targeting were visible over the full penetration depth. Pasinex therefore believes that the results of these GPR surveys will materially assist in achieving optimal targeting of drilling planned for later this year at both Akkaya and Pinargozu.

Steve Williams, the company’s chief executive officer, commented that: “Pasinex saw some very valuable results from our first round of ground penetrating radar, so based on this it was clear that we wanted to complete a detailed survey for Pinargozu and Akkaya. We believe that once this work is completed we will have very clear drill targets identified that we expect to start drilling soon after completion of the GPR work.”

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

Closing of private placement

Further, the company is pleased to announce the closing of an oversubscribed non-brokered private placement of 5,947,142 units at a subscription price of seven cents per unit to eligible subscribers for gross proceeds of $416,300. Each unit will consist of one common share and one-half of a share purchase warrant. Each whole warrant will be exercisable into one additional common share of the company at 12 cents per warrant share for a period of three years from the closing. The common shares issued or issuable pursuant to the private placement will be restricted from trading for a four-month hold period in accordance with applicable securities laws and, if required, the policies of the securities regulators.

Finders’ fees are payable in connection with this transaction of $18,304 cash, 27,200 warrants and 60,000 common shares. The proceeds of this private placement are for the company’s general and administrative expenses as well as for continuing exploration activity in Turkey with specific focus given to the Golcuk copper-silver project in Sivas province and the Horzum zinc-lead project in Adana province.

Clinton Smyth, PGeo, vice-president, 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.

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