TORONTO, April 22, 2014 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE:PSE) (FSE:PNX) is pleased to announce the receipt of 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 in 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 a 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.
Pasinex Resources Limited (CSE:PSE) (FSE:PNX) is a base and precious metal-focused exploration company with a particular priority given to building a strong portfolio of base metal opportunities in Turkey. The company has two key projects being the Horzum zinc project in Adana province and the Golcuk Cu project in Sivas province. Pasinex has a strong technical management team with many years of experience in mineral exploration and mining project development.
On Behalf of the Board of Directors
PASINEX RESOURCES LTD.
Phone: 416 861 9659
The CSE does not accept responsibility for the adequacy or accuracy of this news release.
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 Ltd. 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: the forgoing ability to finance exploration in order to further the Pinargozu and Akkaya projects in 2014, exploration drilling 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.
Source:Pasinex Resources Limited