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13/04/2024
Mining NewsUncategorized

Akmetal-Pasinex JV Pinargozu zinc mine, high grade zinc material sale deal completed

Turkish Akmetal and Canadian Pasinex Resources continue successfully the exploitation and sale of their high grade zinc mineral material from their joint venture Pinargozu zinc mine in Turkey.

Pasinex Resources Limited (CSE: PSE) (FSE: PNX) has completed another lot-sale of 1,500 tonnes wet weight (1,400 tonnes dry weight) of high grade zinc mineral material (35.9% Zn) from its Pinargozu zinc mine in Turkey (50% attributable to Pasinex through the Horzum JV). This lot represents over 1,100,000 lbs of contained zinc metal and together with the previously announced lot sales from Pinargozu in November, now brings total annual production in 2015 to 15,406 tonnes (wet weight) of zinc mineral material with about 10,100,000 lbs of contained zinc.

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Steve Williams, President and CEO of Pasinex commented, “We continue to mine and sell high grade zinc mineral material from our Pinargozu mine in southern Turkey. The mine production is now stabilizing at approximately 60 tonnes per day. We therefore plan a monthly lot sale of around 1,500 tonnes which will increase cash flow and keep mine development and near-mine exploration moving forward. Pasinex continues to deliver on its targets even in these very challenging times for the mining industry. Consistent production from this small, but high-grade mine provides the perfect platform to advance our project. I am confident 2016 will be a good year for Pasinex and our shareholders. ”

Pasinex Resources Limited (CSE: PSE) (FSE: PNX) is a base-metal and precious-metal focused Company with a focus of  building a mid-tier zinc company based on their Turkey zinc projects.

The Pinargozu mine is included in the 50-50 company, Horzum Arama Isletme AS (Horzum AS), which is a corporate joint venture between Pasinex and Turkish mining house, Akmetal Madencilik San ve Tic. AS (Akmetal AS). Akmetal A.S is one of Turkey’s largest family-owned conglomerates with the past-producing Horzum zinc Mine nearby.

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