Pasinex Resources Limited Announces Receipt of Drill Permits for Its Pinargozu and Akkaya Zinc-Lead Targets in Adana Province...
April 22 2014 - 8:32AM
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.
About Pasinex
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.
"Steve Williams" Steve Williams President/CEO Phone: 416 861
9659 Email: info@pasinex.com
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.
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