Pasinex Resources Limited (CSE:PSE) (CSE:PSE.CN) (CNSX:PSE) (FRANKFURT:PNX) today reported net income of $450,463 for the second quarter of 2017 due to the continuing strong results from its 50% owned Horzum AS Joint Venture company in Turkey. All dollar amounts are Canadian unless otherwise indicated.
The Q2 2017 unaudited financial statements and the corresponding Management Discussion and Analysis are available on SEDAR.com and the Pasinex website where the financial results for both Pasinex and the JV company are provided. The positive financial result of Pasinex is due to the strong financial result from the JV company. Below is a review of the JV company financial results followed by a review of the Pasinex financial results.
Highlights of the Second Quarter 2017 Financial Results
Steve Williams, CEO commented “Pasinex’s quarterly results continue to impress because of the strong results from Horzum AS JV company in Turkey. Pinargozu continues its upward trend in production and improving profit margins. This performance combined with a strong zinc price lent to growth in our share price allowing the exercise of our remaining warrants and the strengthening our financial position.”
About Pasinex
Pasinex Resources Limited a metals company, is a 50% owner of the high grade Pinargozu Zinc Mine which is in production. Under its DSO Program, Horzum AS is shipping directly to zinc smelters / refiners from its mine site in Turkey. The Company has a strong technical management team with many years of experience in mineral exploration and mining project development. The mission of Pasinex is to build a mid-tier zinc company based on assembling a large land position within a productive CRD district in Turkey.
The Pinargozu Mine is included in Horzum Arama Isletme AS (Horzum AS), which is a 50-50 corporate joint venture between Pasinex and Turkish mining house Akmetal Madencilik San ve Tic. AS (Akmetal AS). Akmetal AS is one of Turkey’s largest family-owned conglomerates with the nearby past-producing Horzum Zinc Mine.
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