Pasinex Resources Limited (CSE:PSE) (CSE:PSE.CN) (CNSX:PSE) (FRANKFURT:PNX) today reported net income of $1.8M for the third quarter of 2017 compared to $0.4M in the third quarter of 2016. In addition, considering net income from the first half of 2017 of $1.3M, Q3 shows a marked improvement in profitability due to a continuing upward trend in production and sales from its 50%-owned Horzum AS Joint Venture company, in Turkey. In Q3 the Pinargozu Mine produced 15,760 tonnes (wet weight) of direct shipping material (DSO) with an average grade of 35% zinc, which is an increase of 10% from Q2 2017 and 34% from Q1 2017. Mine output grew for the seventh consecutive quarter.
The Q3 2017 unaudited financial statements and the corresponding Management Discussion and Analysis (MD&A) are available on SEDAR.com and the Pasinex website where the financial results for both Pasinex and the JV company are provided. The positive financial result of Pasinex is due to the strong financial result from the JV company. Below is a review of the JV company financial results followed by a review of the Pasinex financial results. All dollar amounts are Canadian unless otherwise indicated.
Highlights of the Third Quarter and Nine Months 2017 and 2016 Financial Results
(CDN$) | Q3 2017 | Q3 2016 | 9 Months 2017 | 9 Months 2016 | ||||||||
Horzum AS (described on a 100% basis) | ||||||||||||
Revenues | $ | 9,327,185 | $ | 3,413,571 | $ | 19,394,413 | $ | 6,931,254 | ||||
Net Income | $ | 5,397,392 | $ | 1,187,340 | $ | 9,596,680 | $ | 1,591,785 | ||||
(72% margin | ) | (35% margin | ) | (62% margin | ) | (23% margin | ) | |||||
Pasinex Resources | ||||||||||||
Equity Gain | $ | 2,698,696 | $ | 593,671 | $ | 4,798,340 | $ | 795,893 | ||||
Net Income | $ | 1,838,461 | $ | 417,898 | $ | 3,151,954 | $ | 215,907 |
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/pasinex1127fig1.pdf.
Steve Williams, CEO commented, “We are very pleased with our superb operating results this quarter. We continue to show improved productivity at the Pinargozu Mine. We look forward to continued strong performance from the Pinargozu mine in the years ahead.”
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 which is a 50-50 corporate joint venture between Pasinex and Turkish mining house Akmetal Madencilik San ve Tic. AS. Akmetal AS is one of Turkey’s largest family-owned conglomerates with the nearby past-producing Horzum Zinc Mine.
Visit our web site at: www.pasinex.com.
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