Pasinex Resources Limited (CSE: PSE) (FSE: PNX) is pleased to announce its 2018 preliminary production and mining costs from its Pinargozu mine along with production and cost estimates for 2019.
2018 operating highlights:
2019 forecast:
A summary of 2018 operating results and 2019 estimates for the Pinargozu mine are as follows:
Year Ended December 31, 2018 | Guidance for the Year Ended December 31, 2019 |
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(100% basis) | |||||
(wet tonnes) | (grade) | (wet tonnes) | (grade) | ||
Zinc oxide production | 43,709 | 31% | 9,000 – 10,000 | 29% to 31% | |
Zinc sulphide production | 2,048 | 45% | 5,000 – 7,000 | 45% to 47% | |
45,757 | 14,000 – 17,000 | ||||
(C$) | (C$) | ||||
Cost per tonne mined (1) | $200 – $220 | $450 – $500 | |||
(1) Cost per tonne mined is a non-IFRS measure and is calculated by taking the mine’s cost of sales, adding back inventory changes and dividing by total production. For the year ended December 31, 2018 the cost per tonne mined is an estimate using unaudited financial statements. The cost per tonne mined guidance for the year ended December 31, 2019 assumes a Turkish Lira to Canadian dollar exchange rate of 4 and does not include the development and standby costs while mining is interrupted. |
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President and CEO of Pasinex Resources Limited, Mr. Steve Williams, said: “2018 was another strong production year at our joint venture company Horzum AS. However, 2019 will be a transition year for Horzum AS and Pasinex Resources. We are undertaking a large mine development program at the moment to open up deeper zinc sulphide mineralization at the Pinargozu mine.
This program should bring sulphide production on line in July / August 2019 but leave us with a few months without production as we complete the transition. This year (2019) cash flow will be significantly constricted due to a production hiatus to complete the mine development vital to sustain future mine production. The cash flow challenge and its impact will be actively and carefully managed with a focus on a commensurate reduction in noncritical expenditures.
We have been continuing our near-mine exploration extending into Pasinex’s adjacent Akkaya property where a recent 16 diamond drill-hole program clearly indicates a robust hydrothermal system along a splay of the Horzum Zinc Trend. Exploration will continue throughout 2019 but constrained by reduced cash flows from the mine and other critical spending requirements.”
A graphic showing the deeper sulphide mineralization is shown below:
http://www.globenewswire.com/NewsRoom/AttachmentNg/76154d1b-9233-4d2e-82e6-134f22a5ce88
The scientific and technical disclosure in this news release has been reviewed and approved by John Barry, M.Sc., P. Geo., who is the Company’s Vice President of Exploration and a Qualified Person under the definitions established by NI 43-101.
About Pasinex
Pasinex Resources Limited is a Toronto-based mining company which owns 50% of the producing Pinargozu high grade zinc mine and, under a Direct Shipping Program, sells to zinc smelters / refiners from its mine site in Turkey. The Company also holds an option to acquire 80% of the Gunman high-grade zinc exploration project in Nevada. Pasinex 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 its mining and exploration projects in Turkey and Nevada.
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