Pasinex Resources Limited JV partner Akmetal AS denied six mineral license applications
VANCOUVER, Aug. 23, 2013 /CNW/ - Pasinex Resources Ltd. (CNSX: PSE) (FSE: PNX) (the "Company" or "Pasinex") reports that Akmetal Madencilik Sanayi ve Ticaret AS (Akmetal AS), its joint venture partner in zinc exploration in the Horzum region of Adana province, Turkey, has had its mineral exploration license applications denied for six properties: Pasali, Karabucak, Orendere, Yerebakan, Salmanli and Kalkumac. These applications were six of eighty-three applications by various applicants which were denied with no reason being provided as to why these denials occurred. Pasinex will continue to focus on and expand its multiple-project portfolio throughout Turkey, putting particular focus on the Golcuk Copper Project on which a NI 43-101 Technical Report was released 30th July, 2013.
The six properties affected were staked by Akmetal AS and being explored for potential zinc / lead mineralization by Horzum AS, the joint venture company, between Pasinex Arama ve Madencilik AS (Pasinex's Turkey operating entity) and Akmetal AS. The joint-venture had identified a large lead / zinc anomaly on the Pasali property (see Pasinex Resources Limited News Release for 13th January, 2013).
President of Pasinex Resources Limited, Steve Williams said: "Although this news is a set-back for our Company, Pasinex Resources and our joint venture partner will do whatever we can to clarify this situation. These denials impact only the six properties referred to and the remaining six properties in the Horzum region are unaffected. The properties in this joint venture constitute only part of the exploration portfolio of Pasinex in Turkey. Pasinex will continue our exploration focus on our other Turkish properties such as the Golcuk in Sivas province as well as Akkaya and Pinargozu, which are our key properties in the Horzum region."
For more information on Pasinex, please see the Company's website at http://www.pasinex.com
Pasinex Resources Limited (CNSX: PSE) is a base and precious metal-focused exploration company with a particular initial priority given to building a strong portfolio of base metal opportunities in Turkey. The Company 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.
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