VANCOUVER, June 28, 2012 /CNW/ - Pasinex Resources Limited (CNSX : PSE)
or (the "Company" or "Pasinex") is pleased to announce that the
Company, through its wholly-owned Turkish subsidiary, Pasinex Arama ve
Madencilik AS, has signed a non-binding Letter of Intent ("LOI") with a
Turkey based miner, Akmetal Madencilik Sanayi ve Ticaret A.S.
("Akmetal"), to form a 50 / 50 joint venture to explore for zinc and
other associated commodities in the region between and around Horzum
and Tufanbeyli, Adana Province, Turkey.
Under the terms of the LOI it is proposed that a new joint venture
company will be formed and held 50 / 50 by the two parties and will be
controlled by a board consisting of equal representatives of both
Pasinex and Akmetal. This joint venture initiative will undergo
exploration on various mineral opportunities throughout Turkey,
commencing with the Adana region in the southern portion of Turkey.
Both partners will equally fund exploration and other general costs
associated to the joint venture's course of business. Project and
technical management to direct the exploration for zinc in the selected
areas will be provided by Pasinex Arama ve Madencilik AS to the joint
venture company, for a monthly fee.
Steven Williams, President and CEO of Pasinex said, "This joint venture
is a positive collaboration between the technical expertise of the
Pasinex team and the mining infrastructure capabilities of Akmetal AS.
Our co-venturer is part of a diversified Turkish conglomerate, the
Kurmel Group, which has robust relationships throughout Turkey and, as
such, is a valuable partner for the Company. Akmetal is the leading
chrome concentrate producer in Turkey; while the other mining companies
of The Kurmel Group are engaged in production of zinc and lead
concentrates containing silver and gold as well as pure gold and silver
ingots, besides Chromite."
Joint-Venture Exploration Properties
The Adana Regional Exploration Properties ("Adana Properties")
Pasinex has acquired, and will transfer into the joint venture, five
mineral exploration licenses within and adjoining the target corridor
Adana province, all of which host prospective limestone units. (see
In the province of Adana, south-central Turkey, the 80 kilometer-long
corridor between the historical Horzum zinc mine in the south and the
historical Akcal/Belbasi zinc mines near Tufanbeyli in the north is
underlain by a northeast-southwest trending belt of carbonate-dominated
and minor clastic sedimentary rocks which range in age from Cambrian to
Upper Cretaceous. Limestones in these sediments are known to host reef
breccias (which control zinc deposition near Tufanbeyli) and to be
subject to faults and fractures, dissolution collapse breccias, and
lithological transitions (which control zinc deposition at Horzum).
These kinds of ore controls and host rocks are well-documented as
primary targets for Mississippi-type zinc-lead deposits. Despite the
existence of a number of small zinc mines and mineral occurrences in
the corridor, there are no recorded exploration initiatives of this
large region for new zinc deposits, using either historic or modern
exploration methods, and therefore the Company sees this area as a
These properties are all early exploration opportunities and the
proposed program of exploration will follow a sequence of mapping,
stream and rock sampling, geochemical and geophysical mapping. It is
expected that field work and initial exploration will commence on these
properties in July, 2012.
Figure 1: (http://pasinex.com/exploration/adana-turkey/)
The joint venture will look to enhance its portfolio in this area by the
addition of further prospective properties.
The joint venture will have sufficient capital to fund the acquisitions
and initial outlined work programs.
Horzum Property ("Horzum")
Akmetal AS holds an exploration license for a previously staked zinc
exploration property in the Horzum area of Adana province, located
approximately five km south of the Adana Properties and 432 km
south-east of Istanbul, called the Horzum Property ("Horzum"). Drilling
and other forms of exploration are currently being performed on Horzum
by Akmetal and, as a part of the LOI it is proposed that Pasinex will
provide geological and metallurgical consulting services for Akmetal on
this project as well. In return, the Company will earn a 5% interest in
Horzum for services rendered. In addition, the Company will hold the
option to earn a further 10% of the Horzum Property; conditional upon
the discovery of 1 million tonnes of resource grading 10% lead plus
zinc or greater.
Located in the area of the Horzum Property, the Horzum Zinc mine was in
production from 1972 to 2007*. Between 1972 and 1984 it produced
approximately 4.2 million tons of oxide zinc ore grading approximately
30% zinc. From 1985 to 1997 it produced approximately 420,000 tons of
sulphide ore yielding a concentrate of approximately 60% zinc. The
sulphide orebody is open at depth, and there are a number of surface
outcrops of oxide zinc mineralization on the Horzum property which have
not been explored at depth.
*It is important to note that the Horzum Zinc Mine and its reported
production levels, including zinc ore grades, are based on historical
documents and are not National Instrument 43-101 compliant.
Clinton Smyth, P.Geo and VP Exploration for Pasinex, is the qualified
person as defined by National Instrument 43-101 who has reviewed and
approved the written disclosure of all scientific and technical
information in this news release.
About Akmetal AS
Incorporated in 1973, Akmetal AS is focused on mineral investment and
innovation in Turkey. Holding 17 mining concessions, Akmetal AS boasts
an apparent and probable chromium resources exceeding 135 million tons
based on exploration conducted only in two (2) of its licensed fields.
In 2009, Akmetal commenced large-scale operations at its chromium
enrichment plants in, Aladag, Adana in Southern Turkey. With an output
exceeding 200,000 tons per year of chrome concentrate and circa 40,000
tons of lumpy chromium is among the leading players of chromium mining
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
On Behalf of the Board of Directors
PASINEX RESOURCES LTD.
The CNSX 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 market prices, continued availability of capital and
financing, exploration 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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