VANCOUVER, Feb. 12, 2013 /CNW/ - Pasinex Resources Ltd. (CNSX: PSE)
(FSE: PNX) (the "Company" or "Pasinex") is pleased to announce that the
Company has amended the option agreement ("Agreement") with Eurasian
Minerals Inc. (TSXv: EMX; NYSE: EMXX) ("Eurasian") and its wholly owned
Turkish subsidiary, Eurasia Madencilik Ltd. STI, whereby Pasinex,
through its wholly owned Turkish subsidiary, Pasinex Arama Ve
Madencilik AS ("Pasinex Turkey"), can acquire a 100%-interest in the
Golcuk Property ("Golcuk") located in northeast Turkey (the
"Transaction"). This Transaction detailed in the Company's news
release dated July 25, 2012.
The original agreement was subject to Pasinex applying for and receiving
a one-year extension to the operational license and the requirement to
process a minimum of 900 tonnes of ore annually. In the original
agreement, the granting of this extension was a condition precedent to
the agreement with Eurasian and if not granted for any reason, the
agreement was to terminate.
However, Pasinex applied for and obtained an Open Pit Application and
management has determined that the granting of the Open Pit Application
would replace the one-year extension requirement of the original option
Agreement. The Company entered into an Amending Agreement with
Eurasian to waive the holiday requirement and the right to terminate
the agreement. The Golcuk property was transferred to Pasinex in
September 2012 and in October 2012, Pasinex Turkey worked on producing
a small tonnage of rock at Golcuk from an underground adit, in order to
meet required mining obligations on the Golcuk license.
The consideration of the original option agreement remains unchanged;
Pasinex will issue to Eurasian, 3,000,000 common shares over a
three-year period. It was agreed that the initial issuance date for
the initial payment of shares would be February 12, 2013.
Additionally, Pasinex will be required to complete minimum work
commitments of US$750,000 over a four-year period. Eurasian will retain
a 2.9% Net Smelter Royalty on Golcuk which Pasinex has the option of
buying down to 2% within six years of the Agreement date for
consideration of US$1,000,000.
A finder's fee of 300,000 common shares, over a three-year period are
issuable to Zimtu Capital Corp. in connection with the Transaction.
The Transaction is subject to regulatory approval.
The Golcuk Property
Golcuk is a mineralized copper-silver project located in the province of
Sivas, Turkey which encompasses one exploration license that covers
approximately 4,000 hectares. The project is situated within the
Eastern Pontides Metallogenic Belt of northeast Turkey and was
originally worked on by the Mines Bureau of Turkey and later explored
by Eurasian and a Turkish minerals group Turmenka Madencilik Sanavi ve
Ticaret A.S. which yielded high-grade copper results.
Change in Financial Year-End
Management has decided to change the Company's financial year-end from
March 31st to December 31st in order to synchronize its financial reporting with its wholly owned
Turkish subsidiary Pasinex Turkey. The change in year-end will be
effective December 31, 2012.
Pasinex Resources Ltd. (CNSX:PSE)( FSE:PNX) is a base and precious metal
focused exploration company with priority given to building a strong
portfolio of base metal exploration opportunities in Turkey. Pasinex's
key projects are the Golcuk Copper-Silver Project located in
Sivas,Turkey, and the Joint Venture Horzum Zinc-Lead Project with
Akmetal Group in Adana, Turkey. The company is led by an experienced
team with many years of experience in both in the mining and mineral
exploration industries around the world.
About Eurasian Minerals
Eurasian is a global gold and copper exploration company utilizing a
partnership business model to explore the world's most promising and
underexplored mineral belts. Eurasian generates wealth via grassroots
prospect generation, strategic acquisition and royalty growth.
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.
SOURCE: Pasinex Resources Ltd.
For further information: