VANCOUVER, July 25, 2012 /CNW/ - Pasinex Resources Ltd. (CNSX: PSE) (the
"Company" or "Pasinex") is pleased to announce that the Company has
signed an option agreement (collectively the "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
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.
Steve Williams, President of Pasinex said, "I am excited about the
highly prospective opportunity that this agreement exposes to Pasinex
shareholders. My team and I believe that Golcuk has good potential to
develop into a strong copper resource and future mining operation. We
look forward to advancing this property in the near-term."
The Golcuk Property
The Golcuk Property is an 8km by 5km license over rocks originally
mapped as sediments but, subsequently, there is evidence to propose
significant areas of volcanic and volcaniclastic rocks. Detailed
mapping of the property is not complete, and less than thirty percent
of the property has been covered by soil sampling to date.
Known mineralization seen at Golcuk to date occurs primarily as
disseminated, strata-bound, copper-bearing horizons hosted in Eocene
volcanic and volcaniclastic rock. Copper occurs as disseminations of
chalcocite with bornite, native copper, and chalcopyrite also being
present. In a few locations, mineralization takes on a stockwork-like
appearance. The copper mineralization is supported by low levels of
Old slag piles on the property and collapsed workings suggest mining has
taken place locally since Roman times.
In the 1970's the Turkish government completed 1,113m of core drilling
at Golcuk which yielded several encouraging results including: 34m of
1.36% Cu and 30m of 1.22% Cu. In the early 1990's a single RTZ
Corporation diamond core hole yielded 17m of 1.17% Cu and 11.7 g/t Ag.
The property was subsequently acquired by Eurasian.
In 2007 Eurasian optioned the property to Turmenka Madencilik Sanavi ve
Ticaret A.S., which drilled thirteen shallow (<160m) diamond core holes
within a restricted zone around the previous drilling, nine of which
intersected significant mineralization which remains open in more than
one direction. Significant results from the 2007 program include:
- Results from Eurasian's drill program - see 'April 13, 2011' news
Surface expressions of copper mineralization are seen to continue for
some distance up-slope from drilling to date, and geochemical soil
surveys completed to date show a copper in soil anomaly to extend for
more than 200m to the north of any drilling.
In addition, the existing soil surveys include two other discrete copper
in soil anomalies associated with copper-mineralized outcrop which have
not been evaluated by drilling, and an additional two discrete copper
anomalies, to date without supporting mineralized outcrop.
Pasinex considers Golcuk prospective for copper, possibly of distal
porphyry affinity (associated with the nearby Kozedag Pluton) or of a
non-porphyry-associated manto-type. Extension of drilling patterns,
soil sampling grids and detailed surface mapping are methods to be
deployed by Pasinex in its planned search for sizeable volumes of
copper mineralization at Golcuk - to be supported by geophysical
methods if deemed appropriate.
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.
The Company cautions that it has not verified the quality and accuracy
of the historic sampling and drilling results reported in this news
release which are not National Instrument 43-101 compliant and cautions
readers not to rely upon them. The historic sampling and drilling
results were generated from sources believed to be reliable, however,
they have not been confirmed by Pasinex.
Golcuk is classified as an operational license under the Turkish
government mining regulations. As such, the property requires, at a
minimum, a small-scale mining operation to be carried out each year in
order to satisfy its operational license. Each year, the project must
process approximately 900 tonnes of ore. On the completion and
acceptance of the Agreement, Pasinex will file a request for a one-year
extension in regard to the Company's small-scale mining obligation to
the Turkish government. The purpose of this request is for the Company
to determine the most efficient and economical small-scale mining plan
for Golcuk. The granting of this extension is a condition precedent to
the Agreement with Eurasian and if not granted for any reason, the
Agreement will terminate.
Under the Agreement, Golcuk will be forthwith transferred to Pasinex
Turkey and as consideration Pasinex will issue to Eurasian Pasinex
common shares as follows: (i) 500,000 shares within five (5) days after
the granting of the extension (the "Initial Issuance Date"); (ii)
500,000 common shares on the one year anniversary of the Initial
Issuance Date; (iii) 1,000,000 common shares on the two year
anniversary of the Initial Issuance Date; and (iv) 1,000,000 common
shares on the three year anniversary of the Initial Issuance Date, for
a total of 3,000,000 Pasinex common shares. 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
$1,000,000. Additionally, Pasinex will be required to complete minimum
work commitments on the project as follows: (i) $200,000 before the one
year anniversary of the date of the transfer of Golcuk to Pasinex
Turkey (the "Completion Date"); (ii) $250,000 before the two year
anniversary of the Completion Date; and (iii) $250,000 before the end
of the four year anniversary of the Completion Date.
Other than the initial 500,000 Pasinex shares issued on the Initial
Issuance Date and the $200,000 of expenditures to be incurred in
the first year following the Completion Date, Pasinex is not
required to proceed with the Acquisition and can terminate the
Agreement, subject to a right of transfer and exclusivity right in
favour of Eurasian in respect of Golcuk. A finder's fee of 300,000
common shares over a three year period will be paid to Zimtu Capital
Corp. in connection with the Transaction. The Transaction is subject
to regulatory approval.
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
About Eurasian Minerals
Eurasian Minerals Inc. is a global gold and copper exploration company
utilizing a partnership business model to explore the world's most
promising and underexplored mineral belts. EMX currently has projects
in ten countries on four continents, and generates wealth via
grassroots prospect generation, strategic acquisition and royalty
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.
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