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.