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Pasinex Announces Six Month 2015 Financial Results
September 02, 2015 8:30 AM EDT | Source: Pasinex Resources Limited
Toronto, Ontario--(Newsfile Corp. - September 2, 2015) - Pasinex Resources Ltd. (CSE: PSE) (FSE: PNX) (the "Company" or "Pasinex") announced financial results for the six months ended June 30, 2015. The Company's condensed interim consolidated financial statements and management discussion and analysis (MD&A) for the period have been filed with SEDAR and will be available at www.sedar.com and on the Company's website at www.pasinex.com. This news release should be read in conjunction with the Company's financial statements and MD&A. All dollar amounts are Canadian unless otherwise indicated. Turkish currency (Lira) is listed as TRY.
Steve Williams, President and CEO of Pasinex commented, "We are very pleased with the financial performance of our joint venture in Turkey. Pasinex has become a producing company for the first time. The success of our Pinargozu mine has provided the capital needed to fund some of our exploration costs, which benefits all shareholders."
Financial Statement Highlights of the Horzum A.S. Joint Venture Company Ended June 30, 2015:
- Maiden Sales: High grade direct shipping of zinc mineral product from Pinargozu totalled 6,453 tonnes (wet weight) and assayed 32.7% Zn
- Gross Sales: CDN$1,782,540
- Net Income: CDN$700,576 (for the six months ended June 30, 2015). Funds generated have been used to partially offset joint venture project development and exploration costs
- Inventory or Stock on Hand: 4,890 tonnes (wet weight) stock on hand CDN$1,069,078
- Balance Sheet: Total assets were CDN$4,165,982
Horzum A.S. Joint Venture Investment Details:
| TRY ($) | CAD ($) | |||||
| At December 31, 2013 | 36,962 | 18,470 | ||||
| Additional investment in joint venture | 98,550 | 49,738 | ||||
| Loss from equity investees | (11,664 | ) | (5,887 | ) | ||
| Foreign exchange difference | - | (347 | ) | |||
| At December 31, 2014 | 123,849 | 61,974 | ||||
| Gain (loss) from equity investees | 764,654 | 368,716 | ||||
| Foreign exchange difference | - | (23,667 | ) | |||
| At June 30, 2015 | 888,503 | 407,023 | ||||
The following is a summary of the financial statements of the Horzum A.S. Joint Venture:
Balance Sheet at June 30, 2015:
| TRY ($) | CAD ($) | |||||
| Current assets | ||||||
| Cash and prepaid expenses | 30,245 | 13,855 | ||||
| Accounts receivable | 4,591,568 | 2,103,397 | ||||
| Inventory | 2,333,722 | 1,069,078 | ||||
| Non-current assets | ||||||
| Plant and equipment | 351,962 | 161,234 | ||||
| Property costs | 1,784,979 | 817,699 | ||||
| Other non-current assets | 1,569 | 719 | ||||
| Total Assets | 9,094,045 | 4,165,982 | ||||
| Current liabilities | 3,508,741 | 1,607,354 | ||||
| Due to JV partners | 4,005,398 | 1,834,873 | ||||
| Share capital | 125,000 | 57,263 | ||||
| Surplus (deficit) | 1,454,906 | 701,556 | ||||
| Foreign exchange difference | - | (35,063 | ) | |||
| 9,094,045 | 4,165,982 | |||||
Statement of Operations Profit and Loss for the Six Months Ended June 30, 2015:
| TRY ($) | CAD ($) | |||||
| Gross sales | 3,891,159 | 1,782,540 | ||||
| Cost of sales | (2,269,608 | ) | (1,039,707 | ) | ||
| General and administrative expenses | (92,242 | ) | (42,256 | ) | ||
| Net income for the period | 1,529,309 | 700,576 | ||||
As at June 30, 2015, the property costs for the Joint Venture includes the following expenditures:
| Pinargozu Property cost details: | TRY ($) | CAD ($) | ||||
| Deposits and guarantees | 100,193 | 45,898 | ||||
| Preparation and development | 1,684,786 | 771,800 | ||||
| Total | 1,784,979 | 817,699 | ||||
Subsequent Events
- Pending Sales: Subsequent to June 30, 2015, the Horzum A.S. JV company had sold an additional 4,760 tonnes of high grade zinc mineral product with a preliminary assay of 31.6% Zn.
- New Zinc Projects: On August 28, 2015 the Company announced the provisional acquisition of eight new properties for zinc / lead exploration in the province of Adana, Turkey. The properties were acquired through a staking process for the joint venture company Horzum A.S. (a 50 / 50 joint venture between Pasinex Turkey and Turkish mining house Akmetal A.S.).
The Company is also pleased to announce a video blog series to keep shareholders up-to-date on new developments. Videos are posted regularly on the home page of the Pasinex website (www.pasinex.com) and the latest one is now available.
About Pasinex
Pasinex Resources Limited (CSE: PSE) (FSE: PNX) is a base and precious metal-focused exploration company with a goal to build a mid-tier international mining company focused on base metals. The Company's initial priority is to build a prospective portfolio of base metal opportunities in Turkey with the assistance of partner Akmetal A.S., one of Turkey's largest family-owned conglomerates, and past-producer of zinc from the nearby Horzum Zinc Mine. The Company has a strong technical management team with many years of experience in mineral exploration and mining project development focused on discovery and development of new zinc deposits north of a small historical mining camp along a potentially major carbonate-replacement deposit (CRD) trend. Visit our web site at: www.pasinex.com
On Behalf of the Board of Directors
PASINEX RESOURCES LTD.
| "Steve Williams" | |
| Steve Williams | Cathy Hume |
| President/CEO | CHF Investor Relations |
| Phone: 416.861.9659 / 705.292.8116 | Phone: 1-877.838.1079 |
| Email: info@pasinex.com | Email: cathy@chfir.com |
The CSE 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: the forgoing ability to finance exploration in order to further the Pinargozu Property, Akkaya Project and the Golcuk Property in 2015, new properties, all exploration drilling 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.