Business
Pasinex Reports 2015 Financial Results
TORONTO, ONTARIO--(Marketwired - May 20, 2016) - Pasinex Resources Ltd. (CSE:PSE) (FRANKFURT:PNX) (the "Company" or "Pasinex") released its 2015 full year finan
About this update from Pasinex Resources Ltd.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - May 20, 2016) - Pasinex Resources Ltd. (CSE:PSE) (FRANKFURT:PNX) (the \"Company\" or \"Pasinex\") released its 2015 full year financial results on April 29, 2016 through SEDAR.com and the website www.pasinex.com. Pasinex is focused on base metal mining and exploration in Turkey with a priority focus on zinc mining and exploration in Adana province, Turkey. Pasinex formed a 50 / 50 joint venture with Turkish mining house Akmetal AS, and through the joint venture company, called Horzum AS, they are developing the Pinargozu Zinc project in Adana province. Objective to grow Pasinex through exploration which can now be initially funded through cash-flows from the Pinargozu mine. Small ambitious zinc producer, showing profitability in it's joint venture company Horzum AS The following is a summary of the Horzum AS Joint Venture Balance Sheet and Income Statement for the year ended 2015. Balance Sheet at December 31, 2015: TRY ($) CAD ($) Current assets Cash and prepaid expenses 1,027,199 487,714 Accounts receivable 10,356,818 4,917,417 Inventory 808,301 383,781 Non-current assets Plant and equipment 397,246 188,612 Property costs 2,210,335 1,049,467 Other non-current assets 410,488 194,901 Total Assets 15,210,187 7,221,892 Current liabilities 8,003,474 3,800,049 Due to JV partners 5,185,701 2,462,171 Share capital 500,000 237,400 Surplus (deficit) 1,521,212 707,832 Foreign exchange difference - 14,400 15,210,387 7,221,892 Statement of Operations for the Year Ended December 31, 2015: TRY ($) CAD ($) Gross sales 9,581,636 4,506,244 Cost of sales (7,662,202 ) (3,603,534 ) General and administrative expenses (145,919 ) (71,085 ) - Net income for the year 1,773,515 831,625 As at December 31, 2015, the property costs for the Joint Venture includes the following expenditures: Pinargozu Property cost details: TRY ($) CAD ($) Deposits and guarantees 100,278 47,612 Preparation and development 2,110,057 1,001,855 Total 2,210,335 1,049,...