Business
Pasinex Resources Announces First Quarter 2020 Financial Results
TORONTO, July 14, 2020 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (The “Company” or “Pasinex”) today reports the Company’s financial an
About this update from Pasinex Resources Ltd.
[{"type":"text","content":" TORONTO, July 14, 2020 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (The “Company” or “Pasinex”) today reports the Company’s financial and operating results for the three months ended March 31, 2020. Steve Williams, President and CEO of Pasinex, commented, “The first quarter financial results continue to reflect the difficult times that Pasinex is going through as a consequence of significant impairment costs and virtually no dividend payment received from our Turkey joint venture in this quarter. On the positive side, we continue to receive support in the form of Shareholder loans that provide us the time to work through our issues with our Turkish JV partner. Also, as before, the underlying Pinargozu mine operation in Turkey continues with a positive operating margin. We remain determined to get the issues with our Turkey joint venture appropriately resolved.” Highlights – First Quarter 2020 Three Months Ended March 31, 2020 2019 Financial: Equity gain from Horzum AS $ 3,298 $ 250,055 Adjusted equity gain from Horzum AS (1) $ 172,036 $ 127,236 Dividend received from investment in Horzum AS $ 3,298 $ 250,055 Consolidated net loss $ (396,448 ) $ (214,850 ) Adjusted consolidated net loss (1) $ (193,788 ) $ (337,669 ) Basic net income per share $ 0.00 $ 0.00 Diluted net income per share $ 0.00 $ 0.00 Net cash (used in) provided by operating activities $ (183,652 ) $ 9,064 Weighted average shares outstanding 144,554,371 144,354,371 Three Months Ended March 31, 2020 2019 Horzum AS operational data (100% basis): Zinc product mined (wet) tonnes 3,797 6,787 Zinc product sold (wet) tonnes 1,932 7,659 Zinc product sold grade 30 %  ...