Business
Pasinex Resources Announces First Quarter 2023 Financial Results
TORONTO, May 29, 2023 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (The “Company” or “Pasinex”) is pleased to provide a company update. C
About this update from Pasinex Resources Ltd.
[{"type":"text","content":" TORONTO, May 29, 2023 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (The “Company” or “Pasinex”) is pleased to provide a company update. Cautionary Note The Company has not completed a current technical report that includes a mineral resource estimate as defined by the Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council, and procedures for classifying the reported Mineral Resources were undertaken within the context of the Canadian Securities Administrators National Instrument 43-101 (NI 43-101). The Company has no intention of completing a NI 43-101 compliant technical report. The Joint Venture has not followed accepted quality assurance and quality control procedures with respect to its current drilling program and has not used an independent third-party laboratory for its assay analysis. The Joint Venture uses field handheld X-ray fluorescence analysers (“XRF”) for zinc assays and grade control in exploration and mining. In addition, assays are completed by an independent third-party laboratory for all of the Joint Venture’s sales. Highlights – First Quarter Ended March 31, 2023 Three Months Ended March 31, 2023 2022 Financial: Equity gain from Horzum AS $ 775,762 $ - Equity investment in Horzum AS $ 1,752,908 $ - Dividend income from Horzum AS $ - $ 4,072,320 Consolidated net (loss) income $ (195,583 ) $ 3,634,344 Basic and diluted net (loss) income per share $ - $ 0.03 Net cash provided by operating activities $ 220,486 $ 769,821 Weighted average shares outstanding 144,554,371 144,554,371 Three Months Ended March 31, 2023 2022 Horzum AS operational data (100% basis): Zinc product mined (wet) tonnes 2,811 4,540 Zinc product sold (wet) tonnes &nb...