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Pasinex Resources Announces Second Quarter 2020 Financial Results
TORONTO, Oct. 09, 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, Oct. 09, 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 and six months ended June 30, 2020. Andrew Gottwald, Chief Financial Officer of Pasinex, commented, “The second quarter financial results are consistent with the past few quarters, but have stabilized from a cash flow perspective, primarily due to continued support through shareholder loans. There were positive developments at our joint venture partner subsequent to the quarter end, with the recent management changes and the beginning of the development of a fourth adit. We will continue to build on this positive momentum in making further changes and gains in Turkey in the coming months.” Highlights – Second Quarter 2020 Three Months Ended June 30 Six Months Ended June 30 2020 2019 2020 2019 Financial Equity gain from Horzum AS $ - $ 286,383 $ 3,298 $ 536,438 Adjusted equity gain (loss) from Horzum AS (1) $ (26,257 ) $ (352,513) $ 145,778 $ (225,277) Dividend received from investment in Horzum AS $ - $ 286,383 $ 3,298 $ 536,438 Consolidated net loss $ (295,958 ) $ (108,609) $ (692,406 ) $ (323,459) Adjusted consolidated net loss (1) $ (288,554 ) $ (747,505) $ (482,343 ) $ (1,085,174) Basic net income per share $ 0.00 $ 0.00 $ 0.00 $ 0.00 Diluted net income per share $ 0.00 $ 0.00 $ 0.00 $ 0.00 Cash used in operating activities $ 210,568 $ 90,369 $ 394,220 $ 81,305 Weighted average shares outstanding 144,554,371 144,354,371 144,554,371 144,354,371 Three Months Ended June 30 Six Months Ended June 30 2020 2019 2020 2019 Horzum AS operational data (100% basis): Zinc product mined (wet) tonnes 2,850 4,293 &nbs...