Business
Pasinex Resources Provides Company Update
TORONTO, March 30, 2023 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (The “Company” or “Pasinex”) is pleased to provide a Company update.
About this update from Pasinex Resources Ltd.
[{"type":"text","content":" TORONTO, March 30, 2023 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (The “Company” or “Pasinex”) is pleased to provide a Company update. Andrew Gottwald, Chief Financial Officer of Pasinex, commented, “2022 was a very encouraging year for the Company. The Joint Venture experienced extremely positive results with strong margins and generated substantial positive cash flow, a large portion of which made its way to Pasinex Canada. The Company completed a number of activities in Nevada, which has ultimately led to the fulfillment of its spending obligations to earn a 51% interest in the Gunman Project. The Company is well positioned for another positive year in 2023. The year-end audited results are expected to be released in late April.” 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. Horzum AS and Pasinex Arama Safety, Health and Environment Our Joint Venture was fortunate enough that its Adana offices and the Pinargozu Mine did not sustain any significant damage during the recent tragic earthquakes in Türkiye. To ensure the safety and well-being of our employees, the operations of the Joint Venture were temporarily halted in February. Our well-trained mine rescue team, along with excavators and trucks, were mobilized to aid in the recovery efforts of nearby towns and cities. Approximately 50 personnel assisted in the clean-up and recovery efforts and were respon...