Business
Pasinex Resources Reports Q1 2017 Results; Produces 12,378 Tonnes of Concentrate Grading 32.3% Zinc
TORONTO, ONTARIO--(Marketwired - May 26, 2017) - Pasinex Resources Limited (CSE:PSE)(CSE:PSE.CN)(CNSX:PSE)(FRANKFURT:PNX) (The "Company" or "Pasinex") is please
About this update from Pasinex Resources Ltd.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - May 26, 2017) - Pasinex Resources Limited (CSE:PSE)(CSE:PSE.CN)(CNSX:PSE)(FRANKFURT:PNX) (The \"Company\" or \"Pasinex\") is pleased to report a net income of $863,030 for the 1st Quarter 2017 as a result of a strong profit from its 50% owned Horzum AS Joint Venture company (\"JV company\"), in Turkey. All dollar amounts are Canadian unless otherwise indicated. The Q1 2017 unaudited financial results and the corresponding Management Discussion and Analysis (MD&A) are available on SEDAR.com and the Pasinex website. The financial results for both Pasinex and the JV company are provided. The positive financial result of Pasinex is wholly contributable to the strong financial result from the JV company. Below is a review of the JV company financial results followed by a review of the Pasinex financial results. Highlights of the First Quarter 2017 Financial Results (1) Horzum AS 50% owned JV company Financial Results In Q1 2017, the JV company zinc mine in Turkey (Pinargozu) produced and sold 12,378 tonnes (wet weight) of direct shipping ore (DSO) with an average grade of about 32.3% Zn and about 140 tonnes / day of mine production. Sales revenue totaled $5,846,959 or approximately $472 / tonne of ore mined. Figure 1 below shows the production chronology over the past five (5) quarters. Production from the Pinargozu has steadily increased through each of these five quarters due in large part to the addition of a new third adit at the mine in August 2016. The total cost for the JV company in first quarter 2017 was $2,925,309 or about $236 / tonne mined. These costs included all mining, administration and exploration costs for the quarter. The net profit (before tax) for Q1 2017 was $2,921,650, which represented at 50% pre-tax margin. (2) Pasinex Financial Results As a result of the profit realized in the JV company, Pasinex recognized a $1,168,289 equity gain on their income statement for Q1 2017. The equity gain led to a net income for Q1 2017 of $863,030 ($0.01 per share) after deducting operating expenses of $314,879. Total assets for Q1 2017 were $5,275,763 up from $4,065,789 at the end of 2016. Total liabilities were $224,958 down from $282,818 at the end of 2016. Shareholder's equity was $5,050,805, up from $3,782,971 at the end of 2016. Figure 1: Pinargozu mine production from Q1 2016 t...