Pasinex Reports Second Quarter Results: Production Steadily Increasing
TORONTO, ON – August 24, 2017 – Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (The “Company” or “Pasinex”) today reported net income of $450,463 for the second quarter of 2017 due to the continuing strong results from its 50% owned Horzum AS Joint Venture company (“JV company”), in Turkey. All dollar amounts are Canadian unless otherwise indicated.
The Q2 2017 unaudited financial statements and the corresponding Management Discussion and Analysis (MD&A) are available on SEDAR.com and the Pasinex website where the financial results for both Pasinex and the JV company are provided. The positive financial result of Pasinex is due 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.
- (1) Horzum AS 50% owned JV company Financial Results
In Q2 2017, the JV company, which holds the zinc mine in Turkey (Pinargozu), produced 14,518 tonnes (wet weight) of direct shipping ore (DSO) with an average grade of 34.3% zinc. Mine production in the second quarter was approximately 160 tonnes / day; an increase of 14% from Q1 2017.
- Sales revenue at 100% totaled $4.2 million representing 8,767 tonnes (wet weight) sold. Approximately 6,000 tonnes of ore was stockpiled in the second quarter to accommodate a large vessel shipment scheduled for delivery in the third quarter. This production will be reflected as revenues in the third quarter.
- Figure 1 below shows the production chronology over the past six (6) quarters. Production from the Pinargozu mine has steadily increased through each of these quarters due in large part to the addition of a new third adit at the mine in August 2016.
- The total costs at 100% for the JV company in the second quarter 2017 were $1.9 million or about $190 / tonne mined. These costs included all mining, administration and exploration costs for the quarter.
- The net profit (before tax) at 100% for Q2 2017 was $3.6 million, which represents a greater than 50% pre-tax margin.
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