Pasinex Resources Limited currently holds mineral properties for exploration in Turkey and Canada. The strategic focus of Pasinex is on base and precious metals exploration in Turkey. So all the recent properties obtained for Pasinex have been in Turkey and Pasinex continues to look for other exploration opportunities in Turkey. To date, Pasinex has obtained exploration properties in the Turkey provinces of Afyon, Artvin and Bursa. However, Pasinex was formed by a process somewhat akin to a reverse takeover of Triple Dragon Resources Inc. Triple Dragon held several exploration properties in Canada. These properties are now part of the Pasinex portfolio. These properties are called Murray, May and Burnt Isle. These properties are all held for their Au and precious metal exploration opportunities.

About Turkey

The official name is Republic of Turkey and it covers 780,580 sq km area. The Republic of Turkey gained independence in October 29, 1923 following a movement lead by M. Kemal Atatürk. Turkey’s system of government is democratic, secular, and parliamentary. It is also pro-business. The prime minister serves as head of government, and the president serves as head of state. The current president Abdullah Gul, was elected by Parliament in August 2007 for a seven-year term. The current Prime Minister is Recep Tayyip Erdogan. The country has a well-trained workforce, well developed infrastructure and sophisticated financial and legal systems. The capital city of Turkey is Ankara. The population is estimated to be approximately 74 million and about 14 million live in İstanbul. Other major cities are Ankara, Izmir, Bursa and Adana.

Ankara

Turkey has a developing economy with 2011 estimated GDP (PPP adjusted) of $1,073 billion and GDP (PPP adj.) per capita of about $14,500. Turkey’s economy is currently in transition from a high degree of reliance on agriculture and heavy industry to a more diversified economy with an increasingly large and globalized services sector. Agriculture constitutes 9.3% and industry 25.6% of GDP. The natural resources are coal, chromium, mercury, copper, boron, iron ore and gold. Turkey is now Europe’s largest gold producer. Key export goods from Turkey are apparels, foodstuffs, textiles, metal manufactured goods, transport and equipment. Turkey lies at the crossroads of Europe and Asia. Turkey acts as an important link in the East-West Southern Energy Corridor bringing Caspian, Central Asian, and Middle Eastern energy to Europe and world markets. Turkey has great infrastructure. The country has approximately 420,000 kms of roads, including 2,000 kms of expressways and 17,000 kms of divided highway. There is nearly 11,000 kms of a rail network in the country, including some high speed lines. There are 102 airports, eight of which are international. References:

Geology of Turkey

Turkey presents very good opportunities for exploration for a range of metals and minerals including gold and base metals (Cu, Pb, Zn, Ni), chromite, boron, iron ore and coal. Turkey has a long history of mining with some of the earliest indications of mining in Anatolia dating from 7000 BC. Records indicate that gold was mined before 1200 BC, in Astrya, Western Turkey, for the Homeric city of Troy. Turkey is also renowned for Midas, King of Phrygia, who was granted the power to turn all he touched into gold. He lived in the city of Gordion in Central Anatolia. So Turkey has a long and colourful history of mining.

Geology Turkey

Turkey constitutes a sector of the Tethyan Eurasian Metallogenic Belt (TEMB) which is part of the Alpine-Himalayan orogenic system, formed from the Jurassic-Cretaceous periods to present. This system produced many different types of deposits through collision, subduction, post-collision and rifting, throughout present day Turkey.

Geology Turkey 2

Subduction related type deposits that can be encountered in Turkey are porphyry copper and epithermal gold / silver type deposits. Inter-continental rifting (commencing in late Triassic time) lead to volcanogenic massive sulphides (VMS), skarns and carbonate hosted zinc / lead type deposits. Jurrassic – Cretaceous intra-oceanic rifting and obduction gave Turkey podiform chromite and Cyprus style copper deposits. Some notable base and precious metal deposits identified in Turkey include: Cayeli – Kuroko VMS 25Mt 4.7% Cu, 7.3% Zn; Murgul – VMS stockwork 80Mt 1.1% Cu, 25 g/t Au; Gumushane – porphyry copper 80 Mt 0.5% Cu; Ovacik – porphyhy stockwork 3 Mt 10 g/t Au, 9 g/t Ag; Kislidag – epithermal 6 million ounces of Au.

Geology Turkey 1

Maps of Turkey

Geological Map of Turkey

Turkey Geological Map

(click to enlarge) Geological map of Turkey (Bingol, 1989)

Map of Turkey

Map of Turkey

Mining in Turkey

Turkey has a long and continuous heritage of mining dating back to ancient civilizations. Its large Geological Survey was established by President Ataturk in 1935, and provides considerable resources. Until the last decade, Turkey’s modern mining infrastructure was developed primarily by its globally-dominant borax mines, as well as by its chromite and coal mines. In the last 10 years, however, the country has been shown to host significant deposits of precious and base metals, and the rate of discovery continues to be high. Large companies already operating in Turkey include Teck Resources (TSX: TCK.B), Eldorado Gold Corp (TSX: ELD), Inmet Mining Corporation (TSX: IMN) and Koza Gold Corporation (IBSE: KOZAL), a Turkish company with four producing gold mines. In addition, approximately twenty five junior exploration companies are active in the country. Turkey’s recently-revised mining code provides an additional incentive to exploration in Turkey, in that it now forces mineral title holders to relinquish ground they are not actively exploring or mining. Consequently, many thousands of mineral titles, never explored with modern technology, have recently been relinquished and are currently being auctioned by the Mining Ministry.