Pasinex Resources CEO Steve Williams Talks High-grade Zinc in Turkey
Hi, I’m Steve Williams. I’m president of Pasinex Resources. We’re listed on the CSE, ticker symbol PSE…lots of E’s, eh…and we’re also listed in Frankfurt, our ticker symbol is PNX. And we’re doing zinc and copper exploration and mining in Turkey.
Our flagship project is called Pinargozu. It’s a zinc project in the south of Turkey in the province of Adana, which is southeast of Turkey. We’re both exploring and mining there now. So we’ve got three drill rigs running and so that’s the exploration. As of May, June, last year, we started mining high-grade zinc. We sold our first shipment load, 5,000 tons of high-grade zinc as of December 2014, and we’ll sell more high-grade zinc this year. It’s direct shipping, 32% zinc, and first lot was worth well over $1 million U.S. and we should sell something of the order of $4 million U.S.. And basically, we’re doing this…we’ve got, you know, a great ore body and we’re able to mine the high-grade zinc, but we’re doing this to fund the exploration.
We’ve got a very loyal base of shareholders. We founded the company in March 2012, and we’ve done a number of small, private placements since then. And without a doubt, it’s been supported by a key group of shareholders in Germany and Austria and in Canada, and they continue to support us. So definitely, the insiders are continuing to buy and continue to support. They believe what we’re doing. They believe in the team and, yeah. I’m very appreciative of those guys.
Our now zinc project, there’s a number of things happening now and it’s gonna be a very busy year for us this year, 2015. We’re gonna continue to mine. We’re stepping up the mining rate. We were mining around 25 ton a day, we’re going up to 50 ton a day high-grade zinc. So I’ve already indicated we should be looking at something of the order of around $4 million of revenue. So people will see us step the mining rate up, start to, you know, sell more zinc from our Pinargozu operation. We’ll continue with three drill rigs running. We may even step the drilling up. So we should have a fairly constant news flow this year of drilling results and, you know, hopefully, I will continue to see some good results coming from our drilling and as we look for the bigger oxide and sulfide potential in our zinc project.
Haven’t mentioned our copper project. Our main focus is a zinc project, but our copper project, we’ll be doing another round of drilling mid-year, third-quarter, thereabout. So it should be a lot of news flow this year. It’s a big year for us.
Well, PDAC is PDAC. There’s nothing else like the PDAC. And as always, it’s a crazy place and lots of people and lots of talk, which is great and I like that. You know, obviously, this is a tough time. The markets are still down and, you know, people are all saying, you know, “When are we gonna come out?” But what’s good is there’s a lot of people here, you know, despite the tough times. You know, I think everybody knows that we’re gonna come out of this slump. Maybe not this year or maybe late this year. I think most people think certainly by next year. But, you know, we’re hanging in there and there’s this spirit of hanging in there. Those people that are here believe in the industry and believe that we’re gonna turn around.