TORONTO, Sept. 12, 2019 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (the “Company” or “Pasinex”) announces that they have reached an agreement with Cypress Development Corp. (TSX-V: CYP, OTCQB: CYDVF) and Caliber Minerals Inc. (formally Silcom Systems Inc.) to change the terms relating to the earn-in option agreement on the Spur (formally Gunman) zinc exploration property in Nevada, USA.
The agreement changes the date of the $100,000 USD option payment to December 11th, 2019 and defers the 2019 exploration obligations into 2020, bringing the exploration obligations to $1,600,000 USD for 2020. The underlying licenses are in good standing until September 2020.
For further clarification on the original deal refer to the news release dated December 7th, 2017.
Pasinex Resources Limited is a Toronto-based mining company which owns 50% of the producing Pinargozu high grade zinc mine and, under a Direct Shipping Program, sells to zinc smelters / refiners from its mine site in Turkey. The Company also holds an option to acquire 80% of the Spur high-grade zinc exploration project in Nevada. Pasinex has a strong technical management team with many years of experience in mineral exploration and mining project development. The mission of Pasinex is to build a mid-tier zinc company based on its mining and exploration projects in Turkey and Nevada.
Visit our web site at: www.pasinex.com
On Behalf of the Board of Directors
PASINEX RESOURCES LIMITED
Phone: +1 416.861.9659
Manager of Corporate Communications
Phone: +1 416.906.3498
The CSE does not accept responsibility for the adequacy or accuracy of this news release.
This news release includes forward-looking statements that are subject to risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements.
All statements within, other than statements of historical fact, are to be considered forward looking. Although Pasinex believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, exploration results, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.