(Kitco News) - Pasinex Resources (CSE: PSE) said on Friday that the mining ministry in Turkey, has not extended the principal mining operational license of its 50% owned Horzum AS operations beyond April 15, 2023.
"As a result, both Pasinex Arama and Horzum AS have each filed a court action in Adana, Turkey challenging the denial of the license extensions. The actions were filed on July 1, 2022, in order to meet the legal statute of limitations in the mining law," wrote the company in its news release.
In 2021 Pasinex produced 10,608 wet tonnes of zinc from its Horzum AS operations.
Pasinex Resources is a Toronto-based mining company that owns 50% of Horzum Maden Arama ve Isletme Anonim Sirketi through its 100% owned subsidiary Pasinex Arama ve Madencilik Anonim Sirketi ("Pasinex Arama"). Horzum AS holds 100% of the producing Pinargozu high-grade zinc mine. Horzum AS sells directly to zinc smelters and or refiners through commodity brokers from its mine site in Turkey. The company also holds an option to acquire 80% of the Gunman high-grade zinc exploration project in Nevada.
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