Baris Yildirim, Steve Williams and Dave Hodge, of Pasinex Resources Limited, at the 2012 PDAC show in Toronto together with friends from Turkey (group from MTA, Turkey) and Canada.
Steve Williams, the CEO of Pasinex, took time to speak with Metals News at the recently held Toronto Resource Investment Conference. During his interview, he discussed the current state of the company’s initiatives in Turkey as they look for copper and zinc in two different projects.
Said Williams, “We are exploring for copper and zinc in Turkey. We have a zinc project in the south of Turkey and a copper project in the north of Turkey.” These projects are located in historical mining areas and have had work completed on them in the past. Williams said, “The copper project has twenty five holes in it and we’ve got nearly ten meters of copper within it. It has a really high grade mineralization.”
As the company continues to work on exploration, the Pasinex team has already defined the steps of work necessary to move the project to the next phase. Said Williams, “The next phase of the Copper project is to do some serious geophysics to understand where the mineral runs and then we’ll be back to drilling.” The purpose of the expansive geophysical studies is to make sure that the mineralization is well defined before the company invests more money into drilling. Williams said, “When we understand it, then we will define drill targets.”
Taking the time to invest in research about their two projects is a critical consideration for Pasinex in today’s challenging economic market. Williams well knows the challenges of getting the confidence of investors given the current investment market. He said, “This is a tight year.” Despite the concerns that many investors have about the market, Williams believes that his company needs to complete their financing in order to continue to advance their project. He said, “We need to raise money to get our project together.” The company has taken the position that a private placement is the best way to ensure their financial stability. Said Williams, “We are doing private placements and will be doing one fairly soon.”
Williams is so enthusiastic about Pasinex’s projects that he is willing to speak to individual investors directly about the possibilities for the future of their Turkish projects. Said Williams, “If investors are interested in our private placement program, all they need to do is to contact me at steve.williams@pasinex.com. We’ll be happy to talk to them.” Williams and his team believe that a private placement makes sense given the limits of the current investment market. He said, “It is a tight time. It is hard to get broad deals. You can still get some brokers, but it can be hard to put together.”
The Pasinex team has a lot to offer to not only the project, but to those who are interested in investing in the company. Williams said, “Let’s start with the technical team. I’m a metallurgist. I’ve worked in Mongolia, the Philippines and many other areas.” Williams’ expertise is augmented by additional staff including an on-site manager in Turkey. Said Williams, “Our manager in Turkey is a geologist as well as a metallurgist.” Williams believes that the technical nature of the team is one of their greatest strengths. He said, “We are a technical team. This is what we do, we love mining.”
Pasinex’s work in Turkey began just over one year ago with the acquisitions of the two projects that they currently have in exploratory phase. Said Williams, “We acquired the northern copper project last year. It is 100% ours.” The project is located in a mining-friendly area of northern Turkey that has a rich history in exploratory mining. Williams said, “It is in the northern area, near the northern Anatolian fault.” In fact, the area is so rich in history that there are remains of mining that may have happened thousands of years ago. Williams said, “There are some diggings there from the ancient Roman times of mining.” The little work that has been done is indicative of the general tendency in Turkey. Williams said, “It is the story of Turkey. It has not been rigorously explored.”
Working in Turkey has been a good experience for the company to date. With excellent support and development, the Pasinex team has not had to invest a great deal in resolving support issues. Said Williams, “Turkey has excellent infrastructure.” Though it may not be expect, the country is well-developed and has a robust economy that is part of the heart of Europe. Williams said, “There are high voltage lines, highways, and ports everywhere. Turkey has a lot of infrastructure. It is not an issue.”
Why should investors consider Pasinex as an investment in the near future? Williams believes that the company has a lot to offer, both now and in the future. He said, “Our team is technical. This is what we know. This is what we love.” Taking their experience and using it to build a company and mine is their goal. Said Williams, “We are applying our knowledge.” They also believe that Turkey is an ideal place to work. Williams said, “Turkey is a great story. It is the sixteenth largest economy in the world. It is a happening place.” He also believes that there is a robust market for copper and zinc that will expand over time. Said Williams, “We are rooted in copper and zinc. These are not hidden markets. No one controls these markets. With a positive ten to twenty year metal price outlook, you can build a mine.”
Williams is excited about the prospects for the future. Though they don’t have figures yet for the size of the mines, Williams is optimistic. He said, “We don’t have any estimates on the size of the mine yet. We have our internal targets. I think these can be high quality mines. It is still early days yet. If an investor is interested, drop me an email.”
http://pasinex.com/
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