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(Kitco News) – Pasinex Resources (CSE:PSE) said on Friday that Turkey’s mines ministry has not extended the main mining license for its 50%-owned Horzum AS operations beyond April 15, 2023.
“As a result, Pasinex Arama and Horzum AS each filed a lawsuit in Adana, Turkey challenging the denial of the license extensions. The suits were filed on July 1, 2022, in order to meet the statutory statute of limitations within the mining law,” the company wrote in its press 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 wholly owned subsidiary Pasinex Arama ve Madencilik Anonim Sirketi (“Pasinex Arama”). Horzum AS owns 100% of the high-grade producing Pinargozu 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.