TORONTO, ONTARIO–(Marketwired – May 26, 2017) –
Editor’s note: There is one image associated with this press release.
Pasinex Resources Limited (CSE:PSE)(CSE:PSE.CN)(CNSX:PSE)(FRANKFURT:PNX) (The “Company” or “Pasinex”) is pleased to report a net income of $863,030 for the 1st Quarter 2017 as a result of a strong profit from its 50% owned Horzum AS Joint Venture company (“JV company”), in Turkey. All dollar amounts are Canadian unless otherwise indicated.
The Q1 2017 unaudited financial results and the corresponding Management Discussion and Analysis (MD&A) are available on SEDAR.com and the Pasinex website. The financial results for both Pasinex and the JV company are provided. The positive financial result of Pasinex is wholly contributable to the strong financial result from the JV company. Below is a review of the JV company financial results followed by a review of the Pasinex financial results.
Highlights of the First Quarter 2017 Financial Results
(1) Horzum AS 50% owned JV company Financial Results
In Q1 2017, the JV company zinc mine in Turkey (Pinargozu) produced and sold 12,378 tonnes (wet weight) of direct shipping ore (DSO) with an average grade of about 32.3% Zn and about 140 tonnes / day of mine production.
Sales revenue totaled $5,846,959 or approximately $472 / tonne of ore mined.
Figure 1 below shows the production chronology over the past five (5) quarters. Production from the Pinargozu has steadily increased through each of these five quarters due in large part to the addition of a new third adit at the mine in August 2016.
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The total cost for the JV company in first quarter 2017 was $2,925,309 or about $236 / tonne mined. These costs included all mining, administration and exploration costs for the quarter.
The net profit (before tax) for Q1 2017 was $2,921,650, which represented at 50% pre-tax margin.
(2) Pasinex Financial Results
As a result of the profit realized in the JV company, Pasinex recognized a $1,168,289 equity gain on their income statement for Q1 2017.
The equity gain led to a net income for Q1 2017 of $863,030 ($0.01 per share) after deducting operating expenses of $314,879.
Total assets for Q1 2017 were $5,275,763 up from $4,065,789 at the end of 2016. Total liabilities were $224,958 down from $282,818 at the end of 2016.
Shareholder’s equity was $5,050,805, up from $3,782,971 at the end of 2016.
Steve Williams, CEO commented, “Pasinex’s quarterly results continue to be very gratifying because they show increased profitability as a result of the strong contribution from Horzum AS JV company in Turkey. We continue to see a step up in production at the Pinargozu Mine which led to lower cost per tonne mined and greater profitability. We expect this strong performance to continue throughout 2017. We anticipate continued solid earnings throughout 2017 and a great year for Pasinex and our shareholders. We invite you to have a more detailed look at the financial results and the MD&A.”
About Pasinex
Pasinex Resources Limited (CSE:PSE)(CSE:PSE.CN)(CNSX:PSE)(FRANKFURT:PNX), a metals company, is a 50% owner of the high grade Pinargozu Zinc Mine which is in production. Under its DSO Program, Horzum AS is shipping directly to zinc smelter / refiners from its mine site in Turkey. The Company 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 building a large land position within a productive CRD district in Turkey.
The Pinargozu Mine is included in the 50-50 company, Horzum Arama Isletme AS (Horzum AS), which is a corporate joint venture between Pasinex and Turkish mining house, Akmetal Madencilik San ve Tic. AS (Akmetal AS). Akmetal AS is one of Turkey’s largest family-owned conglomerates with the nearby past-producing Horzum Zinc Mine.
Visit our web site at: www.pasinex.com
On Behalf of the Board of Directors
PASINEX RESOURCES LTD.
Steve Williams, President/CEO
The CSE does not accept responsibility for the adequacy or accuracy of this news release. 【700校招员工签约后被降薪,中建四局三公司致歉】针对 “700名毕…
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 Resources Ltd. 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.
To view the image accompanying this press release, please visit the following link: http://www.marketwire.com/library/20170525-1095790.png
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VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 25, 2017) –
THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Prospero Silver Corp (TSX VENTURE:PSL) (the “Company” or “Prospero”) announces that it has granted stock options for a total of 2,520,000 common shares of the Company to officers, directors, employees and consultants of the Company. These stock options are exercisable at CDN $0.26 per stock option and will expire on May 24, 2022. These stock options vest over a period of twenty-four months following the grant date and are governed by the terms and conditions of the Company’s stock option plan.
Following this grant of stock options, the Company has a total of 3,365,000 stock options outstanding representing approximately 9.3% of the outstanding common shares of the Company. This stock option grant is subject to TSX Venture Exchange approval.
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About Prospero Silver Corp.
Prospero is a Mexico-focused project generator listed on the TSX.V under the symbol PSL.V. Prospero’s aim is to discover world-class precious metal projects in the major mineral belts of Mexico. The Company applies a unique blend of practical exploration experience, cutting-edge mineral deposit science, and an extensive knowledge of Mexico´s geology to find new gold and silver systems. Our exploration programs are run by a small but highly-focused geological team based in Mexico.
Forward-Looking Statement Cautions: 轻轻松松搞定一套网络培训系统
This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, relating to, among other things, the Company’s proposed use of the financing proceeds. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include, possible, accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration plans, the risk that the Company will not be able to raise the additional funds in the future to continue to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company’s business and prospects. The reader is urged to refer to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The Company’s securities have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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CALGARY, ALBERTA–(Marketwired – May 25, 2017) – Trilogy Energy Corp. (“Trilogy” or the “Company”) (TSX:TET) is pleased to announce that it has entered into an agreement to sell certain Duvernay assets in the Kaybob area of Alberta and provide an update on its previously announced asset sale in the Grande Prairie area of Alberta.
Kaybob Duvernay Asset Sale
Trilogy has entered into a definitive agreement to sell approximately 9.75 net sections of Duvernay mineral rights in its Kaybob Duvernay play and its 11.0% interest in a non-operated gas plant for cash consideration of $60 million (before adjustments).
The predominantly non-operated Duvernay sale assets have an average production (net to Trilogy) of approximately 640 Boe/d (2.6 MMcf/d of natural gas and 200 Bbl/d of natural gas liquids) for the month of April, 2017. The transaction includes Trilogy’s Total Proved Developed Producing reserves attributable to such assets of approximately 879 MBoe as of December 31, 2016, based on the year end reserves estimate completed by Trilogy’s independent reserves evaluator. After completion of this sale, Trilogy will continue to hold a substantial land position in the Kaybob area Duvernay play with approximately 175 net sections (112,000 net acres) of land in areas prospective for Duvernay shale development.
The sale is effective May 1, 2017 and is expected to be completed on or about May 31, 2017.
Grande Prairie Area Asset Sale Update
Trilogy also confirms that its previously announced sale of certain Valhalla assets in the Grande Prairie area of Alberta for cash consideration of $50 Million (before adjustments) remains conditional pending purchaser’s receipt of the Alberta Energy Regulator (“AER”) approvals for the transfer of the wells, pipelines and facilities. The sale is effective May 1, 2017 and is expected to be completed by the end of May provided the AER approvals are received.
Borrowing Base
Proceeds from the sale of the two transactions described above will be applied to reduce Trilogy’s indebtedness under its revolving credit facility. Upon closing of the Valhalla area asset sale, Trilogy’s borrowing base will be reduced from $300 million to $290 million. Upon closing of the Duvernay asset sale, Trilogy’s borrowing base will be reduced from $290 million to $285 million. Provided that both of these transactions close by the end of May, 2017, proforma, Trilogy will be drawn $175 million as at May 31, 2017 under its revolving credit facility leaving Trilogy with capacity of $110 million under such facility.
Production Outlook
After positive first quarter operational results and factoring in the impact of the two above mentioned asset sales, Trilogy maintains its current average 2017 annual production guidance of 24,000 Boe/d. 动画教学类eLearning课件
About Trilogy
Trilogy is a petroleum and natural gas-focused Canadian energy corporation that actively develops, produces and sells natural gas, crude oil and natural gas liquids. Trilogy’s geographically concentrated assets are primarily high working interest properties that provide abundant low-risk infill drilling opportunities and good access to infrastructure and processing facilities, many of which are operated and controlled by Trilogy. Trilogy’s common shares are listed on the Toronto Stock Exchange under the symbol “TET”.
Forward-Looking Information
Certain information included in this news release constitutes forward-looking statements under applicable securities legislation. Forward-looking statements or information typically contain statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “budget”, “goal”, “objective”, “possible”, “probable”, “projected”, scheduled”, or state that certain actions, events or results “may”, “could”, should”, “would,” “might”, or “will” be taken, occur or be achieved, or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements or information in this news release include, but are not limited to:
the anticipated closing of transactions to sell certain of Trilogy’s assets in its Kaybob Duvernay play and in the Grande Prairie area, the timing thereof and the use of proceeds therefrom;
the estimated reserves to be divested in the Kaybob Duvernay asset sale and statements as to the prospectivity of Trilogy’s remaining Duvernay acreage;
the expected impact of these dispositions on Trilogy’s borrowing base under its revolving credit facility and the resulting proforma drawings and capacity thereunder;
forecast 2017 annual production levels; and
other statements regarding the Company’s business strategy and objectives.
Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. In addition to other assumptions identified in this document, assumptions have been made regarding, among other things:
the likelihood that the previously mentioned Kaybob Duvernay and Grande Prairie asset dispositions will close as planned;
future crude oil, natural gas, condensate, NGLs and other commodity pricing and supply;
funds flow from operations and cash flow consistent with expectations;
current reserves estimates;
credit facility availability and access to sources of funding for Trilogy’s planned operations and expenditures;
the ability of Trilogy to service and repay its debt when due;
current production forecasts and the relative mix of crude oil, natural gas and NGLs therein;
geology applicable to Trilogy’s land holdings;
the extent and development potential of Trilogy’s assets;
the ability of Trilogy and its industry partners to obtain drilling and operational results, improvements and efficiencies consistent with expectations (including in respect of anticipated production volumes, reserves additions and NGL yields);
well economics;
decline rates;
foreign currency, exchange and interest rates;
royalty rates, taxes and capital, operating, general & administrative and other costs and expenses;
assumptions regarding royalties and expenses and the applicability and continuity of royalty regimes and government incentive programs to Trilogy’s operations;
general business, economic, industry and market conditions;
projected capital investment levels and the successful and timely implementation of capital projects;
anticipated timelines and budgets being met in respect of drilling programs and other operations;
the ability of Trilogy to obtain equipment, services, supplies and personnel in a timely manner and at an acceptable cost to carry out its evaluations and activities;
the ability of Trilogy to secure adequate product processing, transportation, fractionation and storage capacity on acceptable terms or at all and assumptions regarding the timing and costs of run-times, outages and turnarounds;
the ability of Trilogy to market its oil, natural gas, condensate, other NGLs and other products successfully to current and new customers;
expectation that counterparties will fulfill their obligations under operating, processing, marketing and midstream agreements;
the timely receipt of required regulatory approvals;
the continuation of assumed tax regimes, estimates and projections in respect of the application of tax laws and estimates of deferred tax amounts, tax assets and tax pools; and
the extent of Trilogy’s liabilities.
Although Trilogy believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Trilogy can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Trilogy and described in the forward-looking statements or information. These risks and uncertainties include but are not limited to:
The possibility that the Kaybob Duvernay and Grande Prairie area assets dispositions will not close when expected or at all;
fluctuations in crude oil, natural gas, condensate and other natural gas liquids and commodity prices;
the ability to generate sufficient funds flow from operations and obtain financing on acceptable terms to fund planned exploration, development, construction and operational activities and to meet current and future obligations ;
uncertainties as to the availability and cost of financing;
Trilogy’s ability to satisfy maintenance covenants within its credit and debt arrangements;
the risk and effect of a downgrade in Trilogy’s credit rating;
fluctuations in foreign currency, exchange rates and interest rates;
the risks of the oil and gas industry, such as operational risks in exploring for, developing and producing crude oil, natural gas, condensate and other natural gas liquids, and market demand;
risks and uncertainties involving the geology of oil and gas;
the uncertainty of reserves estimates and reserves life;
the uncertainty of estimates and projections relating to future production and NG yields as well as costs and expenses;
the ability of Trilogy to add production and reserves through development and exploration activities and acquisitions;
Trilogy’s ability to secure adequate product processing, transmission, transportation, fractionation and storage capacity on acceptable terms and on a timely basis or at all;
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potential disruptions or unexpected technical difficulties in designing, developing, or operating new, expanded, or existing pipelines or facilities (including third party operated pipelines and facilities);
risks inherent in Trilogy’s marketing operations, including credit and other financing risks and the risk that Trilogy may not be able to enter into arrangements for the sale of its sales volumes;
volatile business, economic and market conditions;
general risks related to strategic and capital allocation decisions, including potential delays or changes in plans with respect to exploration or development projects or capital expenditures and Trilogy’s ability to react to same;
availability of equipment, goods, services and personnel in a timely manner and at an acceptable cost;
health, safety, security and environmental risks;
the timing and cost of future abandonment and reclamation obligations and potential liabilities for environmental damage and contamination;
risks and costs associated with environmental, regulatory and compliance, including those potentially associated with hydraulic fracturing, greenhouse gases and “climate change” and the cost to Trilogy in order to comply with same;
weather conditions;
the possibility that government policies, regulations or laws may change, including risks related to the imposition of moratoriums;
the possibility that regulatory approvals may be delayed or withheld;
risks associated with Trilogy’s ability to enter into and maintain leases and licenses;
uncertainty with regard to royalty payments and the applicability of and changes to royalty regimes and incentive programs including, without limitation, applicable royalty incentive regimes and the Modernized Royalty Framework, the Emerging Resources Program and the Enhanced Hydrocarbon Recovery Program, among others;
imprecision in estimates of product sales, commodity prices, capital expenditures, tax pools, tax deductions available to Trilogy, changes to and the interpretation of tax legislation and regulations;
uncertainty regarding results of objections to Trilogy’s exploration and development plans by third party industry participants, aboriginal and local populations and other stakeholders;
risks associated with existing and potential lawsuits, regulatory actions, audits and assessments;
changes in land values paid by industry;
risks associated with Trilogy’s mitigation strategies including insurance and hedging activities;
risks related to the actions and financial circumstances of Trilogy agents and contractors, counterparties and joint venture partners, including renegotiation of contracts;
risks relating to cybersecurity, vandalism, and terrorism;
the ability of management to execute its business plan; and
other risks and uncertainties described elsewhere in this document and in Trilogy’s other filings with Canadian securities authorities, including its Annual Information Form.
The forward-looking statements and information contained in this news release are made as of the date hereof and Trilogy undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Oil and Gas Advisory
This document contains disclosure expressed as “Boe/d” and “MBoe “. All oil and natural gas equivalency volumes have been derived using the ratio of six thousand cubic feet of natural gas to one barrel of oil (6:1). Equivalency measures may be misleading, particularly if used in isolation. A conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head. For Q1 2017, the ratio between Trilogy’s average realized oil price and the average realized natural gas price was approximately 20:1 (“Value Ratio”). The Value Ratio is obtained using the Q1 2017 average realized oil price of $61.36 (CAD$/Bbl) and the Q1 2017 average realized natural gas price of $3.09 (CAD$/Mcf).This Value Ratio is significantly different from the energy equivalency ratio of 6:1 and using a 6:1 ratio would be misleading as an indication of value.
All reserves information in this News Release is gross reserves. Gross reserves means Trilogy’s working interest (operating or non-operating) share before deduction of royalties and without including any royalty interest of Trilogy. Reserves estimates are based on the independent engineering evaluation prepared by McDaniel & Associates Consultants Ltd. dated March 7, 2017, evaluating Trilogy’s crude oil, natural gas and natural gas liquids reserves effective as of December 31, 2016.
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THIEF RIVER FALLS, Minn., May 25, 2017 /PRNewswire/ — Digi-Key Electronics, a global electronic components distributor, was recognized as Qualtek Electronic’s 2016 Distributor of the Year at the 2017 EDS Banquet in Las Vegas, NV. The award was presented by John Hallums – CEO and Tim Gannon – Sales Manager at Qualtek and given to Todd Jesme – Director, Electromechanical of Digi-Key.
Qualtek Electronics offers a vast array of fan accessories, AC receptacles, international and domestic power cords and cordsets, and EMI power line filters.
Qualtek’s broad portfolio of products including wire form fan guards, plastic fan guards, plastic fan filter assemblies, aluminum fan filters, fan power cords, inlets, outlets, multi-function assemblies, power line filters, and more is available for immediate shipment globally from Digi-Key.
For more information, or to order from Digi-Key’s full line of Qualtek products, please visit any of Digi-Key’s global websites.
About Digi-Key Electronics 视频宣传片快速制作
Digi-Key Electronics, based in Thief River Falls, Minn., is a global, full-service distributor of both prototype/design and production quantities of electronic components, offering more than six million products from over 650 quality name-brand manufacturers. With over 1.3 million products in stock and an impressive selection of online resources, Digi-Key is committed to stocking the broadest range of electronic components in the industry and providing the best service possible to its customers. Additional information and access to Digi-Key’s broad product offering is available at www.digikey.com.
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Editorial Contact for Digi-Key Electronics
Kayla KrosschellPR & Marketing Communications Specialist1.800.338.4105 [email protected][email protected]
SOURCE Digi-Key Electronics
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