Mr. Steve Williams reports

PASINEX RESOURCES CLOSES NON-BROKERED PRIVATE PLACEMENT AND COMPLETES SHARES FOR DEBT SETTLEMENT

Pasinex Resources Ltd. has entered into a debt settlement agreement with several creditors including some insiders. The company settled $391,034 of debt owed to creditors by the issuance of 7,820,685 common shares of the company at a deemed price of five cents per share. The company determined it was best to satisfy its outstanding debt by the issuance of shares to preserve its cash for operations.

The company is relying on exemptions from the prospectus requirements found in Section 2.14 of National Instrument 45-106 and applicable securities laws to issue the shares. The common shares issued to the creditors will be subject to a four-month hold period.

In addition to the settlement of debt, the company has closed a non-brokered private placement of 10,277,315 units at a price of five cents for gross proceeds of $513,866. Each unit consists of one common share and one-half of a share purchase warrant with each whole warrant exercisable at 10 cents per warrant share for a period of one year from closing. The securities issued pursuant to the private placement are subject to a four-month regulatory hold period.

Of the 10,277,315 common shares issued 8,027,315 have been issued to 1514341 Ontario Ltd. a company controlled by Larry Seeley, a director of the company. This brings the total shares controlled by Mr. Seeley directly and indirectly through family members to 24,964,533 or 27.5 per cent of the issued and outstanding shares of the company. Mr. Seeley and members of his family also own 6,313,657 warrants and incentive stock options.

"We are delighted to conclude 2015 with a stronger balance sheet and some funds for the company's general and administrative expenses. The Pinargozu mine is performing better than anticipated with production now at 60 tons per day of high-grade DSO zinc mineral material. We appreciate the ongoing support of our board of directors and key shareholders during one of the most challenging years for the mining industry. The future looks bright and we look forward to communicating further progress in 2016," commented Steve Williams, Pasinex president and chief executive officer.

Pasinex Resources also announced chief financial officer Jody Bellefleur and corporate secretary Frances Petryshen have both resigned. These resignations reflect a company restructuring. Mr. Williams added: "I wanted to thank both Jody and Frances for their excellent contribution to Pasinex during these critical formative years. I wish them the best in their future endeavours. Pasinex is now working to fill these key positions and will announce the new placements shortly."

We seek Safe Harbor.