Mr. Ian Atacan reports

PASINEX ANNOUNCES CLOSING OF SHARES FOR DEBT SETTLEMENT

Pasinex Resources Ltd. has issued 33,405,205 common shares to certain of its creditors in exchange for outstanding debt in the aggregate amount of $3,340,520 owing to 1514341 Ontario Inc., Seeley Holdings Ltd., Joachim Rainer, Golden Summit FZ LLC, other suppliers and investors. The settlement shares are being issued at a price of 10 cents in accordance with the policies of the Canadian Securities Exchange.

The company is carrying out the shares-for-debt transaction to improve its financial position by reducing its existing liabilities. All settlement shares will be subject to a four-month hold period from the closing date of the shares-for-debt transaction under applicable Canadian securities laws in addition to any other restrictions that may apply in jurisdictions outside of Canada.

In connection with the shares-for-debt transaction, the company has amended the remaining outstanding debt owing to certain participating creditors in the aggregate principal amount of $2,045,735 to include an option permitting such creditors, at their election and for a period of up to 36 months, to convert all or any portion of such remaining debt into common shares of the company at a price of 10 cents per common share, subject to applicable securities laws and CSE policies. The company may also repay all or a portion of the remaining debt in cash, and any debt converted into shares will be deemed fully satisfied.

The issuance of settlement shares to 151 Ontario, Seeley Holdings, Mr. Rainer and Golden Summit pursuant to the shares-for-debt transaction constitutes a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) as 151 Ontario is controlled by Larry Seeley, chairman of the company, Seeley Holdings is controlled by Kevin Seeley, holding or controlling 11.4 per cent of the shares of the company, Golden Summit controlled by Mehmet Komurcu, a director of the company, and Mr. Rainer, a director of the company. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the settlement shares nor the debt exceeds 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101. The company did not file a material change report in respect of the related-party transaction at least 21 days before the closing of the debt settlement, which the company deems reasonable in the circumstances as the company wishes to improve its financial position by reducing its existing liabilities as soon as possible.

About Pasinex Resources Ltd.

Pasinex is a growing, zinc-focused mining company based in Toronto, Canada. Its wholly owned subsidiary, Horzum AS, owns and operates the producing Pinargozu high-grade zinc mine in Turkey, selling directly to zinc smelters and refiners through commodity brokers.

Pasinex owns 100 per cent of the Sarlkaya Group IV lead-zinc operating licence in Kayseri province, Turkey, representing significant potential for near-term profitability and major zinc discoveries.

Pasinex also holds a 51-per-cent interest in the Gunman project, a high-grade zinc exploration project located in Nevada.

Led by a seasoned management team with extensive experience in mineral exploration and mine development, Pasinex's mission is to explore and extract high-grade material, driving growth and creating value for shareholders, employees and local communities, while maintaining the highest standards of safety, health and environmental responsibility.

We seek Safe Harbor.