03/13/2019 | Press release | Distributed by Public on 03/12/2019 21:04
March 11 2019 BHS2019-07
BAYHORSE SELLS FIRST SILVER ; CLOSES SECOND TRANCHE OF
Silver Inc., TSX-V: BHS ('Bayhorse' or the 'Company') has
completed the sale of 1,320 ounces of .9999 refined silver from the current
testing/refining program. As disclosed in
the Company's new release BHS2019-06, silver is available for future sales and
made available for future sales and delivery the first 1,000 ounces of .9999
fine silver in 10 ounce bars, on a first come, first served basis from the
current test processing/refining program.
Within 24 hours of the news release, requests for silver totaled 1,320
ounces in 10 ounce rounds. The Company honored all requests for silver received
during that first 24 hour period.
Sale of the rounds, each 10 ounces (311 grams)
of .9999 fine silver at US$15.10 per ounce, generated gross proceeds of US$19,932..
The Company delivers high grade concentrate to Mineral
Solutions LLC, (Minerals), a Joint Venture between Irish Metals LLC and Liberty
Refiners LLC, of Coeur d Alene, Idaho where they use a non-smelter process for
final processing and refining.
The company plans to sell additional .9999 silver recovered
as a result of our ongoing testing and refining process and will announce
availabilities as they arise. The Incidental proceeds from sales generated during
the testing program will be netted against costs of production prior to
declaration of commercial production
Graeme O'Neill comments, 'Every Company looks forward to the time when the
first sale is made. We are very pleased to have taken this step. With the
cooperation of Minerals Solutions LLC, we have eliminated the need, and
associated costs, of shipping concentrate to overseas smelters. '
The analytical method used for the silver analysis consists
of 1 Assay Ton (AT) samples subjected to fire assay with gravimetric finish.
Subject to TSX-V Exchange
approval, the Company has closed a second tranche consisting of 1,100,000
Units, for gross proceeds of $110,000, of its previously announced non-brokered
private placement for up to 7,500,000 Units at $0.10 per Unit, and is extending the PP closing until April 15,
Each C$0.10 Unit consists of one (1) common share
and one (1) transferable common share purchase warrant, with each warrant
exercisable into one (1) common share of the Company at an exercise price of
$0.15 cents, exercisable for a period of 24 months from the date of issuance.
The securities distributed under the placement are
subject to a four month hold.
In addition to any other
exemption available to the Company, participation in this non-brokered
financing is also open to all existing shareholders, even if not accredited
investors, under the 'existing shareholder' exemption of National
Instrument 45-106 as promulgated in Multilateral CSA notice 45-313 in
The funds raised are for
the purpose of optimizing the silver recovery from the upgrading, processing
and refining of silver mineralization delivered to Mineral Solutions LLC, of
Coeur d Alene, Idaho, (BHS2018-36) from the Bayhorse Silver Mine, as well as for
general and administrative costs.
the Company subscribed for 1,000,000 of the Units of the placement.
is not basing any decision to produce on a feasibility study of mineral
reserves demonstrating economic and technical viability, and also advises there
is an increased uncertainty and specific economic and technical risk of failure
with any production decision. These risks include, but are not limited to, a
drop in price of commodities produced, namely silver, copper, lead and zinc,
from the pricing used to make a production decision. Failure of grades of the
produced material to fall within the parameters used to make the production
decision and increase in mining costs due to changes within the mine during
development and mining procedures. There are also metallurgical recovery
changes that cannot be anticipated at the time of production.
This News Release
has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors,
which accepts full responsibility for its contents. Dr. Stewart Jackson, PGeo.,
a Qualified Person and Consultant to the Company has prepared, supervised the
preparation of, and approved the technical content of this press release.
On Behalf of the Board.
Bayhorse Silver Inc., a junior
exploration company, has earned 100% interest in the historic Bayhorse Silver
Mine, Oregon, USA. The Company has an experienced management and technical team
with extensive exploration and mining expertise.
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.