Bayhorse Silver Signs LOI for Off-Take of Silver from Bayhorse Silver Mine in Oregon - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - August 16, 2017) - Bayhorse Silver (TSXV: BHS) (OTC: KXPLF) (FSE: 7KXN) has signed a Letter of Intent covering an off-take agreement for silver production from the Bayhorse Silver Mine. The agreement is with Minerals Solutions LLC of Coeur d'Alene, Idaho, a joint venture between Liberty Refiners LLC of Hayden, Idaho and Irish Metals LLC, of Coeur d'Alene, Idaho.
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The company will provide Minerals Solutions with direct shipping material from its 80% owned Bayhorse Silver Mine, located in Oregon. Minerals Solutions will concentrate, process, refine and sell the refined silver on behalf of Bayhorse, with Bayhorse retaining the option to take delivery of the refined silver.
The company recently acquired state-of-the-art ore-sorter equipment from Steinert US. The new equipment, a KSS100, Transmissive X-Ray Ore-Sorter, has up to a 40 ton per hour sorting capacity, and is extremely cost effective as it does not require any water and has an extremely low power draw.
Using this equipment, Bayhorse will be producing two materials, a direct shipping grade of 3,000 grams per tonne silver or better, and a lower grade flotation grade material. Materials Solutions is evaluating processing options for the lesser grade material.
Bayhorse has undertaken to begin delivery in October of the higher grade, minimum 3,000 grams per tonne silver material. Bayhorse will initially provide Minerals Solutions with a minimum 1,000 kilogram sample to establish the cost of processing that will form the basis of the formal processing agreement.
Liberty has refined precious metals since 2008 and is currently the exclusive refiner for the Sunshine Mint.
Michael Irish, of Irish Metals LLC, has been a consultant to the mining and recycle industries since 2014 and was the principal metallurgist at the development of the "Sunshine Refinery part of Sunshine Mine Complex" in Idaho's highly prolific "Silver Valley". Michael was instrumental in designing the silver recovery circuit.
Michael and Rick Hurt of Liberty Refiners, have developed a proven hydro-metallurgical process to recover refined silver of .999 fineness from mill flotation, gravity, or direct shipping concentrate, eliminating the need for the smelter step. This process is particularly suited to tetrahedrite, the prominent silver bearing mineral at the Bayhorse Silver Mine.
Rick Hurt, of Liberty Refiners LLC stated: "This process provides producers an alternative processing solution to offset the reduction in smelter capacity in the United States. This reduction has forced many silver mining operations to either export their concentrates offshore, where the high costs of shipping, smelting and refining is at significant cost, reducing profitability, or due to the high costs, making many silver mines uneconomic. With the increasing concern about the jurisdictions where metals come from, especially the focus by buyers on avoiding conflict minerals, we can guarantee the source of the refined products we produce."
Graeme O'Neill, President & CEO, stated: "Our agreement with Minerals Solutions LLC for processing the Bayhorse direct shipping material allows us refining options that were not formerly available to us, and we look forward to working in close association with Minerals Solutions."
Bayhorse is also earning a 75% interest in the past producing Bridging the Gap Project, in Idaho's Silver Valley.
The shares are trading at $0.20 and with 50.8 million shares outstanding, the company is capitalized at $10.2 million.
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Source: Newsfile Corp.