Bayhorse Spin-Out Silcom Systems Executes Deal with Pasinex Resources Ltd.
The Agreement provides Pasinex the right to acquire 100% of Silcom's right to earn-in on the Gunman Zinc Project under its March 23, 2017 Option Agreement (the "Option") with Cypress.
In return for providing Pasinex with the right to aquire the Silcom's interest, Pasinex is providing Silcom with US$100,000 and two million common shares of Pasinex upon signing followed by an additional US$100,000 and two million common shares of Pasinex on or before September 11, 2018. Pasinex will also assume all obligations under the Option with Cypress. Upon completion of the second installment of cash and shares, Pasinex will have acquired 100% of Silcom's right under the Option to acquire an 80% interest from Cypress in the Gunman zinc project.
President and CEO of Silcom, Bill Willoughby said: "Silcom is pleased to have executed the agreement with Pasinex and Cypress. The agreement enhances Silcom's position to move forward in becoming a listed company and allows us to evaluate other resource projects for acquisition. It also gives the Company an interest in Gunman through an equity position in Pasinex, who we are pleased to have as a partner. Pasinex is a zinc producer with cash flow from its operations in Turkey and the potential to grow into a mid-tier zinc company."
Bayhorse CEO Graeme O'Neill comments "Our policy at Bayhorse is to reward our loyal shareholders, either with advances by the Company, such as our recent commissioning of the Ore-Sorter at our Bayhorse Silver Mine, or with dividend spin-outs of shares of a new company to Bayhorse shareholders. Silcom is the second spin-out Bayhorse has created for its Shareholders." "As CEO of Bayhorse Silver, I am pleased that Silcom is making great strides toward an Exchange listing under the reins of Dr. Willoughby, a highly experienced and respected Mining Engineer. The mining industry is enhanced by strong and competent leadership and Dr. Willoughby, who has a long history of leading public companies, is creating great value for Silcom shareholders".
This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its contents. Dr. Clay Conway, P.Geol., a Qualified Person and Director of Bayhorse has prepared, supervised the preparation of, or approved the technical content of this press release.
On Behalf of the Board.
Graeme O'Neill, CEO
Bayhorse Silver Inc. has earned an 80% interest in the historic Bayhorse Silver Mine, Oregon, USA, through current underground development , and construction of concentrating facilities.
Bayhorse is also earning a 75% interest in the Bridging the Gap Project, consisting of past producing historic Crown Point, Silver King, Ranger, Wyoming, Curlew, and Blackhawk silver/lead/zinc mines of ASARCO in Idaho's Silver Valley.
The Company has an experienced management and technical team with extensive exploration and mining expertise.
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.