Bayhorse Silver Orders Specialized $1,000,000 Ore-Sorter Equipment to Eliminate Non-Mineralized Material from Silver Bearing Ore at Oregon Silver Mine - Video Available on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - May 3, 2017) - Bayhorse Silver (TSXV: BHS) (OTCBB: KXPLF) (FSE: 7KXN) has ordered state-of-the-art ore-sorter equipment for its Bayhorse Silver Mine in Oregon. The new equipment, a KSS100, Transmissive X-Ray Ore-Sorter, supplied by Steinert US at a cost of US$804,000, will be funded by a Interim Financing Loan agreement with NFS Leasing.
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The equipment 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.
Graeme O'Neill, President & CEO, stated: "Mining, crushing and processing mineralized material to recover or concentrate minerals, is a very costly process. By removing up to 65% of non-mineralized material from the mined material before it enters the main process stream, effectively pre-concentrating it, substantial cost savings can be made. The Steinert KSS XRT Ore-Sorter System is a proven technology that allows mines to reduce their footprint and become more environmentally friendly."
The company is currently raising up to $750,000 by way of a non-brokered offering of $0.15 units, with each unit consists of one share and one full warrant, with each warrant exercisable at $0.25 for a period of 24 months. The funds will be used to recommence underground operations to extract up to 10,000 tons of mineralized material from the Bayhorse Mine, for crushing and upgrading operations, as well as for general and administrative costs.
The company has incurred approximately US$1.4 million of the US$1.5 million in expenditures required to earn its 80% interest in the project, and anticipates completing the balance of US$100,000 by the end of May 2017.
The Bayhorse Mine has a rich history with mining conducted intermittently since the early 1920's, closing after the price of silver dropped below US$6 per ounce in late 1984. According to the 1959 edition of "Minerals Production Yearbook", reported historic production from the Bayhorse Mine totalled 286,000 ounces of silver from 8,300 tons of mineralization, for an average grade of 34.5 ounces per ton, or 1,183 grams per tonne silver.
Bayhorse is also earning a 75% interest in the past producing Bridging the Gap Project, located in the highly prolific silver producing district of the "Silver Valley" in northern Idaho, adjacent to the Bunker Hill Mine.
The shares are trading at $0.16 and with 42 million shares outstanding, the company is capitalized at $6.7 million.
For more information, please visit the company's website www.bayhorsesilver.com, contact Graeme O'Neill, President and CEO, at 604-684-3394 or email company@bayhorsesilver.com.
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