Vancouver-based resource microcapper Kent Explorations (TSX:V.KEX
, Stock Forum
) has followed on from a successful two-month stock run with a name change
In line with its signing Tuesday of an option and joint venture agreement to earn an 80% stake in AMCOR Exploration’s 100% leasehold interest in the Bayhorse Silver Mine
, the company will now be referred to as Bayhorse Silver.
The property is approximately 7 miles by county road from Huntington, Oregon, on the BN rail line, with road access and power at the property boundary, approximately 500 feet from the main adit entrance.
Mining has been conducted intermittently at Bayhorse since the early 1920's and the mine last closed after the price of silver dropped to under US$6/oz in late 1984. The property has remained dormant since.
According to the company, “To earn the Option, the Company is required to (i) pay an aggregate of US$25,000 to AMCOR (OBB:AUAG
, Stock Forum
) (US$5,000 paid); (ii) issue an aggregate of 1,500,000 common shares to AMCOR in stages over five (5) years, with 500,000 common shares are issuable within five (5) days of TSX-V acceptance, a further 500,000 common shares issuance on the third anniversary of TSX-V acceptance and the remaining 500,000 common shares issuance on the fifth anniversary of TSX-V acceptance; and (iii) incur not less than an aggregate of US$1,500,000 of expenditures over five (5) years, of which US$500,000 is a firm commitment.”
The company also has a 100% interest in three New Zealand high grade gold prospects (Alexander River, Paparoa and Lyell).
The name-change is immediate and the new ticker symbol for Bayhorse will be V.BHS.
Shares in Kent/Bayhorse are up 284% since late September, moving from $0.035 to $0.10.
The company has a market cap of just $1.38 million and 13.78 million shares outstanding.
FULL DISCLOSURE: Kent Exploration/Bayhorse Silver is a Stockhouse Publishing client, but has not paid for this article.