Bayhorse Spin-Out Silcom Systems Executes Deal with Pasinex Resources Ltd.
Bayhorse Spin-Out Silcom Systems Executes Deal with
Pasinex Resources Ltd.
Vancouver, British Columbia--(Newsfile Corp. - December 7, 2017) - Bayhorse Silver Inc. (TSXV: BHS) ("Bayhorse" or the
"Company") is pleased to report that Silcom Systems Inc, a share dividend Spin Out to shareholders of Bayhorse Silver Inc, has
entered into an Option Agreement on its 80% Optioned Gunman Project with Pasinex Resources Limited, (PSE) a CSE
Exchange listed company.
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-o
u
t
s
of
shares of a new compan
y
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 experience
d
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
604-684-3394
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.