Business
Bayhorse Silver Executes Formal Offtake Agreement with Ocean Partners Ltd. for Bayhorse Silver Concentrate
Vancouver, British Columbia--(Newsfile Corp. - January 20, 2021) - Bayhorse Silver Inc. (TSXV...
About this update from Bayhorse Silver Inc.
[{"type":"text","content":"Bayhorse Silver Executes Formal Offtake Agreement with Ocean Partners Ltd. for Bayhorse Silver ConcentrateVancouver, British Columbia--(Newsfile Corp. - January 20, 2021) - Bayhorse Silver Inc. (TSXV: BHS) (the \"Company\" or \"Bayhorse\") is pleased to announce that it has executed a Definitive Offtake Agreement with Ocean Partners UK Limited, (\"Ocean\") for the sale of silver/copper concentrate from its Bayhorse Silver Mine in Oregon, USA. The initial offtake agreement is for the delivery and sale of 300 metric tons or 15 full container loads of silver/copper concentrate that is being produced from the Company's Bayhorse Silver Mine. Among other conditions, Ocean has the right of first refusal to a 12 month contract extension after completion of the delivery of the first 300 metric tons of silver/copper concentrate.The terms and conditions of the Agreement are confidential between the parties. \"This Offtake Agreement for silver/copper concentrate from the Bayhorse Silver Mine is a milestone achievement for the Company and demonstrates confidence in the Company's ability to transition from development to commercial operations,\" states Graeme O'Neill, CEO of Bayhorse. \"I congratulate our team for this achievement and look forward to achieving our concentrate production targets utilizing our newly acquired operations site in Payette, ID, USA where we plan to relocate our concentrate processing facilities.\"Jay Hemenway, Senior Trader in charge of By-Products, Precious and Minor Metals (USA) for Ocean states, \"We are pleased to partner with Bayhorse and look forward to a long-term relationship as Bayhorse further develops its silver mining operations.\"The Company is not basing any decision to produce on a feasibility study of mineral reserves demonstrating economic and technical viability and advises there is an increased uncertainty and specific economic and technical risk of failure with any production decision. These risks include, but are not limited to, (i) a drop in price of commodities produced, namely silver, copper, lead and zinc, from the pricing used to make a production decision; (ii) failure of grades of the produced material to fall within the parameters used to make the production decision; (iii) an increase in mining costs due to changes within the mine during development and mining procedures; and (iv) metal...