Business
Bayhorse Silver Inc Exercises AMCOR Option on the Bayhorse Silver Mine LLC Mining Lease
Vancouver, British Columbia--(Newsfile Corp. - May 18, 2017) - Bayhorse Silver Inc., (TSXV: BH...
About this update from Bayhorse Silver Inc.
[{"type":"text","content":"Bayhorse Silver Inc Exercises AMCOR Option on the Bayhorse Silver Mine LLC Mining LeaseVancouver, British Columbia--(Newsfile Corp. - May 18, 2017) - Bayhorse Silver Inc., (TSXV: BHS) (\"Bayhorse\" or the \"Company\") has advised American Cordillera Mining Corp (\"AMCOR\") that it has met the minimum expenditures as detailed in the Mining Lease Option Agreement (the \"Option Agreement\") dated December 4, 2013 with respect to the Bayhorse Silver Mine.As of May 2, 2017, the Company has expended in excess of the minimum US$1,500,000 of required property expenditures as defined in the Option Agreement and has exercised its option to acquire an 80% undivided right, title and interest in and to AMCOR's Mining Lease with Bayhorse Silver Mine LLC on and to the Bayhorse Silver Mine.The Company has issued the remainder of the 500,000 common shares of the Company in accordance with the Agreement.AMCOR is required to deliver to the Company a registerable transfer document confirming that the Company holds an 80% Leasehold Interest and AMCOR holds a 20% Leasehold Interest, respectively, in the Mining Lease. In accordance with the provisions of S. 8.1 of the Agreement, Bayhorse formally advised AMCOR that it had made a \"Decision to Mine\" and in accordance with the Option Agreement a Joint Venture is automatically deemed to have been formed in accordance with Schedule \"C\" to the Option Agreement, with Bayhorse as the Operator.As of the date of this News Release, the Company has expended US$1,600,000 in property expenditures and as such the Initial Calculation for the Joint Venture expenditures shall be based upon that amount. As a result of the exercise of the Option and commencement of the Joint Venture, AMCOR and the Company are deemed to have the following Joint Venture Interests: Deemed Expenditures:                                           AMCOR $320,000                                Bayhorse $1,600,000Joint Venture Interest        &#...