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Kent Exploration Inc.

Publié le 10 décembre 2013

EXECUTES PROPERTY DISPOSAL AGREEMENTCc:

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December 4, 2013                                                                                    KEX2013-14                         

KENT EXPLORATION EXECUTES PROPERTY DISPOSAL AGREEMENT

 

Graeme O'Neill, President and CEO of Kent Exploration Inc (the "Company") reports that the directors of the Company have determined that it is in the best interests of the Company to reduce project carrying costs and dispose of properties it considers non-core, in order that it can focus on those projects that will better provide shareholder value.  Additionally, the Company intends on utilizing any funds received from any dispositions to bolster the Company's balance sheet and to minimize possible future potentially dilutive financings.

 

The Company's director's consider the three New Zealand gold projects, Alexander River, Red Queen, and Paparoa, along with the historic Bayhorse Silver mine in Oregon as its core projects. Significant funds have already been spent advancing the New Zealand gold projects, and a diamond drill program is being planned for early 2014, while in the near term, Bayhorse will undergo cleaning of the adits for safe access, and an prepare for underground sampling program.

 

Additionally, the Company has made an application to the TSX Venture Exchange to rename the Company "Bayhorse Silver Inc" and has applied for a new symbol and CUSIP number.

 

The Company also reports that as part of the disposal of non-core properties, it has entered into a stock purchase agreement dated December 4, 2013 with SBS Mining Ltd and its Investment Partners, Aurora Industrial Minerals Pte. Ltd. and Planet Group Investment GmbH  whereby the Buyers will purchase all outstanding shares of Kent Exploration (USA) Inc. a wholly owned subsidiary of the Company which holds the rights to the Ivanhoe Creek Bentonite property in the State of Nevada, and its wholly owned subsidiary Kent Resources USA Inc., which holds the rights to the Flagstaff property in the State of Washington.  SBS and the Company are parties to a loan and option agreement dated August 29, 2012, whereby SBS was granted an option by the Company to acquire the Properties.  Accordingly, the Buyers are exercising this option by  purchasing all of the outstanding shares of Kent USA, retiring $350,000 in debt, and paying $123,531 in cash while Kent will retain a 30% Net Profit Interest in Kent Resources USA Inc and a 15% Net Profit Interest on the Ivanhoe Creek property.

 

Subject to acceptance for filing by the TSX Venture Exchange, closing is scheduled for December 4, 2013. 

 

ABOUT KENT EXPLORATION

 

Kent Exploration Inc. is a junior exploration company with a 100% interest in its three major high grade gold prospects (Alexander River, Paparoa and Lyell), in the highly prolific West Coast South Island gold fields of New Zealand, and is acquiring an 80% interest in the historic Bayhorse Silver Mine in east-central Oregon.

The Company has an experienced management and technical team with extensive exploration expertise and offers investors the potential for a major gold discovery on its New Zealand gold projects and a significant silver discovery at the Bayhorse Silver mine.. 

This News Release has been prepared on behalf of the Kent Exploration Inc. Board of Directors, which accepts full responsibility for its contents.

 

ON BEHALF OF THE BOARD

 

"Graeme O'Neill"

 

Graeme O'Neill, President

 

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.

 

Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company, including with respect to completion of the disposition of assets and the anticipated results thereof.  These statements are subject to a number of risks and uncertainties.  Actual results may differ materially from results contemplated by the forward-looking statements.  There is no guarantee that the disposition will be completed as proposed or at all. The disposition remains subject to approval of the TSX Venture Exchange.  When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements.  The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf except as required by law.

 


Kent Exploration Inc. | +1-604-684-3394 | alan@kent-exploration.com | http://www.kent-exploration.com
410-744 West Hastings St.
Vancouver, V6C 1A5

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Kent Exploration Inc. | 410-744 West Hastings St. | Vancouver | British Columbia | V6C 1A5 | Canada
Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

Kent Exploration Inc.

EXPLORATEUR
CODE : KEX.V
ISIN : CA07278W1095
CUSIP : 490558103
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Kent Expl. est une société d’exploration minière d'or basée au Canada.

Kent Expl. détient divers projets d'exploration au Canada.

Ses principaux projets en exploration sont ROSEBUD en USA, SILVER HILL, FLAGSTAFF, IVANHOE CREEK et CASAT LAKE au Canada, GNAWEEDA en Australie et LYELL en Nouvelle-Zelande.

Kent Expl. est cotée au Canada. Sa capitalisation boursière aujourd'hui est 1,0 millions CA$ (955 625 US$, 695 408 €).

La valeur de son action a atteint son plus bas niveau récent le 24 décembre 2008 à 0,03 CA$, et son plus haut niveau récent le 15 janvier 2010 à 2,50 CA$.

Kent Expl. possède 10 121 000 actions en circulation.

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Financements de Kent Exploration Inc.
05/07/2011Closes 1st Tranche of Private Placement for $316,250
07/04/2011Closes 1st Tranche of Private Placement for $421,000
16/01/2008 ANNOUNCES $500,000 PRIVATE PLACEMENT
11/05/2007Private Placement
Projets de Kent Exploration Inc.
10/12/2013EXECUTES OPTION AGREEMENT ON BAYHORSE SILVER MINE
10/12/2013EXECUTES PROPERTY DISPOSAL AGREEMENTCc:
07/11/2013ENTERS INTO LETTER AGREEMENT ON BAYHORSE SILVER MINE
28/05/2013(Flagstaff)notes graphitic occurrences at flagstaff WA project
13/11/2012(Lyell)Applies for NZ Lyell Gold Project Exploration Permit
30/10/2012Reports On Archean Star Acquisition
27/09/2012from Kent Exploration Inc.
14/09/2011Archean Star Resources News Release
16/07/2011Jay Taylor puts a buy recommendation on Kent Exploration
14/06/2011(Lyell)s Lyell Gold Project in New Zealand
02/06/2011(Flagstaff)s Flagstaff Mountain Barite Project
09/02/2009(Reefton Project)Options CanAlaska Reefton Gold Property
17/07/2008(Flagstaff)Mining Permit Application On Flagstaff, Wa, Property
06/02/2008(Flagstaff)Flagstaff, WA Property - Drill Results
23/01/2008(Flagstaff)FLAGSTAFF PROPERTY, WA - PRELIMINARY QEMSCAN ANALYSIS RECEIV...
14/01/2008(Ivanhoe Creek)STAKES ADDITIONAL IVANHOE CREEK PROPERTY
Communiqués de Presse de Kent Exploration Inc.
22/11/2013ANNOUNCES NON-BROKERED PRIVATE PLACEMENT, AND COMPLETION OF ...
12/11/2013ANNOUNCES PLAN OF ARRANGEMENT IN CONJUNCTION WITH AGM.
13/05/2013Files Alexander Gold Mine NI-43-101 Report
19/02/2013Clarifies Alexander River Disclosure
18/01/2013News Release
07/01/2013News Release
11/10/2012Announces Record Date for Consolidation
18/04/2012News Release
12/04/2012News Release
16/03/2012Announcement
16/01/2012Video and Cambridge House Invite
12/01/2012Shareholder Update
05/08/2011News Release
18/04/2011News Release
13/04/2011Increases Private Placement to 7.71 Million Units and Closes...
24/03/2011Reports Archean Star Resources (TSX VENTURE:ASP) To Commence...
10/03/2011Commences Alexander River Diamond Drill Program
01/03/2011Archean Star Resources Inc Received Conditional Listing Acce...
06/11/2008Receives First 24 Coal Prospecting Permits
29/07/2008Applies For Additional 37,120 HA Of Coal Disposition Permits
15/07/2008Applies For Additional 43,776 HA Of Coal Disposition Permits
14/05/2008Saskatchewan Coal Permit Applications Made
29/10/2007 Flagstaff Drill Program Commences
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