Kent Exploration (TSXV:KEX) Commences Operation at Barite Mine in US - Video Summary Posted on www.InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, August 23, 2011 - Kent Exploration (TSXV:KEX)
commences operation at its fully permitted Barite Mine. The company's Barite
Mine, located at Flagstaff Mountain in Steven's County, Washington, consists of
36 unpatented claims, covering 720 acres.
InvestmentPitch.com has produced a "video news alert" about Kent Exploration. If
this link is not enabled, please visit www.InvestmentPitch.com and enter "Kent"
in the search box.
The previous mine operator, C. E. Minerals, operated the project for
approximately 4 years, which ended in 1984 due to market conditions. Based in
Paris, France, C.E. Minerals is a world leader in the manufacture and supply of
industrial minerals. While under C.E. Minerals control, they conducted
approximately 19,000 feet of rotary air blast drill holes during delineation of
the barite deposit.
Kent has obtained substantially all of the historic mine data, including a
layered physical model of the deposit, survey maps, drill hole data, assays,
doctoral theses etc., prior to performing approximately 1,300 feet of HQ diamond
drill holes through the barite that substantially confirmed the reported
historic grade and extent of the barite deposit.
C.E. Minerals, in its published reports, estimated there was a resource of
approximately 1,950,000 tons containing approximately 67% of 4.2 SG barite,
which would yield about 1.3 million tons of contained barite. We must caution
you that these are historic numbers and that they cannot be relied upon as
current minerals resources.
C. E. Minerals reportedly mined approximately 85,000 tons, and left about
30,000 tons of barite on the property. Kent has completed the initial processing
of this barite, and is now conducting secondary processing and upgrading to a
specific gravity of 4.1 for delivery at the mine gate to Albar Industrial
Minerals, who has an agreement to purchase a minimum 20,000 tons per annum. With
barite's current price of US$52 per ton, this could be worth roughly $1 million
per year. The company is permitted to mine up to 100,000 tons of barite per
annum.
As a side benefit, the company has received expressions of interest to purchase
up to 10,000 tons of waste rock this year for use in local construction
operations.
Nearly 95% of the barite sold in the United States is used as a weighting agent
in gas and oil well drilling fluids. Barite is also commonly used as a filler,
extender or weighting agent in products such as paints plastics and rubber.
Ultrapure barite, consumed as a liquid, is used as a contrast medium in medical
x-ray examinations.
Graeme O'Neill, President & CEO of Kent stated "We are very pleased that the
company has reached the significant milestone of having a permitted mine, and
any positive cash flow will assist us in funding ongoing exploration on our New
Zealand gold projects, the Silver Hill project in British Columbia, and in
reducing share dilution".
The shares currently trade at $0.08, and with approximately 66 million shares
outstanding, is capitalized at $5 million. Earlier this year, the company spun-
off its Australian gold properties into a new company, Archean Star, which was
issued as a dividend to shareholders.
For a more information on Kent's many projects, visit their website www.kent-
exploration.com, phone 604-684-3394 or email company(at)kent-exploration.com.
InvestmentPitch.com is a multimedia company that provides a combined solution
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multiple platforms to investors and financial professionals.
CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
bmorgan(at)investmentpitch.com
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Source: InvestmentPitch via Thomson Reuters ONE
[HUG#1540687]
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Datum: 23.08.2011 - 23:48 Uhr
Sprache: Deutsch
News-ID 58582
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