Bayport International Holdings, Inc. ( PINKSHEETS : EXTO ) is pleased to announce the culmination of the first round of comprehensive testing and assay results. As our shareholders are well aware, Bayport has filed with the Bureau of Land Management (BLM) and State of Utah, Department of Natural Resources, Division of Oil, Gas and Mining to commence small mining operations on the first few of our mining claims. Not all claims have been tested and assayed. This will come in the next testing phase.
Assay results from Auric Metallurgical Laboratories are now in hand. These results are all we could have hoped for. The first of the claims tested shows quantities of gold at 0.279 troy ounces per ton and Silver at 0.267 troy ounces per ton. While the pricing of gold significantly outweighs that of silver, it is nice to have both present. At today’s prices this equates nearly $400 per ton.
Assuming in the beginning stages that we move just twenty five (25) tons of earth per hour (one ton is approximately one scoop with the front end of a standard backhoe), working a ten hour workday and just 180 days per year due to inclement weather and mechanical difficulties would result in gross income of $18,000,000 per year, from just one claim (nearly 2 1/2 cents per share — income & 20 cents per share valuation).
In addition to the gold and silver, potentially profitable levels of magnetite (iron ore), palladium and other rare earth elements have been shown to exist in this claim.
Bayport will next determine methods to increase gross income and minimize expenditures. Information on the production phase will be forthcoming in a subsequent release.
