Kent Exploration Notes Substantial Increase in Barite Prices
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/28/13 -- Kent Exploration Inc. (TSX VENTURE:KEX)(OTCBB:KXPLF) (the "Company" or "Kent") reports that the United States Geological Survey ("USGS") has released its 2013 Annual Pricing Survey for the 2012 year and notes that the estimated barite supply pricing fob mine for 2012 averaged US$89 per ton.
This reported 2013 pricing is a substantial 31.4% increase from the prior reported 2012 estimate of $61 per ton, as barite for oil and gas well drilling has experienced a strong and steady demand over the past number of years. Annual estimated production from US sources has decreased by a total of 11% since the 2011 USGS barite pricing report, while demand has increased by 380,000 tons in the same period. The USGS has revised the prior pricing estimates shown in its 2012 report from US$45 per ton in 2007 to US$73 per ton, while the current report notes a price change for the 2011 year from US$61 per ton to US$86 per ton.
The Company has a take off Agreement in place with Albar Industrial Minerals to provide a minimum 20,000 tons of 4.1 specific gravity ("SG") barite per year, that for 2013 is priced for delivery at the mine gate at the now prevailing USGS reported price of $89 per ton.
The Company is currently permitted to produce up to 100,000 tons of barite annually from its Flagstaff Mountain property.
Kent Exploration Inc. is a junior exploration company with a 100% interest in all its major projects, and is planning on building shareholder value through establishing cash flow from its permitted Flagstaff Mountain, WA, barite mine. Any positive cash flow is intended to reduce dilution and fund exploration on 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. Additional shareholder value has been established through its approximately 15% interest in Archean Star Resources Inc, ("Archean") which is listed on the TSX Venture Exchange under the symbol ASP.
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.
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, President
Neither the TSX Venture Exchange, nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), has reviewed, nor do they accept responsibility for, the adequacy or accuracy of this news release.
Contacts:
Kent Exploration Inc.
Graeme O'Neill
President
604-684-3394 or Toll free: 1-866-399-6539
1-888-282-7763 (FAX)
www.kent-exploration.com
Source: Marketwire (February 27, 2013 - 7:01 PM EST)
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