Bayhorse Silver Receives Buy Recommendation from Fundamental Research - Video Available on Investmentpitch.com

Vancouver, British Columbia--(Newsfile Corp. - April 19, 2018) - Today's buy recommendation comes from Fundamental Research Corp. Analyst Sid Rajeev gives Bayhorse Silver (TSXV: BHS) (OTCBB: KXPLF) (FSE: 7KXN) a buy rating and a fair value estimate of $0.62, a premium of 195% to the $0.21 closing price on April 10th, the day the report was issued.

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After spending just $4.8 million over four years on rehabilitation work, testing, acquisition and commissioning of equipment, management successfully put its 100% owned Bayhorse Silver Mine back into production in January 2018. Management estimates production of 640,000 to 1.28 million ounces of silver over the next 12 months.

The property package, which includes three patented and 18 unpatented claims, totaling approximately 1.32 square kilometres, is estimated to hold the largest known silver deposit in Oregon, with a high-grade historic reserve estimate of 160,000 tons at an average grade of 17 to 20 ounces per ton. Based upon a 3.5 ounce per ton cut-off, the estimate was 577,000 tons at an estimated average grade of 14 ounces per ton, for contained 8.08 million ounces of silver

A key benefit of being a historic producer is that the project has two accessible rehabilitated adits, 70 meters apart, where ore can be extracted. The upper adit extends approximately 800 feet, and the lower extends approximately 500 feet into the hill. An intermediate level can be reached via raises from the lower level and winzes from the upper.

Analyst Sid Rajeev stated: "In March 2018, the company reported 1.67 grams per tonne gold along with high grade silver sample results from the Legend, Sunshine and Big Dog mineralized zones. We consider the presence of gold to be highly encouraging as historic reports indicate the potential for gold of up to 10 grams per tonne. Overall, we believe the company has significantly expanded on the historic reserve estimate along strike (from 840 feet to over 2,000 feet) and along depth (from 20 feet to 70 feet). Recent programs also indicated bonanza silver grades, with potential for gold, copper, zinc and lead."

The company is using ore-sorting and Dense Medium Separation technology to upgrade material to more than 160 ounces per ton for direct shipping. It has an agreement with a third-party to direct ship material from the mine, for processing and refining at a site approximately 40 kilometres from the mine.

The shares are trading at $0.21, well below Fundamental's fair value estimate of $0.62.

For more information, please visit the company's website www.bayhorsesilver.com, contact Graeme O'Neill, President and CEO, at 604-684-3394 or email company@bayhorsesilver.com.

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