Kent Exploration Inc.
TSX VENTURE : KEX

Kent Exploration Inc.

November 18, 2008 09:20 ET

Kent Enters Into Barite Sales Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 18, 2008) - Kent Exploration Inc (the "Company") (TSX VENTURE:KEX) reports that it has entered into a Barite Sales Agreement with Matovitch Mining Industries ("MMIL"), whereby MMIL will purchase approximately 20,000 tons/year of 4.1 specific gravity barite from the Company's Flagstaff property.

The price to be paid is that published by the United States Geological Survey in its annually updated Mineral Commodity Summary - currently quoted at US$40.00/ton. The Company projects a gross annual revenue of approximately US$800,000 from this agreement.

The initial term of the Agreement is for ten years, renewable for an additional ten years on substantially the same terms. MMIL paid US$10,000 upon signing and must pay US$30,000 into escrow, of which US$10,000 is paid out upon mine plan approval, and the balance paid out on issuance of the mining permit.

MMIL is required to make annual minimum payments against barite purchases as follows: US$35,000 on the first anniversary of the agreement, US$40,000 on the second anniversary, US$45,000 on the third anniversary, and US$50,000 on the fourth and subsequent anniversaries.

Kent Exploration Inc is a junior exploration company that has a 100% interest in a mining lease option on the Flagstaff Mountain property, a gold/silver/zinc/barite prospect in eastern Washington state, has earned 50% of a 100% interest in the mining lease option on the Ivanhoe Creek property, a Midas-style gold/silver target, has a 50% of a 100% interest in the Ivanhoe Creek placer claims covering a bentonite deposit in Nevada's Carlin Trend, and has a 100% option on the Silver Hills property, a silver/lead/zinc prospect in south-eastern British Columbia.

The Company has received 24 coal prospecting permits covering 184 square kilometers in east-central Saskatchewan in close proximity to the "Adamas" coal discovery, and has a 100% interest in the Courtney Lake property, a silver/lead/zinc prospect in north-east Saskatchewan.

This news release contains certain forward-looking statements concerning the company's operations and performance.

Any such forward-looking statements are based upon a number of assumptions and estimates that are inherently subject to uncertainties and contingencies, many of which are beyond the control of the company, and are subject to change based on a wide range of economic and political conditions. Therefore, reliance should not be placed on forward-looking statements, because actual results may differ materially.

The company undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.

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

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Kent Exploration Inc
    Graeme O'Neill
    President
    (604) 684-3394 or Toll Free: 1-866-399-6539
    1-888-282-7763 (FAX)
    Website: www.kent-exploration.com