SANTA MONICA, CA, Aug 18, 2011 (MARKETWIRE via COMTEX) — Exit Only, Inc. (PINKSHEETS: EXTO) today announced that its recently acquired Bayport Corporation wholly owned subsidiary, Cosmic American Rare Earth (CARE), Inc. has acquired what the company believes to be high in value, the mineral claim rights of the WOW Property for 10,000,000 restricted shares. This is a placer property which allows for a more simple process of mining to be executed versus lode mining. The WOW Property is located in the Salt Lake Meridian Township within the southwest region of Utah.
The assay from the WOW Property has confirmed .324 ounces of gold per ton per day from sustained positive results from testing where 5,000 tons of earth per day is expected to be turned. This assay report for the WOW Property was done by Advanced Laboratories, Inc. under LAB NO. 30255-01. A copy of the Test Certificate of the assay report will be placed on the company’s website to view under the name of the company’s Mining Consultant, Mel Carson. A total of 1,620 ounces of gold per day is expected to be generated from this claim. The company expects the net cost for mining the claims for gold to be less than $600 per ounce of gold.
Silver and platinum were also present within this assay report, returning .277 and .005 ounces per ton respectively to be extracted at the same time of the gold extraction. A total of 1,385 ounces of silver and 25 ounces of platinum per day are expected to be generated from this claim. The company expects the net cost for mining the claims for silver and platinum to be less expensive due to being processed at the same time the company extracts the gold from these claims.
The company’s claims can be found within the U.S. Department of the Interior Bureau of Land Management (BLM) database under the BLM’s Land & Mineral Legacy Rehost 2000 System (LR2000) for Utah under its subsidiary CARE, Inc. and other claims information below:
Serial Number Quad Claim Name Claimant Case Type Section ------------- --------- ---------- ---------- --------- --------- UMC409842 SW SE WOW CARE, INC. 384201 005 UMC409842 SW SE WOW CARE, INC. 384201 006 UMC409842 SW SE WOW CARE, INC. 384201 008
President of Bayport James Louis Porter was quoted as saying, “We are all excited over this latest acquisition. The WOW Property was originally chosen for the significant amount of Rare Earth Elements (REEs) that are present there. We were excited to find the amount of gold, silver, and platinum present within the claims.”
More information will be released to further explain Bayport Corporation’s interests in other newly acquired gold and REEs properties to include other advancements from the company. We are coordinating private financing that would support us creating a plan of operation in anticipation of beginning production no later than the end of October 2011.
The company has coordinated with FINRA for officially changing the company’s name to Bayport Corporation and the assignment of a new ticker. We have also coordinated with the CUSIP Bureau for obtaining a new CUSIP#.
About Bayport Corporation
Bayport Corporation is a company formed to exploit the various precious minerals in the U.S. and Canada and to acquaint the public with practical investment opportunities in strategic metals and minerals. Bayport Corporation is a multi-faceted holding company active in strategic metals and precious minerals, energy production, wholesale seafood sales, natural foods processing, health and beauty products. The company is primarily focused on precious metals, rare earth, and other critical strategic metals. Bayport Corporation is developing mining properties with economic potential and the aim of bringing such properties to commercial production. The company’s portfolio of properties is primarily located in the prolific western USA in Nevada, Utah, Colorado, and Wyoming.