AGM Statement

RNS Number : 9890S

Horizonte Minerals PLC

29 May 2009

 



Horizonte Minerals plc / Index: AIM / Epic: HZM / Sector: Mining

29 May 2009

Horizonte Minerals plc ('Horizonte' or 'the Company')

AGM Statement

Horizonte Minerals plc, the AIM listed exploration and development company focused on Brazil and  Peru,  held its AGM on 28 May 2009, and all resolutions were duly passed.  

At the meeting, Chairman David Hall said, 'During the year we have made considerable progress in advancing  our portfolio of gold, silver and base metals exploration projects in Brazil and Peru. Furthermore, in line with our business model of adding value through development, we have successfully pursued and secured joint venture partnerships to fast track our projects whilst minimising Horizonte's risk exposure. As a result, I believe Horizonte is in a strong position to realise its growth potential.  

'Our association with Mineração e Siderugia Ltda. ('LGA'), establishing a 50:50 joint venture company, has increased investment in our early pipeline deposits, which will then be fast-tracked to development. Troy Resources is continuing to advance the Tangara gold project with exciting new results at the Rio Maria target. In order to exercise its option Troy must pay US$2 million and pay US$30/oz royalty on ounces produced, which is a significant return on our initial investment.   Furthermore we formed an agreement with Barrick Gold Corporation to develop the Pararapa gold-silver project in southern Peru where early evaluation of the project returned encouraging results. Our Lontra nickel project has been advanced and is developing into an important new nickel discovery which we will seek to maximise its value particularly due to its strategic location. With these developments in mind, I look forward to the coming year and market appreciation of the value created within the Company.'

* * ENDS * *

For further information visit www.horizonteminerals.com or contact:

Jeremy Martin	Horizonte Minerals plc	Tel: [phone]
David Hall	Horizonte Minerals plc	Tel: [phone]
Richard Baty	Hanson Westhouse Limited	Tel: [phone]
Martin Davison	Hanson Westhouse Limited	Tel: [phone]
Hugo de Salis	St Brides Media & Finance Ltd	Tel: [phone]
Felicity Edwards	St Brides Media & Finance Ltd	Tel: [phone]

Notes:

Horizonte Minerals plc is an AIM quoted exploration and development company with an extensive portfolio of gold, nickel, silver, lead and zinc projects in producing mineral districts in Brazil and Peru. It has three primary projects working towards a resource definition, including the 22,556 hectare Lontra nickel project situated in the Araguaia mobile belt, which flanks the eastern margin of the Carajas Mineral Province of northern Brazil, the silver-zinc-lead project El Aguilia in Peru, located in the historic mining district of Cerro de Pasco and the 2,147 hectare Pararapa gold property located in the Department of Arequipa, southern Peru, which it is advancing in tandem with Barrick Gold. Horizonte has a generative pipeline of early stage projects in development including the 300 sq km Falcao gold project located near the Lontra project. Furthermore the Company has established a 50:50 joint venture company with Mineração e Siderugia Ltda to finance the development of certain Horizonte pipeline projects and to identify and acquire with Horizonte suitable bolt-on mineral projects in Brazil.  

The Company is focused on generating and rapidly advancing exploration projects before joint venturing them with a major mining company to further develop the projects and provide mid-term cash flow, which can be fed back into the business and its other projects. This model was initially proven in December 2007 when Horizonte signed an option agreement with Troy Resources (ASX:TRY), to operate and develop its Brazilian Tangara gold project by expending a total US$2.8 million on exploration and development as well as a royalty payment on production.  

 

END

 

 

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