Press release from CNW Group
Horizonte Minerals Plc - Financial results for the first quarter 2013 and Management's Discussion and Analysis for three months ended 31 March 2013
Wednesday, May 15, 2013
Horizonte Minerals Plc - Financial results for the first quarter 2013 and Management's Discussion and Analysis for three months ended 31 March 201302:00 EDT Wednesday, May 15, 2013
TORONTO, May 15, 2013 /CNW/ - Horizonte Minerals Plc, (AIM: HZM, TSX: HZM) ('Horizonte' or 'the Company') the exploration and development company focused in Brazil, announces that it has today published its unaudited financial results for the three month period to 31 March 2013 and the Management Discussion and Analysis for the same period.
Both of the above have been posted on the Company's website at www.horizonteminerals.com and are also available on SEDAR at www.sedar.com.
Highlights for the first quarter of 2013:
- Significant exploration progress made at 100% owned flagship Araguaia Nickel Project ('Araguaia') located south of the Carajas mining district in northern Brazil
- 299 holes (8,688m) complete of Phase 3 infill drilling programme on the Jacutinga, Vila Oito West, Vila Oito, Vila Oito East and Pequizeiro West targets at Araguaia
- A number of high grade intercepts received including 23.2m grading 2.09% nickel
- Programme designed to convert sufficient resource material to the Indicated category to provide a minimum of 20 years mine life to feed into the Pre-Feasibility Study
- Current resource stands at 39.3Mt grading 1.39% Ni (Indicated) and 60.9Mt at 1.22% Ni (Inferred)
- Metallurgical testing with FLSmidth confirmed Araguaia ore is suitable for treatment via high temperature Rotary Kiln-Electric Furnace route, a proven technology
- Awarded contract to Snowden Mining Consultants to supervise and undertake an updated resource estimate that will form the basis for the Pre-Feasibility Study
- In final stages of selection of a consulting group for the Pre-Feasibility Study which is scheduled for completion in Q4 2013/Q1 2014
- Strengthened institutional shareholder base - Henderson Global Investors increasing its holding in Horizonte to 13.03%.
About Horizonte Minerals:
Horizonte Minerals plc is an AIM and TSX listed exploration and development company focused in Brazil which wholly owns the advanced Araguaia nickel project located to the south of the Carajas mineral district of northern Brazil. The project currently has an estimated mineral resource of 39.3Mt grading 1.39% Ni (Indicated) and 60.9Mt at 1.22% Ni (Inferred) at a 0.95% nickel cut-off.
The Company has completed a Preliminary Economic Assessment at Araguaia that illustrates robust economics based on low strip ratio with good infrastructure. It is Horizonte's intention to complete a Pre-Feasibility at Araguaia to further prove the economics of the project.
In addition it has support from its major shareholder, Teck Resources. The company is well funded to accelerate the development of its core project.
David Hall (BSc MSc Fellow SEG PGeo), Chairman of Horizonte Minerals plc, has over 30 years of experience in the mining industry and the exploration, definition and mining of mineral resources and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration, and to the type of activity which he is undertaking to qualify as a Qualified Person in accordance with NI 43-101 and a Competent Person as defined in the June 2009 Edition of the AIM Note for Mining and Oil & Gas Companies. David Hall consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears and confirms that this information is accurate and not false or misleading.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION
Except for statements of historical fact relating to the Company, certain information contained in this press release constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the potential of the Company's current or future property mineral projects; the success of exploration and mining activities; cost and timing of future exploration, production and development; the estimation of mineral resources and reserves and the ability of the Company to achieve its goals in respect of growing its mineral resources; and the realization of mineral resource and reserve estimates. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks related to: exploration and mining risks, competition from competitors with greater capital; the Company's lack of experience with respect to development-stage mining operations; fluctuations in metal prices; uninsured risks; environmental and other regulatory requirements; exploration, mining and other licences; the Company's future payment obligations; potential disputes with respect to the Company's title to, and the area of, its mining concessions; the Company's dependence on its ability to obtain sufficient financing in the future; the Company's dependence on its relationships with third parties; the Company's joint ventures; the potential of currency fluctuations and political or economic instability in countries in which the Company operates; currency exchange fluctuations; the Company's ability to manage its growth effectively; the trading market for the ordinary shares of the Company; uncertainty with respect to the Company's plans to continue to develop its operations and new projects; the Company's dependence on key personnel; possible conflicts of interest of directors and officers of the Company, and various risks associated with the legal and regulatory framework within which the Company operates.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
SOURCE: Horizonte Minerals plc
For further information:
visit www.horizonteminerals.com or contact:
Jeremy Martin, Horizonte Minerals plc, Tel: +44 (0) 20 7763 7157
David Hall, Horizonte Minerals plc, Tel: +44 (0) 20 7763 7157
Joanna Weaving, finnCap Ltd (Corporate Broking), Tel: +44 (0) 20 7220 0500
Matthew Robinson, finnCap Ltd (Corporate Finance), Tel: +44 (0) 20 7220 0500
Felicity Edwards, St Brides Media & Finance Ltd (PR), Tel: +44 (0) 20 7236 1177
Lottie Brocklehurst, St Brides Media & Finance Ltd, Tel: +44 (0) 20 7236 1177