HZM.L Regulatory News (HZM)

11 Mar 2008 12:52

Horizonte Minerals PLC11 March 2008 Horizonte Minerals plc / Index: AIM / Epic: HZM / Sector: Mining 11 March 2008 Horizonte Minerals plc ('Horizonte') Quarterly Exploration Update to Shareholders Horizonte Minerals plc, the AIM listed exploration and development companyfocused on Brazil and Peru, has today sent a Quarterly Exploration Update toshareholders, giving an overview of its current projects and summarising recentnews. An extract from the update is provided below; "The Horizonte field teams have been making good progress over the last threemonths. In Brazil the principle focus is now the Lontra Nickel Laterite project,where we are working towards resource definition. In Peru, we have significantlyincreased field activity, a 1,600m diamond drilling programme was concluded onthe El Aguila project in late December, and in the last two months, over 14projects have been reviewed with three now under exclusive due diligence. The Company is set for growth in 2008, with three intermediate stage projectsbeing worked towards resource definition, a generative programme of pipelineprojects and a healthy cash position of £2.2 million to fund exploration. Inaddition we have a solid and expanding economic management team and newcorporate presence in London. When you benchmark our current marketcapitalisation against peer group companies operating in the region we believeHorizonte represents a value story." The Exploration Update is available on Horizonte's websitewww.horizonteminerals.com. * * ENDS * * For further information visit www.horizonteminerals.com or contact: Jeremy Martin/David Hall Horizonte Minerals plc Tel: 020 7495 5446Jeremy Porter/Laura Littley Fairfax I.S. PLC Tel: 020 7598 5368Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes to Editors: Horizonte Minerals plc is an AIM listed exploration and development company withan extensive portfolio of gold, nickel, silver, lead and zinc projects inproducing mineral districts in Brazil and Peru. It has three primary projectsworking towards a resource definition including the 22,556 hectare Lontra nickelproject situated in the Araguaia mobile belt, which flanks the eastern margin ofthe Carajas Mineral Province of northern Brazil, the silver-zinc-lead project ElAguilia in Peru, located in the historic mining district of Cerro de Pasco andthe 300 sq km Falcao gold project located near the Lontra project. In additionit has a generative pipeline of early stage projects in development. The Company is focused on generating and rapidly advancing exploration projectsbefore joint venturing them with a major mining company to further develop theprojects and provide mid-term cash flow, which can be fed back into the businessand its other projects. This model was proven in December 2007 when Horizontesigned an option agreement with Troy Resources (ASX:TRY), to operate and developits Brazilian Tangara gold project by expending a total US$2.8 million onexploration and development as well as a royalty payment on production. This information is provided by RNS The company news service from the London Stock Exchange