Raises GBP 2.19 million

17 Jul 2007 07:00

Horizonte Minerals PLC17 July 2007 Horizonte Minerals plc / Index: AIM / Epic: HMZ / Sector: Mining 17th July 2007 Horizonte Minerals plc ('Horizonte' or 'the Company') Raises £2.19 million to develop resource projects in Brazil and Peru Horizonte Minerals plc, the AIM listed exploration and development company withmineral projects in Brazil and Peru, has raised £2.19 million through the issueof 10,940,000 new ordinary shares of 0.1p each at 20 pence per share. The fundsraised, with existing as well as new institutional investors, will be utilisedprimarily to fund the development of the Company's gold, silver, zinc and nickelprojects in identified mineral districts in Brazil and Peru. Horizonte aims to fast track the exploration programmes on its three coreassets, the Tangara gold project and the Lontra nickel project in Brazil and theEl Aguila silver-zinc project in Peru. At the Tangara gold project, the first phase drilling and follow-up detailedsurface soil sampling and ground Induced Polarization (IP) geophysical surveyhave been completed. A 1,500m diamond drilling programme has commenced followingthe definition of five new combined geophysical and geochemical gold targets.The principal target has a total extent of over 1.2 kilometres. The Lontra Nickel Project, situated in the Araguaia mobile belt, covers an areaof 25,556 hectares which flanks the eastern margin of the Carajas MineralProvince of northern Brazil. The area is a new nickel laterite province withseveral new major discoveries. Exploration work to date has defined 7 nickelanomalies. A shallow auger drilling programme is scheduled to commence in thenext few weeks to determine the grade continuity and size extent of theanomalies. At the El Aguila silver-zinc project in Peru, work to date has concentrated onincreasing the target size at Pacos Hill and defining the Zona Sur targets fordrilling. The geological model developed for the Zona Sur, based on the recentgeophysical programme, has demonstrated excellent continuity between thestructural, geochemical and geophysical anomalies. A 2,000 meter diamonddrilling programme is planned for September to test the Zona Sur target area. Commenting on the placing, CEO Jeremy Martin stated, "We are very pleased toannounce this £2m placing which highlights the continued support that Horizontehas from both institutional and individual shareholders. On the ground theprojects are developing well and we have an active 6 months ahead of us withmultiple drill programmes scheduled. We are firmly focussed on our strategy ofgenerating new exploration projects which demonstrate the potential to hostlarge scale mineral systems. Our objective in the next six months is to have amajor company partner in place on both the Tanagra gold project and the ElAguila silver, zinc project thereby proving our business model and crystallisingvalue for shareholders through organic growth. In addition, it is Horizonte'saim to become the preferred exploration partner of the Major companies inBrazil." * * ENDS * * For further information visit www.horizonteminerals.com or contact: Jeremy Martin/David Hall Horizonte Minerals plc Tel: 020 7495 5446David Paxton Hichens Harrison Tel: 020 7382 7785Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477John Frain/Fergal Meegan Davy Tel: +353 1679 6363 Notes to Editors: Horizonte Minerals Plc is an AIM listed mineral resources exploration groupfocused on the discovery, appraisal and development of gold and base metaldeposits in Brazil and Peru. The Group's has two flagship gold explorationprojects in Brazil, and one silver-zinc-lead project in Peru as well asadditional gold, zinc and nickel exploration projects in Brazil. The twoBrazilian gold projects, Tangara and Falcao, are located to the south of thehighly prospective Carajas Mineral Province. Both projects cover an area ofapproximately 300 sq km and are centred over greenstone belts, with known goldmineralisation. The scale of these project areas, the overall aerial extent ofthe mineralised system and the high density and magnitude of related goldanomalies (identified in river sediments, surface soils and rocks), indicate thepotential for multiple deposit discoveries. The silver-zinc-lead project islocated in the historic mining district of Cerro de Pasco in Central Peru.Sampling and limited historic drilling on this project has demonstrated the highgrade potential of this project. The Group has a joint venture with Australiangold producer Troy Resources NL's 70% owned local subsidiary Sertao MineracaoLtda to advance its Goias Velho gold exploration project in Brazil. Additionalprojects include the 4,660 hectare on the prospective Achaean aged Crixasgreenstone belt, where multiple nickel-copper anomalies have been defined andthe 25,556 hectare Lontra Ni Project situated in the Araguaia mobile belt, whichflanks the eastern margin of the Carajas Mineral Province of northern Brazil. This information is provided by RNS The company news service from the London Stock Exchange