Update re El Aguila

18 Jul 2006 07:00

Horizonte Minerals PLC18 July 2006 Horizonte Minerals plc / Index: AIM / Epic: HMZ / Sector: Mining 18 July 2006 Horizonte Minerals plc ('Horizonte' or 'the Group') EL AGUILA DEMONSTRATES HIGH GRADE SILVER POTENTIAL Horizonte Minerals plc, the AIM listed exploration and development companyfocused on Brazil and Peru, is pleased to announce positive results from thefirst phase of underground and surface sampling on its 100% owned El Aguilasilver-lead-zinc project in Peru. Highlights: • Continuous channel sampling across replacement style mineralisation around the 'Veta Sur' vein returned 6 metres grading 10.7 oz/t Ag, 7.8 % Pb and 5.9 % Zn. (R-6502 & R-6503). • Underground vein sample (R-6251) returned 1.2 metres grading 13.9 oz/t Ag, 8.8% Pb, 2.2% Zn and 0.46 g/t Au. • Surface trench sampling (R-6275 to R-6282) returned 16 metres grading 4.6 oz/t Ag, 2.8% Pb and 0.7% Zn, including (R-6278) 2 metres at 9.1 oz/t Ag, 6.8% Pb and 1.1% Zn (TR-2). • A bulk sample of 24.5 kg from old mine dumps at Pacos Hill returned 12.2 oz/t Ag, and 13.7% Pb (R-6509). Horizonte CEO Jeremy Martin said: "These are positive results and reinforce ourbelief that there is a significant mineralised system at Pacos Hill on the ElAguila licence area. Importantly, the samples taken underground from theprinciple veins indicate that the high metal grades display good continuity andare laterally and vertically persistent. The trench samples also show thatmineralisation is occurring outside the veins over good widths. The planneddiamond drill programme due to begin next month will systematically test theveins and replacement-style mineralisation with results used to establish theresource potential of the project. The infrastructure at El Aguila is good withdirect road access and the metal grades are in-line with other producingoperations in the Cerro de Pasco silver lead zinc district." Vein System Surface and underground mapping of the previously inaccessible mine workings hasdefined three principle silver-lead-zinc veins present in the Pacos Hill zonetermed, the Veta Norte, Veta Sur and Veta Laguna. The veins vary in width from0.3 to 1.2 metres and demonstrate consistent metal grades. The average grade of20 rock channel samples taken at different vertical levels across the veinsreturned 10.2 oz/t Ag, 8.6% Pb and 3.5% Zn. The current vertical extent of thevein system based on mapping of the surface and underground exposures combinedwith previous limited drilling is estimated at approximately 250 metres. Surface Trench Results At the vein interception points brecciation occurs and the mineralising fluidsmove out and replace areas of the Pucara limestone host rock. These brecciazones represent high priority targets silver-lead-zinc mineralisation outsidethe veins. Two trenches were opened to bedrock between the Veta Norte and VetaSur veins to test these mineralized zones, TR-1, returning 10 metres grading 2.7oz/t Ag, 2.5% Pb and 0.33% Zn, including 2 metres at 7 oz/t Ag 7 % Pb and 0.49%Zn. The second trench returned returning 16 metres grading 4.6 oz/t Ag, 2.8% Pband 0.7% Zn, including 2 metres at 9.1 oz/t Ag, 6.8% Pb and Zn 1.1% (TR-2). The results are length-weighted average grades of continuous two metre channelsamples taken along the bottom of the trenches, the average depth of thetrenches was 1.5 metres. Sampling, assaying, and QA/QC Procedures adopted by Horizonte in the collection, preparation and storage ofsamples from the El Aguila sampling program, conform to industry-wide bestpractice and with chain of custody being observed for all samples. Analysis isundertaken by ALS Labs at its laboratories in Lima, Peru and the Companymaintains QA/QC on all analytical work via the inclusion of certified referencematerials and field duplicates and blanks, in addition to monitoring of thelaboratory's own internal check-analyses. The above information has been reviewed and verified by Mr. Jeremy Martin, aDirector and Chief Executive of Horizonte, for the purposes of the Guidance Notefor Mining, Oil and Gas Companies issued by the London Stock Exchange in March2006. Mr. Martin, with six years of mining and management experience, graduatedwith a degree in geology from the Camborne School of Mines, and an MSc inmineral exploration from the University of Leicester and is a member in goodstanding with the Society of Economic Geologists and the Institute of MiningAnalysts. * * ENDS * * For further information visit: www.horizonteminerals.com Contacts Jeremy Martin/David Hall Horizonte Minerals plc Tel: 020 7495 5446 David Paxton Hichens Harrison Tel: 020 7588 5171 Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 John Frain/Fergal Meegan Davy Tel: +353 1 679 6363 This information is provided by RNS The company news service from the London Stock Exchange