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Additional Information
Market: AIM
Sector: General Mining - Gold
EPIC: HZM
Latest Price: 8.75p  (-1.46% Descending)
52-week High: 19.38p
52-week Low: 8.00p
Market Cap: 25.21M
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Horizonte Minerals
www.horizonteminerals.com

Horizonte Minerals Plc. is focused on exploration and development of mineral projects in Brazil. It has a successful track record in partnering with major mining companies. The Group is led by a management team with over 50 years of combined experience in the South American exploration and mining industry.

Principal projects include the wholly-owned Araguaia nickel laterite project, located in the southern Carajas Mineral District in Brazil, acquired in August 2010 from Teck. Work is focussed on the delivery of a 100 million tonne resource with fast track to Feasibility Study stage. On the gold programme Horizonte operates in partnership with Anglo Gold Ashanti to generate new world class projects in both north and southern Brazil.

Full Horizonte Minerals profile here
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Horizonte Minerals gets broker approval after Araguaia upgrade

17th Jan 2012, 2:09 pm by Philip Whiterow Brazil-located Araguaia is comparable to ferronickel projects currently being developed in Brazil

The recent resources upgrade at Horizonte Mineral’s (LON:HZM, TSE:HZM) Araguaia nickel project to 100Mt confirms that the project is potentially world-class, according to broker Panmure Gordon.

The upgrade to 100Mt at 1.3% nickel, including a 50Mt higher-grade zone averaging 1.5% demonstrated Brazil-located Araguaia is comparable to other ferronickel projects currently being developed in Brazil by global majors including Anglo American’s Barro Alto project and Vale’s Onça Puma project.

Over the next three months Horizonte should release initial metallurgical results for Araguaia, while a preliminary economic assessment is due for completion in the first half of this year.

Drilling of the gold prospect at Falcao in Brazil also indicates the presence of a large anomaly and further drilling result are expected before the end of the first quarter.

Panmure has adjusted its target price to 25p from 32p due to downward movements in comparables, but  remains a buyer as it said that still represents 100% potential upside while there is potential for significant additional value should the Araguaia development be demonstrated to be technically and economically viable and the gold portfolio yields further positive results.

Horizonte Minerals today appointed veteran geologist Dr Owen Bavinton as a non-executive director to replace Nicholas Winer, who has left to pursue other interests.

Dr Bavinton has 40 years experience in the industry and since 2003 has been group head of exploration and geology at South African giant Anglo American.

Horizonte said today he was instrumental to discoveries such as the Jacare nickel deposit in Brazil and the Los Sulfatos copper project in Chile.

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