Horizonte Minerals, the exploration and development company focused on Brazil and Peru, rose today after reminding investors that it had made considerable progress in recent months and still had plenty of cash available to fund its near term exploration activities.
In the update, Horizonte said:
"The Horizonte field teams have been making good progress over the last three months. In Brazil the principle focus is now the Lontra Nickel Laterite project, where we are working towards resource definition. In Peru, we have significantly increased field activity, a 1,600m diamond drilling programme was concluded on the El Aguila project in late December, and in the last two months, over 14 projects have been reviewed with three now under exclusive due diligence.
The Company is set for growth in 2008, with three intermediate stage projects being worked towards resource definition, a generative programme of pipeline projects and a healthy cash position of £2.2 million to fund exploration. In addition we have a solid and expanding economic management team and new corporate presence in London. When you benchmark our current market capitalisation against peer group companies operating in the region we believe Horizonte represents a value story."