LONDON, May 13, 2015 /CNW/
- Horizonte Minerals Plc, (AIM: HZM, TSX: HZM) ('Horizonte' or
'the Company') the nickel development company focused in
Brazil, announces that it has
today published its unaudited financial results for the three month
period to 31 March 2015 and the
Management Discussion and Analysis for the same period.
Both of the above have been posted on the Company's website
www.horizonteminerals.com and are also available on SEDAR at
www.sedar.com.
Overview
- Strong progress made in Q1 on development of the 100%-owned
Araguaia Nickel Project in Para State, north central Brazil ('Araguaia')
- Successfully completed 10,255 metre infill resource drilling
programme designed to convert initial 7-8 years of the 25 year
modelled mine life to Measured resource category
- Continued de-risking of Araguaia with positive initial results
from 1st stage testing of Rotary Kiln Electric Furnace
('RKEF') Pilot Plant, ahead of next stage of testing with a further
circa 200 tonne continuous, full scale RKEF pilot plant campaign,
which aims to produce ferronickel to a commercial
specification
- Positive outcome from Public Hearing for Araguaia, held on
30 January 2015, attended by over
1,000 people to consider the Social and Environmental Impact
Assessment submitted to Brazilian authorities in Q3 2014
- Strong cash position of £3.5 million
About Horizonte Minerals:
Horizonte Minerals plc is an AIM and TSX-listed nickel
development company focused in Brazil, which wholly owns the advanced
Araguaia nickel laterite project located to the south of the
Carajas mineral district of northern Brazil.
The Project is located in a mining district, which has good
infrastructure in place including rail, road, water and power, has
a current NI 43-101 compliant Mineral Resource of 71.98Mt grading
1.33% Ni (Indicated) and 25.4Mt at 1.21% Ni (Inferred) at a 0.95%
nickel cut-off; included in Resources is a Probable Reserve base of
21.2Mt at 1.66%Ni.
A Pre-Feasibility Study has been completed which underpins the
robust economics of developing a mine with a targeted 15,000tpa
nickel in ferro-nickel output with a 20% Fe-Ni product over a 25
year mine life utilising the proven pyrometallurgical process of
Rotary Kiln Electric Furnace technology. At these production
rates, the project has a post-tax NPV of US$519m at a discount rate of 8% and an IRR of
20%, with a capital cost of US$582m
which puts this project in the lowest quartile of the cost
curve.
Horizonte has a strong shareholder structure including Teck
Resources Limited 38.5%, Henderson Global Investors 14%, Anglo
Pacific Group 7%.
CAUTIONARY STATEMENT REGARDING FORWARD
LOOKING INFORMATION
Except for statements of historical fact relating to the
Company, certain information contained in this press release
constitutes "forward-looking information" under Canadian securities
legislation. Forward-looking information includes, but is not
limited to, statements with respect to the potential of the
Company's current or future property mineral projects; the success
of exploration and mining activities; cost and timing of future
exploration, production and development; the estimation of mineral
resources and reserves and the ability of the Company to achieve
its goals in respect of growing its mineral resources; and the
realization of mineral resource and reserve estimates. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved".
Forward-looking information is based on the reasonable assumptions,
estimates, analysis and opinions of management made in light of its
experience and its perception of trends, current conditions and
expected developments, as well as other factors that management
believes to be relevant and reasonable in the circumstances at the
date that such statements are made, and are inherently subject to
known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or
achievements of the Company to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to risks related to: exploration and mining risks,
competition from competitors with greater capital; the Company's
lack of experience with respect to development-stage mining
operations; fluctuations in metal prices; uninsured risks;
environmental and other regulatory requirements; exploration,
mining and other licences; the Company's future payment
obligations; potential disputes with respect to the Company's title
to, and the area of, its mining concessions; the Company's
dependence on its ability to obtain sufficient financing in the
future; the Company's dependence on its relationships with third
parties; the Company's joint ventures; the potential of currency
fluctuations and political or economic instability in
countries in which the Company operates; currency exchange
fluctuations; the Company's ability to manage its growth
effectively; the trading market for the ordinary shares of the
Company; uncertainty with respect to the Company's plans to
continue to develop its operations and new projects; the Company's
dependence on key personnel; possible conflicts of interest of
directors and officers of the Company, and various risks associated
with the legal and regulatory framework within which the Company
operates.
Although management of the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements.
SOURCE Horizonte Minerals plc