TORONTO, July 23, 2014 /CNW/ - Horizonte
Minerals Plc (TSX:HZM, AIM:HZM) (the "Corporation")
announces that it has today filed in Canada its audited annual consolidated
financial statements for the year ended December 31, 2013, and its unaudited interim
condensed consolidated financial statements for the three months
ended March 31, 2014 prepared in
accordance with Canadian reporting requirements.
The filing is required by regulatory authorities in Canada so that that the financial statements
filed in Canada are prepared in
accordance with "International Financial Reporting Standards" and
"International Standards on Auditing", rather than "International
Financial Reporting Standards as adopted by the European Union" and
"International Standards on Auditing (UK and Ireland)", respectively required for reporting
on the London Stock Exchange.
In either case the Corporation's primary statements – comprising
the Consolidated Statement of Comprehensive Income, Consolidated
Statement of Financial Position, Consolidated Statement of Changes
in Shareholders Equity and Consolidated Statement of Cashflows –
are unchanged.
The Corporation's consolidated financial statements will
continue to be prepared in accordance with "International Financial
Reporting Standards as adopted by the European Union" and audited
in accordance with "International Standards on Auditing (UK and
Ireland)" as applicable for
reporting on the London Stock Exchange, and also in accordance with
"International Financial Reporting Standards as adopted by
Canada" and audited in accordance
with "International Standards on Auditing (Canada)".
The financial statements are available on SEDAR.
About Horizonte Minerals:
Horizonte Minerals Plc is an AIM and TSX‐listed nickel
development company focused in Brazil, which wholly owns the advanced
Araguaia Project located to the south of the Carajas mineral
district of northern Brazil.
The Corporation is developing the Araguaia Project as the next
major nickel mine in Brazil, with
targeted production by 2017.
The Araguaia Project, which has excellent infrastructure in
place including rail, road, water and power, has a current Mineral
Resource estimate of 71.98Mt grading 1.33% Ni (Indicated) and
25.4Mt at 1.21% Ni (Inferred), prepared in accordance with National
Instrument 43-101 ("NI 43-101"). Included in the Mineral
Resources is a Probable Mineral Reserve base of 21.2Mt at 1.66% Ni
at a 0.95% Ni cut‐off.
A Prefeasibility 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 Araguaia Project has a post‐tax NPV of US$519 million at a discount rate of 8% and an
IRR of 20%, with a capital cost of US$582
million.
Horizonte has a strong shareholder structure, including Teck
Resources Limited (42.5%), Henderson Global Investors (15.1%) and
Anglo Pacific Group (9.2%).
The scientific and technical information contained in this news
release has been reviewed and approved by David Hall, BSc, MSc, Fellow SEG PGeo, Chairman
of Horizonte, a qualified person within the meaning of NI
43-101.
For further details on the Araguaia Project, please refer to the
technical report entitled "NI 43-101 Technical Report,
Prefeasibility Study (PFS) for the Araguaia Nickel Project, Pará
State, Brazil", dated March 25, 2014, which is available on the
Corporation's website at horizonteminerals.com and on SEDAR at
www.sedar.com.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING
INFORMATION
Except for statements of historical fact relating to the
Corporation, certain information contained in this news release
constitutes "forward‐looking information" under
Canadian securities legislation. Forward‐looking
information includes, but is not limited to, statements with
respect to the standards under which the Corporation will prepare
its financial statements in the future; the potential of the
Corporation'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 Corporation
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 of the Corporation 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 Corporation 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 Corporation'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
Corporation's future payment obligations; potential disputes with
respect to the Corporation's title to, and the area of, its mining
concessions; the Corporation's dependence on its ability to obtain
sufficient financing in the future; the Corporation's dependence on
its relationships with third parties; the Corporation's joint
ventures; the potential of currency fluctuations and political or
economic instability in countries in which the Corporation
operates; currency exchange fluctuations; the Corporation's ability
to manage its growth effectively; the trading market for the
ordinary shares of the Corporation; uncertainty with respect to the
Corporation's plans to continue to develop its operations and new
projects; the Corporation's dependence on key personnel; possible
conflicts of interest of directors and officers of the Corporation,
and various risks associated with the legal and regulatory
framework within which the Corporation operates.
Although management of the Corporation 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. Accordingly,
readers should not place undue reliance on forward-looking
information. The Corporation does not undertake to update any
forward-looking information contained in this news release, except
in accordance with applicable securities laws.
SOURCE Horizonte Minerals plc