Horizonte Minerals Provides Falcao Gold Project Transaction Update, Terminates Arrangement with Guyana Frontier

By Midnight Trader,  January 16, 2013, 10:51:08 AM EDT

Horizonte Minerals Plc, (HZM.TO) has terminated its share purchase agreement with Guyana Frontier Mining Corp. (GYG.V) for the sale of HM Brazil (IOM) LTD which holds Horizonte's interest in the Falcao gold project, northern Brazil to Guyana Frontier.

The Agreement was originally entered into by Horizonte in line with the Company's strategy of divesting and monetising its gold assets to focus on the development of its flagship 100% owned advanced Araguaia nickel project in northern Brazil. However, subsequent to due diligence and review, the Board believes that the transaction does not offer the best value proposition for the Company and Horizonte shareholders. The Company will continue to review and evaluate new gold opportunities both at a project level and corporately.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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