Horizon Minerals Limited (HRZ.AX) Nanadie Well Copper Project Divestment Complete
Perth, Australia, Sep 15, 2020 - (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to advise that the divestment of Horizon's interest in the Nanadie Well Copper project in the Murchison District has been completed.
As announced to the ASX on 14 July 2020, the Company agreed to divest its 100% interest in the projects to Cyprium Metals Limited (ASX:CYM) ("Cyprium") for a total consideration of A$1.5 million in cash and shares (20 day VWAP basis) on the following terms:
- A cash payment of $250,000 and $400,000 in Cyprium shares on completion
- $350,000 in Cyprium shares 12 months from completion
- $300,000 in Cyprium shares 24 months from completion
- $200,000 in Cyprium shares on a decision to mine from the tenure
All conditions precedent including provision of signed transfers, all mining information and statutory consents have now been completed and the completion payment and share issue received from Cyprium.
About Horizon Minerals Limited:
Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.
Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.
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