Paddington Ore Sale Extension to Satisfy CP's
Perth, July 8, 2024 AEST (ABN Newswire) - Horizon Minerals Limited (
ASX:HRZ) wishes to update the market on progress for the achievement of Conditions Precedent (CP's) pursuant to the Binding Term Sheet - Ore Sale Agreement (Term Sheet) between Paddington Gold Pty Ltd (PGPL) and Horizon Minerals Limited (Horizon) dated 3 May 2024 to treat 1.4Mt of Horizon ore from the Boorara Gold Project.
The Company and AMC Consultants have been working hard to complete the CP's pursuant to the Term Sheet during the past 45 business days, as there has been numerous iterations of mine plan optimisations, mine designs, and schedules leading to the final Ore Reserve Statement.
Discussions with Paddington representatives continue to be open and conducive to the completion of CP's and a long term relationship. As a result, Paddington Gold Pty Ltd (a wholly owned subsidiary of Norton Gold Fields Ltd) have provided an extension to the initial 45 business days, for a further 15 business days.
A second round of mining and haulage tenders based on a revised mine schedule went out last week, with submissions due on Friday 5 July 2024, most of the tender submissions have been received.
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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