Horizonte signs mining deal with Barrick in Peru
22 July 2008
Horizonte Minerals, the AIM listed mining group working in Brazil and Peru, has agreed a deal with industry giant, Barrick Gold Corp, to explore and acquire its 2147 hectare Pararapa gold property in southern Peru. The move could signal the first of a number of possible deals between the two companies.
As part of this agreement, Barrick’s subsidiary Placer Dome del Peru will be issued with 3.5m new shares in Horizonte, payable in two tranches after 12 and 24 months respectively.
Horizonte chief executive Jeremy Martin said the tie-up with Barrick was a very positive development for the company in Peru.
“We are delighted that Barrick has agreed to the association with Horizonte for the exploration and development of this potentially high grade gold-silver project,” he said.
“We see immediate potential for resource development and will fast track the exploration programme on this project. Importantly, we aim to expand this new relationship with Barrick to look at other potential development opportunities.”
Pararapa is located in a historic mining district characterised by intermediate to low sulphidation high grade gold and silver veins. AIM-listed Hochschild Mining operates two mines in the district.
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