The Option relates to all mineral rights over 16 Prospecting Licences, two Mining Leases and one Mining Lease Application covering an area of 3,230 hectares approximately 45 kilometres north of Kalgoorlie. The Option provides for the following:
Dundas paying Horizon a
-
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- Dundas must incur at least
- If Dundas exercises the Option, then Horizon will:
Sell 85% of its interests in the Tenements to Dundas for
Retain a 15% interest free carried to a decision to mine at which time a Joint Venture (JV) will be formed with Dundas
Have priority ore processing rights from the tenements to process ore through secure processing arrangements that are on equal or better terms than other processing alternatives of the JV
Dundas shall have a licence to explore for minerals on the Tenements during the Option period and must meet annual expenditure commitments and keep the Tenements in good standing
All Dundas Option fee shares, and completion consideration shares issued, shall be subject to voluntary escrow of six months
Commenting on the Option, Horizon Chief Executive Officer Mr
"We are continuing to review our suite of assets including optimisation and rationalisation of our large tenement portfolio, both through acquisition and divestment opportunities. This option agreement with Dundas fits this strategy via monetising non-core assets to a very capable team to take the project forward. It will reduce our holding costs and bring additional cash and investments into the business, whilst still retaining an interest in the projects for any potential upside."
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About
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
Contact:
Chief Executive Officer
T: +61 8 9386 9534
E: grant.haywood@horizonminerals.com.au
Media Relations -
T: +61 422 602 720
E: michael.vaughan@fivemark.com.au
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