Tuesday, 9th October 2007 (1692 views)

Horizonte Minerals has entered into an agreement with Canada-based Amarillo Gold to develop its Brazilian Mara Rosa property.

The Mara Rosa gold project was developed by Horizonte as part of its exploration programme, which identified a series of gold anomalies on the site.

Under the terms of the new agreement, over the next three years, Amarillo can earn a 60 per cent interest in the Mara Rosa project by spending $400,000 (£196,723) to explore the site.

The Mara Rosa property is located next to the Posse gold deposit, owned by Amarillo, which Horizonte chief executive officer Jeremy Martin said could provide the possibility of further expansion.

"By combining the projects, we believe that we can significantly increase the possibility of expanding theresources at Posse and developing an economic mining operation," he said.

"I believe this is a good example of exploration risk management and value enhancement while also allowing Horizonte to focus on its core projects," Mr Martin added.

Horizonte currently has two other gold projects, Tangara and Falcao, both located in South America.

 

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