HIGHLIGHTS
- Binding TMA has been executed with
- Horizon will arrange contract mining and hauling of ore from Cannon for ore processing at
- An agreed 200kt of ore will be processed over a period of eight months, commencing in the
- The TMA contains competitive ore treatment rates with the payment structure as follows:
o Horizon is responsible for delivery of each stockpile to the Greenfields Mill ROM near Coolgardie
o Payment of processing costs must be made before the value of the processed and refined gold at the Perth Mint is transferred from
o If the delivery schedule is missed Horizon will forfeit its allocated tonnes for that month and from the overall 200kt allocation
- An Ore Reserve for Cannon has already been established including forecast economics for the ore to be processed via a Toll Milling Agreement
- Cannon is fully environmentally permitted (with last mining in 2017) with pre-production activities are already underway, including dewatering of the open pit in preparation for underground mining
- The TMA has flexibility that Horizon can treat Horizon ore other than Cannon, including Horizon's own current resources or those acquired through the proposed merger with
Commenting on the toll milling agreement, Chief Executive Officer Mr
"We are very pleased to have converted our 200,000 tonne allocation with
Next Steps
-
- Finalise engagement with underground mining and haulage contractors to finalise tenders for Cannon
- Complete the proposed merger with
*To view tables and figures, please visit:
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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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