(PRZCF.OTCBB) (PH0.FRANKFURT) (TSXV.PHE)
VANCOUVER, June 28 /PRNewswire-FirstCall/ - PETRO HORIZON
ENERGY CORP. (TSXV.PHE), is pleased to announce that it has signed
a letter of intent with Nahminto Resources Ltd. and Karen Sui Hang Woo under which Petro Horizon
("the Company") may earn a 90% undivided ownership interest in the
Nahmint Tellurium Property (the" Property") located in the Alberni
Mining Division, Vancouver Island, British Columbia. The Property consists of 14
Crown grants and 18 cell mineral claims totalling 8,406 hectares.
Final approval for the Property agreement is subject to the
acceptance of the TSX Venture Exchange.
Terms of the Nahmint Option
In consideration of the acquisition, and subject to the
execution of a definitive option and joint venture agreement, the
Company will make total cash option payments to Nahminto Resources
Ltd. and Karen Sui Hang Woo of
$351,000 over the next five years.
The schedule of payments is as follows; year one, $55,000, year two, $64,000, year three, $64,000, year four $84,000 and year five $84,000.
The Company shall issue up to 1,000,000 common shares, to
Nahminto Resources Ltd. and Karen Sui Hang
Woo, subject to the approval of the TSX Venture Exchange.
The shares shall be issued as follows; year one, 100,000 common
shares, year two, 200,000 common shares, year three, 200,000 common
shares, year four, 200,000 common shares, year five, 300,000 common
shares.
The Company will also spend total minimum work commitments on
the Property of $1,500,000 over the
next five years, as follows: year one, $250,000, year two, $250,000, year three, $300,000, year four, $400,000 and year five, $400,000. Upon completion by PHE of its
obligations above, it will have earned the following undivided
ownership interests:
At the end of Year One; an undivided 15 % ownership
interests.
At the end of Year Two; an increase from an undivided 15% to a
30% ownership interest.
At the end of Year Three; an increase from an undivided 30% to a
50% ownership interest.
At the end of Year Four; an increase from an undivided 50% to a
70% ownership interest.
At the end of Year Five, an increase from an undivided 70% to a
90% ownership interest.
Upon execution of the definitive option and joint venture
agreement, the Company will be appointed Operator of the Joint
Venture and the Property.
A finders will be payable in accordance TSX Venture Exchange
policies and guidelines.
About the Nahmint Tellurium Property
The two groups of: (i) 14 Crown Granted mineral claims comprised
of the Three Jays group of eight crown grants and the Monitor group
of six crown grants; and (ii) the surrounding 18 cell staked claims
are collectively know as the Nahmint Property. The Nahmint Property
is at tidewater on the Alberni Canal approximately 25 km.
south-south-west of Port Alberni
on Vancouver Island British Columbia. The crown grants are 188.3
hectares in size and the cell claims are 8,218.1 in size.
The Nahmint Property geology consists of a flat-lying sequence
of layered rocks of Triassic to Jurassic age, including Karmutsen
volcanics, Quatsino limestone,
Parsons Bay formation and Lemare Lake volcanics. These layered have
been intruded from the southeast by a batholith of the island
intrusive suite of granodiroite. Steeply dipping,
northwest-trending faults have deformed and offset the layered and
intrusive rocks both vertically and horizontally. This represents
an ideal setting on Vancouver Island for porphyry copper-gold
molybdenum and related copper, iron and gold skarn deposits.
The property hosted three past producers. The Monitor Mine
operated from 1900 - 1902 and from 1916 - 1918 and produced 1,288
tons averaging 9.09% copper, .05 g/t gold and 28.8 g/t silver. The
Sunshine Mine shipped 5 tonnes in 1916 averaging 17.4% copper and
43.6 g/t silver. The Three Jays Mine operated from 1898 - 1902 and
produced 1,981 tones of direct shipping ore averaging 7.5% copper,
.97 g/t gold and 38 g/t silver with several stockpiles of
mineralized material remaining on surface. The Three Jays Mine was
developed over a vertical distance of 750 feet and a horizontal
distance of 1500 feet on three separate levels and has over 4000
feet of underground workings.
Highlights of the 2009 work program include the discovery of
Tellurium in the workings of the defunct Monitor Mine, which
produced mainly copper at the turn of the century, and the
discovery of an east - west striking magnetic anomaly at the Thee
Jays Mine excess of 2000 feet in length. All of the above
information is currently being addressed in a current NI 43-101,
dated May 11 2010 which the Company
expects to file shortly.
Past production was undertaken when sophisticated exploration
tools were not available. The Nahmint Property has not been drill
tested.
Jacque Houle, P.Geo, a Qualified
Person as defined by NI 43-101 is responsible for the technical
information contained in this release.
On Behalf of the board of directors,
"Ron Bourgeois"
Ron Bourgeois, President
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Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-looking statements relating to future events or future
performance and reflecting Petro Horizon's management's
expectations or beliefs regarding future events include, but are
not limited to, statements with respect to completion of the
private placement and related matters. In certain cases,
forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved" or the negative of these
terms or comparable terminology. By nature, forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of Petro Horizon to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Such factors include, among others,
risks related to actual results of current exploration activities;
changes in project parameters as plans continue to be refined;
future prices of resources; possible variations in ore reserves,
grade or recovery rates; accidents, labour disputes and other risks
of the mining industry; delays in obtaining governmental approvals
or financing or in the completion of development or construction
activities; as well as those factors detailed from time to time in
Petro Horizon's interim and annual financial statements and
management's discussion and analysis of those statements, all of
which are filed and available for review on SEDAR at www.sedar.com.
Although Petro Horizon has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward looking
statements.
SOURCE Petro Horizon Energy Corp.