SUDBURY, ON, Jan. 14 /CNW/ - HTX Minerals Corp (a private company incorporated in Ontario) ("HTX") is pleased to announce that an agreement has been signed between HTX and Votorantim Metals Canada Inc ("Votorantim"), a subsidiary of Votorantim Metais, a company of the Votorantim Group, which is Brazil's fourth largest private business employing nearly 60,000 people in 17 countries worldwide, on HTX's 100% held Icarus Nickel-Copper-Platinum Group Metals (PGM) property.
The Icarus Project is located 100 kilometres west of Thunder Bay, Ontario and has potential to host high grade mineralization similar to Kennecott's Tamarack discovery in Minnesota. Under the terms of the option and joint venture agreement, Votorantim can earn a 50% interest in the property by providing option payments to HTX totalling $225,000 and making exploration expenditures of $1,400,000. After the initial earn-in, Votorantim may, at its option, increase its interest to 70% by spending a further $1,625,000.
HTX generated the Icarus project through comprehensive compilation and geoscientific data interpretation that indicated the potential for Ni-Cu-PGM bearing magmatic conduit features related to the Proterozoic Mid-Continental Rift. Fieldwork by HTX in 2009, confirmed the presence of fresh ultramafic rocks with prospective geochemistry. Since finalizing the agreement, Votorantim has commissioned a detailed airborne VTEM survey over the entire Icarus property.
Commenting on the HTX-Votorantim business arrangement, Scott McLean, President & CEO of HTX, stated: "We are excited about the potential of the Icarus project which offers excellent potential for high quality Nickel-Copper-PGM deposits. Votorantim's participation in the project demonstrates HTX's ability to generate excellent exploration projects and is a testament to the quality work that the HTX team has completed to date."
About HTX Minerals Corp
HTX Minerals Corp is a privately held company that was incorporated in late 2007. Its primary focus is the exploration for nickel, copper and platinum group metals (PGM's) ore within North America. Currently it manages projects near Timmins, Thunder Bay and Red Lake Ontario and continues to source partners for many of its projects. HTX currently supports a Strategic Alliance and a separate Joint Venture with Impala Platinum Holdings Limited of South Africa.
About Votorantim Metais
Votorantim Metais belongs to a privately-held Brazilian industrial conglomerate that participates in diverse market segments, such as cement, pulp and paper, metals, chemicals, orange juice, and finance. In 2008, Votorantim Group's revenues amounted to US$19.1 billion. The metal business division accounted for approximately 30% of revenues and produces zinc, nickel and aluminum.
SOURCE HTX MINERALS CORP.
For further information: For further information: Please visit the Company's website at www.htxminerals.com, or contact: HTX Minerals Corp, Scott McLean, President & CEO, Tel: (705) 669-1777, Email: email@example.com