(PRZCF.OTCBB) (PH0.FRANKFURT) (TSXV.PHE)
VANCOUVER, July 28 /CNW/ - PETRO HORIZON ENERGY CORP. (TSXV.PHE), announces that it is proceeding with a non-brokered private placement of up to 1,750,000 flow-through units in the capital stock at $0.20 per unit for total gross proceeds of $350,000. Each flow-through unit will consist of one common flow-through share and one 1/2 share purchase warrant. Each full share purchase warrant will entitle the holder thereof to purchase one additional share of the Company at a price of $0.35 per share for a period of up to eighteen months from the closing date of the private placement.
The shares are subject to a four month hold period. This private placement is subject to approval by the TSX Venture Exchange.
The proceeds of this financing will be used to finance the 2010 work program on the Brazil Lake Lithium Rare Metals Project.
About Brazil Lake Lithium Rare Metals Project
The 3,160 acre property is located approximately 30 kilometres north of Yarmouth, Nova Scotia, and 12 kilometres west of the Avalon Rare Metals (AVL) East Kemptville Project. Although the Property has yet to be diligently explored by the company, drilling to date has successfully revealed two Lithium bearing pegmatite dikes. In addition to Lithium, the dikes host several other rare metals such as tantalum, niobium, beryllium, tungsten tin and rubidium. Metallurgical bench testing to date has also revealed other potential economic targets, including cosmetic grade mica, silica chloride, aluminum chloride and rubidium enriched potassium feldspar.
The two identified lithium and rare metal bearing pegmatite dikes that appear at the surface have been defined by drilling as being up to 20 meters wide and having exposed lengths of up to 300 meters. The deepest drill hole intersected the dikes at 50 meters depth. Both pegmatites remain open at depth and future drilling in the upcoming work program will attempt to extend the depth of the dikes to a minimum of 100 meters.
The signature dispersal train of pegmatite boulders identifying the currently drilled pegmatites will assist in identifying three other boulder fields indicating potential pegmatite targets. Geochemical surveys have assisted in the identification of these additional targets. It is well known that pegmatites occur in swarms, and therefore the company plans to carry out a detailed prospecting program to source other potential targets, in addition to the drilling program on the two currently established dikes.
The Lithium on the property is hosted by the mineral spodumene which makes up approximately 14 to 20% of the pegmatites. The lithium oxide (Li(2)O) content in the spodumene is approximately 7.4% to 7.7%.
Please review the 43-101 filed on June 17, 2010 on Sedar for more detailed information about Brazil Lake.
On Behalf of the board of directors
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.
For further information: For further information: Investor Relations, Mr. John Curle at 604 488-3900