HTX Minerals Corp Options Hele project to Impala PlatinumSUDBURY, ONTARIO, September 11, 2009/ - HTX Minerals Corp (a private company incorporated in Ontario) (“HTX”) is pleased to announce that an agreement has been signed between HTX and Impala Platinum Holdings Limited ("Implats"), the world's second largest primary platinum producer, on HTX’s majority held - with entitlement to be 100% held - Hele Nickel-Platinum Group Metals (PGM) property. The Hele Project is located 15 kilometres north of the town of Dorion, Ontario and approximately 30 kilometres northeast of the Magma Metal’s recent Current Lake discovery. Under the terms of the agreement, Implats can earn a 50% interest in the property by providing HTX with US$250,000 and spending an additional US$750,000. After the initial earn-in, HTX will have a one-time option to reduce its interest to 25% that would be carried through to the completion of a Feasibility Study.
Included as part of the Property are 4 claims which were optioned to HTX by Benton Resources Corp. The terms of that agreement were described in the Benton press release of June 4, 2009 and allows HTX to earn 100% interest in the claims subject to a 2% NSR royalty by providing cash payments of CDN$65,000 over 2 years
Since finalizing the agreement, HTX and Implats have completed a 1052 line kilometre airborne VTEM survey over the entire Hele property and are currently mapping and ground checking the survey results. Additional ground geophysics is planned in 2009 in order to generate drill targets.
In addition to funding the Hele program, Implats continues to support the 3 year Strategic Alliance that was announced on September 26, 2008 by providing second year funding of US$300,000 for project generation before June 30, 2010.
Commenting on the progress of the HTX-Implats business arrangements, Scott McLean, President & CEO of HTX, stated: "Implats continues to be an excellent partner that supports our exploration approach and compliments the solid technical expertise of HTX. We are very excited about the potential of the Hele project which offers excellent potential for large Nickel-PGM deposits. Implats continued support of our project generation activities is a testament to the quality work that the HTX team has completed to date and Implats dedication to the exploration potential of Ontario.”
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 source partners for many of its projects.
About Impala Platinum Holdings Limited
Impala Platinum Holdings Limited is one of the most significant producers of platinum and platinum group metals globally with operations on the Bushveld Complex in South Africa and the Great Dyke in Zimbabwe.