HTX Minerals Corp Forms a New Strategic Alliance with Impala Platinum
SUDBURY, ONTARIO, January 24, 2011/ - HTX Minerals Corp ("HTX") is pleased to announce that it has entered into a new strategic alliance with Impala Platinum Holdings Limited ("Implats"), the world's second largest primary platinum producer. The alliance will focus on PGE-Nickel-Copper exploration within the Mid Continental Rift area in Ontario, Canada.
Upon completion of an initial strategic alliance with Implats that resulted in the expenditure of $1.2 Million over 27 months, Implats has renewed its interest in aligning with HTX to further explore a key prospective, large area located north of Lake Superior in Ontario (Area of Interest). Under the terms of the new strategic alliance agreement, Implats has vested a 50% interest in all HTX existing properties and any new projects acquired or generated over a 3 year period within the Area of Interest. Implats will now fund a minimum of $1.3 Million per year as guaranteed and committed funding towards HTX's Mid Continental Rift exploration program from which HTX will recoup a $100,000 annual cash payment and a 10% management fee. During the funding period, the strategic alliance management committee may by unanimous decision, excise any property within the Area of Interest and form a 50:50 joint venture to be funded separately by both parties and residual properties will automatically become 50:50 joint ventures at the end of three years. The strategic alliance funding is however subject to the necessary South African Reserve Bank approvals.
Commenting on the agreement with Implats, Scott McLean, President & CEO of HTX, stated: "Implats and HTX have developed an excellent working relationship over the past two and half years. Implats' decision to commit to a larger strategic alliance demonstrates its confidence in the HTX exploration program and technical team. We are very excited to form an even stronger relationship with a leading mining company like Implats. Implats brings a level of expertise and experience to our exploration approach which complements the solid technical expertise of HTX."
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 ore within North America. Currently it manages projects in north-western Ontario and east-central Minnesota. HTX also holds a 37% interest in Transition Metals Corp which is a gold exploration company that has a plan to be publicly traded in the first quarter of 2011.
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.