Horizon Minerals Limited (ASX:HRZ) Divestment of Kingwest Shares For $1.3M Cash

Horizon Minerals Limited (ASX:HRZ) advises it has divested its remaining interest in Kingwest Resources Ltd (ASX:KWR) through a managed off-market sale process and received cash proceeds totaling $1.3 million.

The Company has sold 37,088,333 KWR shares it held as part of the divestment of the Menzies gold project in 2019 at a price of 3.5c per share.

Proceeds from the sale, together with existing cash, will be applied towards the CY2023 exploration program which will commence in the current March Quarter 2023. The program will focus on follow up and extensional drilling at a number of the Company's core gold assets including the Cannon - Golden Ridge mining hub, lateral and depth extensions at the 100% owned Penny's Find gold project and regional drilling within the Company's 1,100km2 portfolio in the Western Australian goldfields.

Further details on the program and expected timing for results will be provided in coming weeks.

Commenting on the divestment, Managing Director Mr Jon Price said:

"The sale of our investment in Kingwest is in line with our strategy of monetising non-core assets and utilising the proceeds to continue our resource growth and new discovery exploration programs. We would like to thank the team at Kingwest for assisting in the sale process and wish them every success as they embark on their own growth phase."

Jon Price 
Managing Director
T: +61 8 9386 9534 
E: jon.price@horizonminerals.com.au 

Michael Vaughan 
Media Relations - Fivemark Partners 
T: +61 422 602 720 
E: michael.vaughan@fivemark.com.au