- Horizonte Minerals posts a pre-tax loss of £1.16m for the six months to the end of June - up from £304,054 last time.

Revenues were nil - unchanged from a year ago - and administrative expenses fell to £415,968 from £654,545. But foreign exchange losses rose to £196,620 from £31,960 and the group booked an impairment of available for sale assets of £253,006 (2014: nil).

Overview · Good progress made in first half of 2015 on advancement of the 100%-owned Araguaia Nickel Project in Para State, north central Brazil ('Araguaia')

· Successfully completed 10,255 metre infill resource drilling programme designed to convert initial 7-8 years of the 25 year modelled mine life to Measured Resource category

· High grade nickel intersections from infill resource drilling on the Pequizeiro deposit include 11.30 meters grading 2.95% Ni; 9.21 meters grading 2.50% Ni; and 11.82 meters grading 2.39% Ni

· Continued de-risking of Araguaia with positive initial results from 1st stage testing of Rotary Kiln Electric Furnace ('RKEF') Pilot Plant, ahead of next stage of testing with a further circa 200 tonne continuous, full scale RKEF pilot plant campaign, which aims to produce ferro-nickel to a commercial specification

· Positive outcome from Public Hearing for Araguaia, held on 30 January 2015, attended by over 1,000 people to consider the Social and Environmental Impact Assessment submitted to Brazilian authorities in Q3 2014

· Cost reduction plan completed to lower the overall operating costs and preserve funds while advancing the project

· Strong cash position of £2.4 million

Chairman David Hall said: "The first half of 2015 has seen Horizonte achieve a number of key milestones in the advancement of the Araguaia Nickel Project in Brazil. These include a positive outcome of the Public Hearing, reiterating the support we have gained from the local community and government authorities in Brazil; strong results from the agglomeration tests, part of the first phase of the Rotary Kiln Electric Furnace pilot plant testwork; and the successful completion of the final phase of infill drilling which demonstrated the consistently high grade nature of the core resource areas. All of these are components of the various studies that will ultimately be fed into the Feasibility Study and we are delighted to have made such progress despite very challenging market conditions and negative sentiment towards the mineral resource sector."

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