Horizonte, the AIM and TSX quoted exploration and development company focused in Brazil, has announced the completion of a new National Instrument 43-101/JORC compliant Mineral Resource Estimate for its 100% owned Araguaia Nickel Project in Brazil.

Highlights
Indicated Resource of 39.3 million tonnes grading 1.39% nickel using 0.95% Ni cut off

Inferred Resource of 60.9 million tonnes averaging 1.22% Ni using 0.95% Ni cut off

High grade zones defined in the Indicated category at a 1.20% Ni cut off grade total 24.2 million tonnes averaging 1.6% Ni important for the economics of early mine production

Work on the Preliminary Economic Assessment ('PEA') on target for delivery mid H1 2012

Initial metallurgical test work results due Q1 2012 to determine ore characteristics

Asset located in recognized producing Ni region with established infrastructure

Mr Jeremy Martin CEO of Horizonte said that "This is excellent news for the Company and we are delighted that our target tonnage has been achieved with this new resource estimate at Araguaia. We have converted 39% of the resource to the Indicated category and demonstrated the existence of higher grade zones which are vital for early mine life economics, as shown by the current Indicated Resource of 24.2 million tonnes grading 1.6% Ni using a 1.2% cut off."

He added that "We believe that the updated resource places Araguaia in the upper quartile of developing global nickel assets in terms of size and grade. Further drilling is planned to convert additional material into the Measured and Indicated Resource categories once the Company has completed the PEA, its next milestone, which will give a range of project economics. We have a strong cash position and project development team, as well as support from a major mining partner which will enable us to drive the Araguaia project forward, significantly adding to the value of the company. This is therefore a great start to 2012 for Horizonte."