VANCOUVER, BC, Dec. 20,
2024 /CNW/ - Horizon Copper Corp. (TSXV: HCU) (OTCQX:
HNCUF) ("Horizon Copper", "Horizon", or the
"Company") is pleased to provide an update from Entrée
Resources Ltd. ("Entrée") regarding the arbitration
proceedings related to its Joint Venture Agreement ("JVA")
on the Oyu Tolgoi copper project in Mongolia.
On December 19, 2024, Entrée
announced a favorable outcome in its binding arbitration
proceedings against its joint venture partner Oyu Tolgoi LLC
("OTLLC") and Turquoise Hill Resources Ltd. An international
arbitration Tribunal issued a partial final award in Entrée's
favor, upholding key aspects of its JVA with OTLLC. Entrée
highlighted that the outcome delivers more certainty for the Oyu
Tolgoi project, particularly as critical development work for Lift
1 Panel 1 remains ongoing.
Entrée and OTLLC have been operating under the Entrée/Oyu Tolgoi
JVA, which is appended to the amended 2004 Equity Participation and
Earn-in Agreement (the "Earn-in Agreement"), since OTLLC
completed its earn-in obligations in 2008. Entrée commenced
proceedings in May 2022, seeking
declarations and orders for specific performance relating to
certain provisions of the Earn-in Agreement and JVA with OTLLC. The
Tribunal issued final and binding declarations that:
- OTLLC is obligated to provide to Entrée an executed copy of the
JVA, in the form appended to the Earn-in Agreement, subject only to
any amendments to its terms that Entrée and OTLLC mutually
agree;
- OTLLC is obligated to facilitate and accept the transfer of the
Shivee Tolgoi and Javhlant mining licenses (the "Licenses")
for the Entrée/Oyu Tolgoi joint venture as required by the JVA;
and
- Any taxes and fees assessed on the transfer of the Licenses are
subject to the terms of the JVA, with OTLLC contributing Entrée's
20% share as a loan under Section 10.1 of the JVA.
A ruling on Entrée's additional claims for specific performance,
equitable damages, and costs remain outstanding, and Entrée will
update the market in due course.
For more information, visit www.entreeresourcesltd.com and refer
to Entrée's press release dated December 19,
2024. Horizon Copper has exposure to the Hugo North
Extension of the Oyu Tolgoi copper mine through its 24% equity
ownership of Entrée.
ABOUT HORIZON COPPER
Horizon Copper is a premier copper company holding a portfolio
of unparalleled copper assets including a 1.66% net profits
interest on the Antamina copper mine, exposure to the Oyu Tolgoi
copper mine through a 24% equity ownership in Entrée Resources
Ltd., and a 30% interest in the copper-gold Hod Maden project.
Horizon plans to actively grow its portfolio of assets with a focus
on copper projects.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This press release contains forward-looking information within
the meaning of Canadian securities laws. Although Horizon believes
that such information is reasonable, it can give no assurance that
such expectations will prove to be correct. Forward-looking
information is typically identified by words such as: "believe",
"expect", "anticipate", "intend", "estimate", "postulate" and
similar expressions, or are those, which, by their nature, refer to
future events. The Company cautions investors that any
forward-looking information provided by Horizon is not a guarantee
of future results or performance and that actual results may differ
materially from those in forward-looking information as a result of
various factors, including, but not limited the arbitration
proceedings including the potential benefits, timing and outcome of
arbitration proceedings; the effect an arbitration decision may
have on a commercial resolution of matters related to the JVA; the
ability of the parties to reach a commercial resolution of matters
related to the JVA; Entrée's ability to transfer the Shivee Tolgoi
and Javhlant mining licenses to OTLLC either in conjunction with
finalization and execution of an alternative agreement(s) with
OTLLC, or enforcement of certain provisions of the Earn-in
Agreement and JVA pursuant to binding arbitration proceedings;
timing and status of Oyu Tolgoi underground development; the
expected timing of development work on the Shivee Tolgoi mining
license and the potential for delay if the Shivee Tolgoi mining
license cannot be transferred to OTLLC in a timely fashion; the
nature of the ongoing relationship and interaction between OTLLC
and Rio Tinto and the Government of Mongolia and Erdenes Oyu Tolgoi LLC with
respect to the continued operation and development of Oyu Tolgoi;
discussions with the Government of Mongolia, Erdenes Oyu Tolgoi LLC, Rio Tinto,
and OTLLC on a range of issues including Entrée's interest in the
Entrée/Oyu Tolgoi joint venture property, the Shivee Tolgoi and
Javhlant mining licenses and certain material agreements; potential
actions by the Government of Mongolia with respect to the Shivee Tolgoi and
Javhlant mining licenses and Entrée's interest in the Entrée/Oyu
Tolgoi joint venture property; Entrée's ability to reach an
agreement related to the additional claims for specific
performance, equitable damages, and costs that remain outstanding,
and other risks and factors that the Company is unaware of at this
time. The forward-looking statements contained in this press
release are made as of the date of this press release. Horizon
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law. The
securities referred to in this press release have not been, nor
will they be, registered under the United States Securities Act of
1933, as amended, and may not be offered or sold within
the United States or to, or for
the account or benefit of, U.S. persons absent U.S. registration or
an applicable exemption from the U.S. registration requirements.
The Company assumes no obligation to update forward-looking
statements except as required under securities laws. Further
information concerning risks, assumptions and uncertainties
associated with these forward-looking statements and our business
can be found in Horizon's Annual Information Form for the year
ended December 31, 2023, filed under
the Company's profile on SEDAR+ (www.sedarplus.ca), as well as
subsequent filings that can also be found under the Company's
profile.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE Horizon Copper Corp.