(PRZCF.OTCBB) (PH0.FRANKFURT) (TSXV.PHE)
VANCOUVER, May 4 /PRNewswire-FirstCall/ - PETRO HORIZON
ENERGY CORP. (TSXV.PHE), announces that the Board of Directors has
authorized the filing of articles of amendment to change its name
to Greenlight Resources Inc.
The Company believes that its new name, Greenlight Resources
Inc., better reflects its current vision and strategy: beginning
with the acquisition of its Brazil Lake Lithium property in
Nova Scotia. It is anticipated
that the Company will begin trading under its new name on the TSX
Venture Exchange ("TSX-V"), shortly under a new stock symbol to be
announced.
About Brazil Lake Lithium Rare Metals Project
The 3,160 acre property is located approximately 30 kilometres
north of Yarmouth, Nova Scotia,
and 12 kilometres west of the Avalon Rare Metals (AVL) East
Kemptville Project. Although the Property has yet to be diligently
explored by the company, drilling to date has successfully revealed
two Lithium bearing pegmatite dikes. In addition to Lithium, the
dikes host several other rare metals such as tantalum, niobium,
beryllium, tungsten tin and rubidium. Metallurgical bench testing
to date has also revealed other potential economic targets,
including cosmetic grade mica, silica chloride, aluminum chloride
and rubidium enriched potassium feldspar.
The two identified lithium and rare metal bearing pegmatite
dikes that appear at the surface have been defined by drilling as
being up to 20 meters wide and having exposed lengths of up to 300
meters. The deepest drill hole intersected the dikes at 50 meters
depth. Both pegmatites remain open at depth and future drilling in
the upcoming work program will attempt to extend the depth of the
dikes to a minimum of 100 meters.
The signature dispersal train of pegmatite boulders identifying
the currently drilled pegmatites will assist in identifying three
other boulder fields indicating potential pegmatite targets.
.Geochemical surveys have assisted in the identification of these
additional targets. It is well know that pegmatites occur in
swarms, and therefore the company plans to carry out a detailed
prospecting program to source other potential targets, in addition
to the drilling program on the two currently established dikes.
The Lithium on the property is hosted by the mineral spodumene
which makes up approximately 14 to 20% of the pegmatites. The
lithium oxide (Li(2)O) content in the spodumene is approximately
7.4% to 7.7%.
Contained Rare Metals
On March 2nd, the Company
announced assay results from the drill holes which addressed the
rare metals contained within the pegmatites. These included
rubidium ("Rb"), beryllium ("Be") and tantalum ("Ta"). Examples of
the grades included Hole # 02-15 in the lithium pegmatites which
returned values up to 1398 parts per million ("ppm") Rb over 15.3
meters including 2625 ppm Rb over 4.2 meters. Hole # 02-24 in the
lithium pegmatites returned Be values of up to 200 ppm over 35.8
meters, including 304 ppm Be over 14.9 meters. Also, hole # 93-2 in
the lithium pegmatites returned Ta values of up to 102 ppm over 24
meters, including 541 ppm Ta over 1.0 meter. Metallurgy regarding
these rare metals was addressed in previous metallurgy work that
was confirmed at Dalhousie University.
Results have been positive and encouraging, and the company intends
to release more news on these results shortly.
John F. Wightman, M. Sc., FGAC,
P. Eng., a Qualified Person as defined by NI 43-101 is responsible
for the technical information contained in this release.
On Behalf of the board of directors
"Ron Bourgeois"
Ron Bourgeois, President
FOLLOW US ON:
Facebook
(http://www.facebook.com/people/Petro-Horizon-Energy/100000687843563)
Twitter
(http://twitter.com/PetroHorizon)
and
MySpace
(http://www.myspace.com/518719311).
Neither 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.
Forward-looking statements relating to future events or future
performance and reflecting Petro Horizon's management's
expectations or beliefs regarding future events include, but are
not limited to, statements with respect to completion of the
private placement and related matters. In certain cases,
forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved" or the negative of these
terms or comparable terminology. By nature, forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of Petro Horizon to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Such factors include, among others,
risks related to actual results of current exploration activities;
changes in project parameters as plans continue to be refined;
future prices of resources; possible variations in ore reserves,
grade or recovery rates; accidents, labour disputes and other risks
of the mining industry; delays in obtaining governmental approvals
or financing or in the completion of development or construction
activities; as well as those factors detailed from time to time in
Petro Horizon's interim and annual financial statements and
management's discussion and analysis of those statements, all of
which are filed and available for review on SEDAR at www.sedar.com.
Although Petro Horizon has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements.Accordingly,
readers should not place undue reliance on forward looking
statements.
SOURCE Petro Horizon Energy Corp.