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Horseshoe Metals' Alternate Director Steps Down

Horseshoe Metals' (ASX: HOR) alternate director Laurence Shervington has retired from the board.

The company and the Board of Directors said that they are grateful for the supportive role Shervington assumed, as alternative director to the chairman, since joining the board in April 2011 - and thank him for his contribution during this time.

Highlighting the potential of Horseshoe Metals, the company recently netted another $1.375 million from Investmet Limited which will be used to increase exploration activities at the highly prospective Horseshoe Lights and Kumarina projects - located in the Gascoyne region of Western Australia.

The company now has $2.9 million in cash reserves.

A recent drilling highlight at Horseshoe Lights includes 23 metres at 4.2% copper from 43 metres, including 8 metres at 8.6% copper.

Horseshoe Metals has been drilling continuously at the Horseshoe Lights Project since April 2012 and currently has one reverse circulation percussion rig on site.

Drilling at Kumarina is due to begin in early September 2012, with a reverse circulation rig planned to complete a minimum of 4,000 metres.

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