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Heavy Earth Resources Signs LOI With New Horizon Exploration

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December 27, 2013

San Francisco-based Heavy Earth Resources, Inc. (OTC: HEVI) bought 100% of the equity ownership of New Horizon Exploration, Inc. through a non-binding letter of intent (LOI) with them, the company said Dec. 27.  Heavy Earth will operate the La Maye block in Colombia’s Lower Magdalena Basin—which New Horizon currently operates—as part of the agreement. Heavy Earth signed the LOI with New Horizons through its wholly owned subsidiary Deep Core Barbados, the company added.

“We are very excited to have entered into this letter of intent and are anticipating closing this ...

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