CALGARY, ALBERTA--(Marketwire - July 24, 2012) - Blue Horizon Industries Inc. ("Blue Horizon" or the "Corporation") (CNSX:BH) announce that its 74% owned subsidiary, Blue Horizon Mining Inc. ("BH Mining") has terminated the Letter Of Intent dated February 2, 2012 with Cayenne Gold Mines Ltd. (Cayenne).
The parties agreed that, as a result of adverse market conditions, it is not in their best interests to complete the Transaction.
Don Allan, President, and CEO of Blue Horizon stated "We are disappointed that the LOI was terminated, but given Cayenne's inability to raise capital in adverse market conditions, it was to everyone's best interest to terminate the LOI and pursue other endeavors the management of BH Mining is exploring".
About Blue Horizon Industries Inc.
Blue Horizon Industries Inc. is a diversified industrial company with a four-fold strategic focus. The Corporation operates through three subsidiary companies; Blue Horizon Bio-Diesel Inc. - 100% owned ("BH Bio-Diesel"), Blue Horizon Energy Inc. - 100% owned ("Blue Horizon Energy") and Blue Horizon Mining Inc. - 74% owned ("BH Mining"). Blue Horizon Contracting ("BH Contracting") and BH Energy are wholly-owned divisions of Blue Horizon Energy. BH Contracting is currently bidding on new dismantling contracts, while BH Energy is exploring for oil and gas in Western Canada having participated in 4 test wells in 2011. BH Mining is advancing two mining projects in British Columbia and BH Bio-Diesel has an exclusive sub-license agreement to build green bio-diesel plants in Canada.
The shares of the parent company, Blue Horizon Industries Inc., are listed to trade on the Canadian National Stock Exchange ("CNSX") under the symbol BH. At this present time Blue Horizon Industries Inc., is under a Cease Trade Order.
Further information with respect to the Blue Horizon Group of Companies can be obtained by contacting the Corporation.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Neither the Canadian National Stock Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian National Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.