Horizon Minerals (ASX:HRZ) said mining is progressing at its Philips Find gold project in Western Australia and the first ore parcel of around 40,000 tonnes is scheduled for processing next week, according to a Wednesday Australian bourse filing.

Haulage of the first stockpile is underway with the first gold pour and revenue due in the short term, the filing said.

Initial revenue from gold sales will go to its joint venture with private mining firm BML Ventures to pay for working capital. Both partners will receive an evenly split distribution of net cash after covering asset recovery and the repayment of development costs.

The firm's shares rose 5% in recent trading on Wednesday.