- Company Now Controls More Than 50,000 Acres (200 Square Km)
in One of Brazil's Most Rapidly
Emerging Gold Belts
- New Project Is Highly Prospective With Known Gold
Occurrences and Historical Artisanal Gold Production
VANCOUVER,
Sept. 15, 2011 /PRNewswire/ - Brazil
Resources Inc. (the "Company" or "Brazil Resources") (TSX-V: BRI)
is pleased to announce the acquisition of the 24,678 acre Maua
Project in the emerging Gurupi Gold Belt located in Maranhão State,
Brazil. The project is located
approximately 2.5 km. west of the Company's Montes Áureos Gold
Project. This is the Company's third acquisition in the Gurupi Gold
Belt, and increases the total land package here to 53,263
acres.
Most known gold mineralization within the Gurupi
Gold Belt is situated along the Cipoeiro, Chega Tudo or Sequeiro
Trends as shown in the map below. Recognized gold occurrences and
historical production on the Maua property are located on-trend
with other gold occurrences and artisanal workings along the
Sequeiro Trend.
The project area is being acquired by the Company
through an application by an agent to the Brazilian National
Department of Mining Production (the DNPM) for a new exploration
license, which has been approved and is pending formal publication.
The Company's plan at Maua is to perform detailed soil sampling,
trenching and auger drilling, starting with historical artisanal
production sites, with the objective of delineating initial drill
targets. The initial $120,000
program, to commence immediately, includes geological mapping and
geochemical reconnaissance sampling over the entire property, with
detailed soil sampling over a selected area.
President and CEO Stephen
Swatton stated, "The acquisition of the Maua Project is
exciting for the geological team here, and advances the Company's
strategy of exploring a number of highly prospective properties
located in emerging gold belts, each with major historical and/or
current artisanal production. We continue to actively evaluate
acquisition terms for both early-stage and advanced projects as
part of our growth plan."
The initial term of the exploration license is
three years from the date of official publication. Under the
terms of the license, in addition to its exploration programs and
other requirements under the license and applicable law, the
Company will be responsible for the annual land fees.
About the Gurupi Gold Belt
The Gurupi Gold Belt is an underexplored and
emerging geological region that hosts several large gold deposits.
At present, recognized mining companies including Kinross Gold, Jaguar Mining and Luna Gold are active with exploration programs,
and are putting mines into production. The assets of these miners
are located within 20 km of the Company's Montes Áureos, Trinta and
Maua Projects. The Gurupi Gold Belt is part of the same geological
provenance as the West African Shield which has produced more than
30 million ounces of gold.
Paulo Pereira, a
member of the Company's technical team, has supervised the
preparation of the technical information contained in this news
release. Mr. Pereira holds a Bachelor degree in Geology from
Universidad Do Amazonas in Brazil,
is a qualified person as defined in National Instrument 43-101 and
is a member of the Association of Professional Geoscientists of
Ontario.
About Brazil Resources Inc.
Brazil Resources is a mineral exploration company
with a focus on the acquisition, exploration and development of
mineral properties in the emerging gold districts of Brazil and in additional prolific areas of
South America. Currently, the
Company's principal property is the Montes Áureos Gold Project,
located within the Gurupi Gold Belt in the state of Maranhão,
Brazil.
FORWARD LOOKING STATEMENTS
This news release contains certain
forward-looking statements that reflect the current views and/or
expectations of the Company with respect to its performance,
business and future events, including statements regarding the
Company's plans in respect of its Montes Áureos, Trinta and Maua
projects and its future acquisition strategy. Forward-looking
statements are based on the then-current expectations, beliefs,
assumptions, estimates and forecasts about the business and the
industry and markets in which the Company operates, including that:
the current price of and demand for minerals being targeted by the
Company will be sustained or will improve; the Company´s current
exploration programs and objectives can be achieved; the
Company's ability to obtain required licenses and permits; general
business and economic conditions will not change in a material
adverse manner; financing will be available if and when needed on
reasonable terms; the Company will not experience any material
accident; and the Company will be able to identify and acquire
additional mineral interests on reasonable terms or at all.
Forward-looking statements are not guarantees of future performance
and involve risks, uncertainties and assumptions which are
difficult to predict. Investors are cautioned that all
forward-looking statements involve risks and uncertainties,
including: that the Company has a limited operating history;
that resource exploration and development is a speculative
business; that the Company may lose or abandon its property
interests or may fail to receive necessary licenses and permits;
that the Company's properties are in the exploration stage and are
without known bodies of commercial ore; that the Company may not be
able to obtain all necessary permits and approvals on any of its
properties; that environmental laws and regulations may become more
onerous; that the Company may not be able to raise additional funds
when necessary; potential defects in title to the Company's
properties; fluctuations in currency exchange rates; fluctuating
prices of commodities; operating hazards and risks; competition;
potential inability to find suitable acquisition opportunities
and/or complete the same; and other risks and uncertainties listed
in the Company's public filings. These risks, as well as others,
could cause actual results and events to vary significantly.
Accordingly, readers should not place undue reliance on
forward-looking statements and information, which are qualified in
their entirety by this cautionary statement. There can be no
assurance that forward-looking information, or the material factors
or assumptions used to develop such forward looking information,
will prove to be accurate. The Company does not undertake any
obligations to release publicly any revisions for updating any
voluntary forward-looking statements, except as required by
applicable securities law.
Neither the 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 news release.
SOURCE Brazil Resources Inc.
Image with caption: "Figure 1 - The Sequeiro, Chega Tudo and
Cipoeiro Trends of the Gurupi Gold Belt. (CNW Group/Brazil
Resources Inc.)". Image available at:
http://photos.newswire.ca/images/download/20110915_C3594_PHOTO_EN_3318.jpg
