Brazil Resources Inc. Acquires Large Gold Project Area in Goias State, Brazil
- District-scale Land Package, 247,000 Acres, In One Of Brazil's Most Prominent Mining Jurisdictions
- Numerous Gold Occurrences Have Been Mined in the Past By Artisanal Mining Methods
- Company Now Controls More Than 300,000 Acres (1,200 Square Km) In Brazil
VANCOUVER, Nov. 29, 2011 /PRNewswire/ - Brazil Resources Inc. (the "Company" or "Brazil Resources") (TSX-V: BRI) is pleased to announce it has staked 247,000 acres covering the Pireneus region in Goias State, Brazil. The project area is located approximately 150 km west of Brasilia and contains several occurrences of historic artisanal gold mining operations.
After completing a preliminary review of available exploration data and examining neighbouring projects, the Company's geological team is encouraged by the potential of the new project area. Goias State is an emerging gold-producing district in Brazil with increasing production from the Kinross-Anglogold Ashanti Crixas Mine and Yamana Gold's Chapada Mine, and total qualified gold resources of more than 7 million ounces. The Company has identified areas of initial interest based on geophysical surveys and regional geochemical sampling. A regional exploration program is scheduled to begin immediately upon obtaining the requisite exploration license, which will include mapping, stream sediment sampling, soil sampling and geophysical reconnaissance on these areas.
President and CEO Stephen Swatton stated, "Today's announcement is a significant development in realizing our goals to establish a diversified project portfolio throughout Brazil by adding this district-sized land package in one of Brazil's most prominent mining jurisdictions. We continue to be excited by the potential of our exploration activities in the Gurupi Belt, including our pending drilling program at Montes Áureos, which is currently our primary project."
The staked area is being acquired by the Company through an application to the Brazilian National Department of Mining Production for a new exploration license, which has priority and is pending approval. 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 annual land fees.
The Company is also pleased to announce that it has appointed Paulo Pereira as Vice President-Exploration. Mr. Pereira has been serving as a member of the Company's technical team, and has been instrumental thus far in the Company's exploration and acquisition strategy in Brazil. For his full bio, and the bio of the other members of the technical team, please read the Company's release dated May 16, 2011, available on the Company's website at www.brazilresources.com.
Mr. Pereira supervised the preparation of the technical information contained in this news release. He holds a Bachelor degree in Geology from Universidade 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 newly public mineral exploration company with a focus on the acquisition and development of projects in emerging producing gold districts in Brazil and other parts of South America. Currently, the Company is advancing its Montes Áureos, Trinta and Maua Gold Projects located in the Gurupi Gold Belt in the state of Maranhão, northeastern Brazil. Brazil Resources is also seeking to acquire and develop additional gold properties within Brazil and in additional emerging gold districts in South America.
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 projects, including the newly staked project area in the Pireneus Region of Goias State, Brazil, 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 will be able to obtain required exploration licenses and other 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.
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SOURCE Brazil Resources Inc.