Brazil Resources Inc. Announces Permitting Milestone for its Cachoeira Gold Project
VANCOUVER, May 22, 2014 /PRNewswire/ - Brazil Resources Inc. (the "Company" or "Brazil Resources") (TSX-V: BRI; OTCQX: BRIZF) is pleased to announce that it has submitted all necessary documents to Brazil's Department of Mining Production ("DNPM") in support of maintaining its mining license for the Company's Cachoeira Project in Para State, Brazil (the "Cachoeira Project"). The documents are also integral to the environmental licensing requirements described in the Company's news release dated April 7, 2014.
Stephen Swatton, President and CEO, stated, "The completion of this DNPM documentation is necessary to support the Company's right to mine the Cachoeira gold deposit and we expect it to form part of the foundation for a future preliminary economic assessment on the project."
As previously reported, the purpose of the submission is to extend the date for commencement of mining operations at the Cachoeira Project from April 2014 to June 2016. The documents submitted to the DNPM include required conceptual engineering studies and analysis, which the Company expects to incorporate into a future NI 43-101 preliminary economic assessment for the project. The documents submitted to the DNPM are not a preliminary economic assessment within the meaning of National Instrument 43-101 ("NI 43-101") and no production decision with respect to the Cachoeira Project has been made.
An updated NI 43-101 mineral resource estimate for the Cachoeira Project was released on April 18, 2013, as amended and re-stated October 2, 2013 (the "Amended Report"), and is titled "Technical Report and Resource Estimate on the Cachoeira Property, Pará State, Brazil." The Amended Report was prepared by Greg Mosher, M.Sc., P.Geo., a qualified person and a Senior Geologist with Tetra Tech and independent from the Company, as defined under NI 43-101. The Amended Report includes estimates of indicated mineral resources of 17.4 million tonnes at 1.40 g/t Au or 786,737 ounces of gold and inferred resources of 15.6 million tonnes at 1.12 g/t Au, or 563,200 ounces of gold, at a 0.35 g/t cut-off grade. For further information regarding the Company's Cachoeira Project, please refer to the Amended Report, a copy of which is available under the Company's profile on SEDAR at www.sedar.com.
About Brazil Resources Inc.
Brazil Resources is a public mineral exploration company with a focus on the acquisition and development of projects in emerging producing gold districts in Brazil, Paraguay and other parts of South America. Currently, Brazil Resources is advancing its Cachoeira and São Jorge Gold Projects located in the State of Pará, northeastern Brazil.
Paulo Pereira, Brazil Resources' Vice President of Exploration has reviewed and approved the technical information contained in this news release. Mr. Pereira holds a Bachelor degree in Geology from Universidade do Amazonas in Brazil, is a qualified person as defined in NI 43-101 and is a member of the Association of Professional Geoscientists of Ontario.
Forward Looking Statements
This document contains certain forward-looking statements that reflect the current views and/or expectations of Brazil Resources with respect to its business and future events, including the Company's expectations respecting receiving an extension under its mining license for the Cachoeira Project and the planned completion of a preliminary economic assessment. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which Brazil Resources operates. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, the uncertainties respecting historical resource estimates, the potential for delays in exploration or development activities, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with Brazil Resources' expectations, accidents, equipment breakdowns, title and permitting matters, labour disputes or other unanticipated difficulties with or interruptions in operations, fluctuating metal prices, unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, commodity price fluctuations, regulatory restrictions, including environmental regulatory restrictions, or any failure to integrate acquired companies and projects into the Company's existing business as planned. These risks, as well as others, including those set forth in Brazil Resources' filings with Canadian securities regulators, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements and information. 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. Brazil Resources 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.
Brazil Resources Inc.
Stephen Swatton, Chief Executive Officer
Patrick Obara, Chief Financial Officer
Telephone: (855) 630-1001
SOURCE Brazil Resources Inc.