VANCOUVER, Oct. 18, 2013 /PRNewswire/ - Brazil Resources Inc. (TSX-V: BRI; OTCQX: BRIZF) (the "Company" or "Brazil Resources") announces that it has amended the share purchase agreement dated July 10, 2012 between Brazil Resources and Luna Gold Corp. pursuant to which the Company acquired a 100% interest in the Cachoeira gold project. The payment of $300,000, originally due 12 months after closing, will now be due 24 months after closing, being September 24, 2014, or earlier, if specified financial milestones are achieved prior thereto.
The Company also announces that it has, through a wholly owned Brazilian subsidiary, satisfied the conditions to exercise its initial option to acquire a 51% interest (the "Initial Option") in the Montes Áureos and Trinta Projects. Brazil Resources satisfied the conditions of the Initial Option by making a cash payment of US$25,000, issuing an aggregate of 325,000 common shares of the Company over the past three years and incurring aggregate exploration expenditures of at least US$1,750,000 over the past three years. The Company has the option to acquire an additional 46% interest in the Montes Áureos and Trinta Projects pursuant to the terms of the underlying agreement.
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 principal exploration property, the Cachoeira Project, as well as its Montes Áureos, and Trinta Gold Projects located in the Gurupi Gold Belt in the state of Maranhão, northeastern Brazil, and its Artulandia Copper-Gold Project in central Brazil.
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 performance, business and future events, including statements regarding the Company's beliefs regarding future exploration and expectations regarding theCachoeira, Montes Áureos and Trinta and Artulandia Projects. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the 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 granted all required licences in respect of the Cachoeira, Montes Áureos and Trinta and Artulandia Projects; and that financing will be available if and when needed on reasonable terms. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including that: the Company has a limited operating history; resources exploration and development is a speculative business; the Company may lose or abandon its property interests; the Company's properties are in the exploration stage and without known bodies of commercial ore; the Company may not be able to obtain all necessary permits and approvals on any of its properties; environmental laws and regulations may become more onerous; 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; and other factors listed in the Company's public filings, including its Management's Discussion and Analysis for the year ended November 30, 2012. These risks, as well as others, including those set forth in the Company's 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. The Company does not undertake any obligation 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.
Stephen Swatton or Patrick Obara
Telephone: (855) 630-1001
SOURCE Brazil Resources Inc.