Next Stage in Exploration and Development of Property in Brazil's Prodigious Tapajós Region
Trading Symbol: BZO-TSX.V
HOUSTON, TX, June 9 /PRNewswire-FirstCall/ - Brazauro Resources Corp. (TSX.V: BZO) today announced it has initiated exploration drilling at its Agua Branca Project, 35 kilometers south of Brazauro's flagship Tocantinzinho gold deposit in the Tocantinzinho-Cuiu Cuiu gold belt.
The Company now has a drill on site at Agua Branca and plans to complete approximately 2000 meters of drilling over the next six to eight weeks to confirm a number of targets identified by recent geochemical sampling.
Agua Branca consists of approximately 15,008 hectares of Exploration Licenses accessible by road year-round and is one of the largest and oldest alluvial and hard-rock garimpos, or informal mining camps, in the Tapajós region of Para State, Brazil.
"We are encouraged to have reached this important milestone in the development of a promising property," said Brazauro Chairman and CEO Mark Jones III.
Agua Branca, as well as the Tocantinzinho and Piranhas properties, are included in the premium offer to acquire Brazauro by Eldorado Gold Corporation (TSX: ELD, AMEX: EGO) announced on May 12, 2010.
Brazauro Resources is an established and well-financed gold exploration company focused on high-potential properties in the Tapajós region of Brazil. As well as its most advanced property, Tocantinzinho, Brazauro is also actively exploring other properties including the nearby Bom Jardim, Piranhas, Agua Branca and Andorinhas projects. The Company's shares are listed on the TSX Venture Exchange under the symbol BZO-V. Further information is available at www.brazauroresources.com
Neither 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 release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation which are not historical facts and are made pursuant to the "safe harbour" provisions under the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon the Company's reasonable expectations and business plan at the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause the Company's plans to change include changes in demand for and price of gold and other commodities (such as fuel and electricity) and currencies; changes or disruptions in the securities markets; legislative, political or economic developments in Brazil; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of the company's projects; risks of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining or development activities; the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
SOURCE Brazauro Resources Corp.