Belo Sun Focuses on High Grade Zones and Provides Company Update
08 Maio 2014 - 6:15PM
Marketwired Canada
Belo Sun Mining Corp. (TSX:BSX) (the "Company" or "Belo Sun") has commenced a
new drill program, with two rigs on its Grota Seca and Ouro Verde deposits. In
February the Company received its Preliminary Licence (LP) approving its
Environmental Impact Assessment (EIA), in respect of the Company's 100%-owned
Volta Grande gold project in Para State, Brazil (the "Project"). The LP is the
key license in the development process and incorporates the results of Public
Hearings and subsequent public input.
The drill program will focus on four high-grade areas in the Ouro Verde and
Grota Seca deposits, as identified in the mineral resource estimate completed in
October 2013 (please refer to the press release of the Company issued on October
3, 2013). The planned drill campaign will total approximately 2000 metres and is
expected to provide additional details on these near surface high grade areas of
the deposit with a view to improving the overall project economics.
The Company received its Preliminary License ("LP") in February this year
approving the Environmental and Social Assessment for the Project (see press
release dated December 2, 2013). The LP was issued with conditions related to
training and capacity building, environmental monitoring, social education and
development of local industries.
Belo Sun is currently building a training centre in the local village and will
commence training and capacity building workshops in conjunction with Federal
and Para State agencies.
The Company has commenced a study on the indigenous peoples in the region as
part of the conditions of its LP. This study will involve consultation with the
indigenous tribes and other potential indigenous stakeholders in the region.
The Company continues to advance the Project and has requested proposals for
Engineering, Procurement and Construction Management services (EPCM) to move the
Project towards the execution phase. It is expected that this EPCM work will be
awarded during the month of June.
Mark Eaton, President and CEO of the Company, commented, "Belo Sun believes that
this project is one of the premier gold projects in the world and as such we
will continue to move towards production."
The current mineral resource estimate(1), as provided below, for the project
contains:
-- Measured and Indicated Pit Constrained Mineral Resources of 5.1 Million
Ounces of gold at an average grade of 1.68 g/t Au, which represents an
increase of approximately 10% in these resource categories (from 4.7
Million Ounces) compared with the previous April 2013 update; and
-- Inferred Pit Constrained Mineral Resources of 2.4 Million Ounces of gold
at an average grade of 1.69g/t Au.
VOLTA GRANDE RESOURCES ESTIMATE MEASURED +
(SEP 2013) MEASURED INDICATED INDICATED INFERRED
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Ouro Verde Pit
Constrained Tonnes ('000s) 24,036 20,087 44,123 22,602
Grade (g/t Au) 1.78 1.61 1.70 1.48
Ounces ('000s) 1,379 1,037 2,416 1,079
Grota Seca Pit
Constrained Tonnes ('000s) 31,384 15,671 47,055 18,265
Grade (g/t Au) 1.61 1.56 1.59 1.59
Ounces ('000s) 1,620 788 2,408 932
South Block Pit
Constrained Tonnes ('000s) 2,503 2,503 2,921
Grade (g/t Au) 3.06 3.06 3.94
Ounces ('000s) 246 246 370
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Total Pit Constrained Tonnes ('000s) 55,420 38,261 93,682 43,788
(0.5 g/t Au cut-off) Grade (g/t Au) 1.68 1.68 1.68 1.69
Ounces ('000s) 2,999 2,072 5,070 2,381
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Ouro Verde
Underground Tonnes ('000s) 64 64 831
Grade (g/t Au) 2.66 2.66 3.13
Ounces ('000s) 5 5 84
Grota Seca
Underground Tonnes ('000s) 53 53 695
Grade (g/t Au) 2.88 2.88 3.38
Ounces ('000s) 5 5 75
South Block
Underground Tonnes ('000s) 24 24 193
Grade (g/t Au) 4.24 4.24 4.05
Ounces ('000s) 3 3 25
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Total Underground Tonnes ('000s) 140 140 1,719
(2.0 g/t Au cut-off) Grade (g/t Au) 3.01 3.01 3.33
Ounces ('000s) 14 14 184
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Tonnes ('000s) 55,420 38,402 93,822 45,507
TOTAL Grade (g/t Au) 1.68 1.69 1.69 1.75
Ounces ('000s) 2,999 2,085 5,084 2,565
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(1) Audited mineral resource statement prepared by SRK Consulting (Canada)
Inc. The effective date of the audited mineral resource statement is October
1, 2013. Mineral resources are not mineral reserves and have not
demonstrated economic viability. All figures have been rounded to reflect
the relative accuracy of the estimates.
Open pit mineral resources are reported at a cut-off grade of 0.5 g/t gold,
and underground mineral resources are reported at a cut- off grade of 2.0
g/t gold. Cut-off grades are based on a number of parameters and assumptions
including gold price of US$1,400 per troy ounce, 94% metallurgical gold
recovery for weathered and unweathered rock, open pit mining costs of
US$1.41/tonne, process costs of US$11.98/ tonne, General and Administrative
costs of US$2.89/tonne and selling costs (refining, transport, insurance and
environment) of US$13.82 per troy ounce.
Mineral resources are constrained within low, medium and high grade domains
delineated from drilling data within Ouro Verde and Grota Seca
The quantity and grade of the reported inferred mineral resources are
uncertain in nature and there has been insufficient exploration to define
the inferred mineral resources as indicated or measured mineral resources
and it is uncertain if further exploration will result in upgrading them to
an indicated or measured mineral resource category.
The mineral resources have been classified according to the Canadian
Institute of Mining, Metallurgy and Petroleum Definition Standards for
Mineral Resources and Mineral Reserves (November 2010).
Qualified Person
David Gower, P.Geo., and Carlos Costa, P.Geo., both Qualified Persons as defined
by NI 43-101, have reviewed and approved the scientific and technical
information in this release.
About the Company
Belo Sun Mining Corp. is a Canadian-based mineral exploration company with a
portfolio of properties focused on gold in Brazil. Belo Sun's primary focus is
on advancing and expanding its 100% owned Volta Grande Gold Project, located in
Para State. Belo Sun trades on the TSX under the symbol "BSX". For more
information about Belo Sun please visit www.belosun.com.
This press release contains "forward-looking information" within the meaning of
applicable Canadian securities legislation. Forward-looking information
includes, without limitation, statements regarding: the impact of the drill
program and studies on Belo Sun and its understanding of the project; the
development potential and timetable of the company's projects; the estimation of
mineral resources; realization of mineral resource estimates; the timing and
amount of estimated future exploration; costs of future activities; capital and
operating expenditures; success of exploration activities; currency exchange
rates; government regulation of mining operations; and environmental risks.
Generally, forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or variations of such
words and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of activity,
performance or achievements of the Company to be materially different from those
expressed or implied by such forward-looking information, including risks
inherent in the mining industry and risks described in the public disclosure of
the Company which is available under the profile of the Company on SEDAR at
www.sedar.com and on the Company's website at www.belosun.com. Although the
Company has attempted to identify important factors that could cause actual
results to differ materially from those contained in forward-looking
information, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such
information will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking information. The
Company does not undertake to update any forward-looking information, except in
accordance with applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Belo Sun Mining Corp.
Mark Eaton
President and CEO
(416) 309-2137
www.belosun.com
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