- 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.
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.
SOURCE Brazil Resources Inc.