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
E-mail: info@brazilresources.com
SOURCE Brazil Resources Inc.