DGAP-News: Brazil Resources Inc. Acquires Large Exploration Concession in Concepcion State, Paraguay
(firmenpresse) - DGAP-News: Brazil Resources Inc. / Key word(s): Agreement
Brazil Resources Inc. Acquires Large Exploration Concession in
Concepcion State, Paraguay
04.10.2012 / 14:30
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Vancouver, British Columbia - Brazil Resources Inc. (the 'Company' or
'Brazil Resources') (TSX-V: BRI; Frankfurt: BSR; OTCQX: BRIZF) is pleased
to announce that it has acquired through its wholly owned Paraguayan
subsidiary, a mineral concession from the Republic of Paraguay, covering
198,068 hectares (489,426 acres) in Concepcion State, Paraguay, (the 'Apa
High Project' or the 'Project'). The Project area is contiguous with the
Brazilian border and is located along the southern extension of the Cuiaba
Gold Belt, Mato Grosso State Brazil.
Stephen Swatton, President and CEO, stated, 'We are very pleased to
announce our first Project in Paraguay. It is a natural fit for the
Company to leverage our team's understanding of the geology in Brazil with
the similar geology in bordering Paraguay. Paraguay has shown through
government policy that it is determined to establish itself as a leading
mining jurisdiction in South America, which we believe has created a
frontier opportunity.'
In the Brazilian portion of the Cuiaba Belt, also known as Apa Shield,
there are a number of well known large and mid-size mining companies
exploring for gold and base metal deposits, including Votorantim (Nickel),
Kinross (Gold) and MMX (Copper).
The Project area contains one of the two exposed areas in Paraguay where
Precambrian-age rocks occur and it is believed that this package of rocks
may be prospective for gold mineralization. To our knowledge the only
mining company to have explored in this area is Yamana Gold Inc. which
initiated gold exploration at Apa High in the mid-1990s, however, much of
the Project area remains underexplored.
Company geologists have compiled and reviewed available exploration data
and geological literature. A structural and geochemical analysis of the
Project is planned through available Landsat imagery to potentially
identify prospective target areas for reconnaissance field mapping and
sampling.
The area was acquired by the Company through Resolution 1692 issued by the
Paraguayan Ministry of Public Works and Communication (MOPC), which
includes the Vice Ministry of Mines and Energy. The resolution will allow
the Company to conduct initial prospecting and exploration activities over
the concession area for a period of eight years subject to acquiring the
required licenses.
The Company will need an environmental license through MOPC and pay annual
land fees to the Ministry of Mines and Energy.
In other business the Company also announces that it has completed the
scheduled issuance of 100,000 common shares under the terms of its mineral
property option and joint venture agreement with respect to its MontesÁureos and Trinta Projects. The share issuance is in relation to the
Company's option to earn an initial 51% interest in the projects upon
satisfying the conditions thereof, including issuing an additional 100,000
common shares on or before September 30, 2013 and incurring certain
additional expenditures on the projects. The Company also has an option to
earn an additional 46% interest in the MontesÁureos and Trinta Projects by
satisfying certain conditions prior to September 30, 2015.
Paulo Pereira, the Company's Vice President of Exploration, has supervised
the preparation of the technical information contained in this news
release. Mr. Pereira holds a Bachelor's 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 Cachoeira, MontesÁureos, Trinta and Maua Gold
Projects located in the Gurupi Gold Belt in the state of Maranhão,
northeastern Brazil, and its Artulandia Copper-Gold Project in central
Brazil. Brazil Resources is also seeking to acquire and develop additional
gold properties within Brazil and in additional emerging gold districts in
South America.
For further information, please contact:
Patrick Obara
Telephone: +1 (855) 630-1001
info(at)brazilresources.com
Forward Looking Statements
This document 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 beliefs regarding future exploration of the Project and
exploration plans in respect of the Apa High Project and its other
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; financing will be available if and when
needed on reasonable terms; and the Company will be able to identify and
acquire additional mineral interests on reasonable terms or at all.
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; that
the Company's properties are in the exploration stage and 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; potential inability to find suitable acquisition opportunities
and/or complete the same and other factors listed in the Company's public
filings, including its Management's Discussion and Analysis for the year
ended November 30, 2011. 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. 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.
End of Corporate News
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187652 04.10.2012
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Datum: 04.10.2012 - 14:30 Uhr
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