DGAP-News: Brazil Resources Inc. Signs Option Agreement To Acquire Artulandia Gold Property In Goias State, Brazil
(firmenpresse) - DGAP-News: Brazil Resources Inc. / Key word(s): Miscellaneous
Brazil Resources Inc. Signs Option Agreement To Acquire Artulandia
Gold Property In Goias State, Brazil
08.12.2011 / 14:39
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Vancouver, British Columbia - Brazil Resources Inc. (the 'Company' or
'Brazil Resources') (TSX-V: BRI ; OTCQX: BRIZF; Frankfurt: BSR) is pleased
to announce that its wholly-owned subsidiary has entered into an option
agreement (the 'Option Agreement') to acquire a 100%-interest in the
12,000-acre Artulandia Property located in Goias State, Brazil. The
Artulandia Property is contiguous to the Company's recently announced
Pireneus Project, a 247,000-acre project area located approximately 150 km
west of Brasilia. Goias State is an emerging gold-producing district with
major miners, including Kinross, AngloGold Ashanti and Yamana Gold active
in the region.
Initial stream sediment sampling has identified two parallel gold-anomalous
trends on the property that are each approximately 11 km in length and are
open laterally in both directions. The distribution of the gold
mineralization suggests the possibility of a local source. The Company's
current plan at Artulandia is to perform detailed geological mapping and
soil sampling to define targets for further work and drilling.
President and CEO Stephen Swatton stated: 'The Artulandia Property,
combined with our adjacent Pireneus Project, represents an exciting
opportunity to establish a significant presence in Goias State. We will
immediately seek to increase our understanding of the source of these gold
anomalies.'
The initial stream sediment sampling program identified an 11 km long gold
trend, which was defined by the distribution of samples with visible gold
above 50 colours collected using a constant sample volume of 10 liters in
stream sediment samples. The Company spot re-sampled the gold trend to
verify the initial stream sediment sampling program, which was conducted by
Vila Rica Consultoria Ltda and provided to the Company by the vendor. The
gold trends are located north and south of a prominent structural feature
that is well delineated on regional geophysical data sets.
Pursuant to the Option Agreement, a wholly-owned subsidiary of Brazil
Resources was granted the option in consideration for an initial payment of
approximately R$100,000 (CDN$57,000) paid to Rodrigo Vasconcellos De Moraes
E Silvia. Under the option, the Company may acquire a 100% interest in the
mineral licences underlying the Artulandia Property by making additional
payments of approximately: (i) R$50,000 (CDN$28,500) within 6 months; and
(ii) R$200,000 (CDN$114,000) within 12 months of the date of the Option
Agreement. If the option is exercised, an additional R$1,000,000
(CDN$570,000) will be payable by the Company upon completion of a positive
National Instrument 43-101-compliant pre-feasibility study. The vendor will
retain a 1.5% net smelter return royalty on gold production from the
property, which may be reduced to 0.5%, at the option of the Company, for a
further payment of R$1,200,000 (CDN$685,000). Amounts payable by the
Company under the Option Agreement are in Brazilian Reias and Canadian
dollar amounts referenced herein are based on current exchange rates and
have been provided for reference only.
Paulo Pereira, the Company's Vice Presidentof Exploration has supervised
the preparation of the technical information contained in this news release
and supervised the spot re-sampling conducted by the Company to confirm the
exploration data provided to the Company by the vendor. Mr. Pereira 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 publicly listed 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 MontesÁureos, Trinta and Maua Gold Projects
located in the Gurupi Gold Belt in the state of Maranhão in northeastern
Brazil, and its newly acquired Pireneus Gold Project in Goias State, in
central Brazil. Brazil Resources is also seeking to acquire and develop
additional gold properties within Brazil and other locations in South
America.
For additional information, please contact:
Patrick Obara
Telephone: +1 (855) 630 1001
info(at)brazilresources.com
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 the Artulandia and Pireneus Projects, 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 licences 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 licences
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 voluntaryforward-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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Datum: 08.12.2011 - 14:39 Uhr
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