VANCOUVER, May 22, 2014 /PRNewswire/ - Brazil Resources
Inc. (the "Company" or "Brazil Resources") (TSX-V: BRI; OTCQX:
BRIZF) is pleased to announce that it has submitted all necessary
documents to Brazil's Department
of Mining Production ("DNPM") in support of maintaining its mining
license for the Company's Cachoeira Project in Para State,
Brazil (the "Cachoeira Project").
The documents are also integral to the environmental licensing
requirements described in the Company's news release dated
April 7, 2014.
Stephen Swatton,
President and CEO, stated, "The completion of this DNPM
documentation is necessary to support the Company's right to mine
the Cachoeira gold deposit and we expect it to form part of the
foundation for a future preliminary economic assessment on the
project."
As previously reported, the purpose of the
submission is to extend the date for commencement of mining
operations at the Cachoeira Project from April 2014 to June
2016. The documents submitted to the DNPM include required
conceptual engineering studies and analysis, which the Company
expects to incorporate into a future NI 43-101 preliminary economic
assessment for the project. The documents submitted to the DNPM are
not a preliminary economic assessment within the meaning of
National Instrument 43-101 ("NI 43-101") and no production decision
with respect to the Cachoeira Project has been made.
An updated NI 43-101 mineral resource estimate
for the Cachoeira Project was released on April 18, 2013, as amended and re-stated
October 2, 2013 (the "Amended
Report"), and is titled "Technical Report and Resource Estimate on
the Cachoeira Property, Pará State, Brazil." The Amended Report was prepared by
Greg Mosher, M.Sc., P.Geo., a
qualified person and a Senior Geologist with Tetra Tech and
independent from the Company, as defined under NI 43-101. The
Amended Report includes estimates of indicated mineral resources of
17.4 million tonnes at 1.40 g/t Au or 786,737 ounces of gold and
inferred resources of 15.6 million tonnes at 1.12 g/t Au, or
563,200 ounces of gold, at a 0.35 g/t cut-off grade. For
further information regarding the Company's Cachoeira Project,
please refer to the Amended Report, a copy of which is available
under the Company's profile on SEDAR at www.sedar.com.
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 Cachoeira and São Jorge Gold Projects located in the
State of Pará, northeastern Brazil.
Paulo Pereira,
Brazil Resources' Vice President of Exploration has reviewed and
approved the technical information contained in this news release.
Mr. Pereira holds a Bachelor degree in Geology from Universidade do
Amazonas in Brazil, is a qualified
person as defined in NI 43-101 and is a member of the Association
of Professional Geoscientists of Ontario.
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 business and
future events, including the Company's expectations respecting
receiving an extension under its mining license for the Cachoeira
Project and the planned completion of a preliminary economic
assessment. Forward-looking statements are based on the
then-current expectations, beliefs, assumptions, estimates and
forecasts about the business and the markets in which Brazil
Resources operates. Investors are cautioned that all
forward-looking statements involve risks and uncertainties,
including: the inherent risks involved in the exploration and
development of mineral properties, the uncertainties involved in
interpreting drill results and other exploration data, the
uncertainties respecting historical resource estimates, the
potential for delays in exploration or development activities, the
geology, grade and continuity of mineral deposits, the possibility
that future exploration, development or mining results will not be
consistent with Brazil Resources' expectations, accidents,
equipment breakdowns, title and permitting matters, labour disputes
or other unanticipated difficulties with or interruptions in
operations, fluctuating metal prices, unanticipated costs and
expenses, uncertainties relating to the availability and costs of
financing needed in the future, commodity price fluctuations,
regulatory restrictions, including environmental regulatory
restrictions, or any failure to integrate acquired companies and
projects into the Company's existing business as
planned. These risks, as well as others, including those set
forth in Brazil Resources' 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. Brazil Resources 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.
Brazil Resources Inc.
Stephen Swatton, Chief Executive
Officer
Patrick Obara, Chief Financial
Officer
Telephone: (855) 630-1001
SOURCE Brazil Resources Inc.