PARACATU’S
GOLD PROJECT UPDATE
PASADENA, CA - June 29, 2017 - InvestorsHub
NewsWire - Brazil Minerals, Inc. (OTC:
BMIX) (the "Company" or "Brazil Minerals") announced today that
on June 17-18, 2017 its CEO and Rodrigo Mello, an experienced gold
geologist, inspected by foot one of the eight mineral rights areas
owned by Jupiter Gold Corporation (“Jupiter Gold”), a subsidiary of
the Company. In Mr. Mello’s opinion, this area has significant
potential for alluvial gold. This mineral right was elevated to
exploration permit following the publication of such authorization
by the Brazilian government gazette on April 12,
2017.
The permit encompasses 773 acres and is situated
downstream of the largest gold mine in Brazil, located in Paracatu,
Minas Gerais, owned and operated by Kinross Gold. This open-sky
mine has already produced 7 million ounces of gold, with 9 million
ounces of gold remaining, according to public filings from that
company; it produced 483,014 ounces of gold equivalents in
2016. During the Paracatu permit visit, precise
locations of drill holes were demarcated by Mr. Mello for a
preliminary analytical campaign planned
to start in July 2017.
The exploration potential of the Paracatu permit
stems from the presence of alluvial terraces on both margins of the
creek named “Corrego do Rico” (also known locally as “Corrego do
Ouro” or Gold Creek), which crosses the permit area. This can be
seen from the map included in this press release. The creek starts
at Morro do Ouro (“Gold Hill”), the Kinross mine, and drains
through the permit area and beyond. If confirmed, mineralization in
the permit area would likely lend itself to utilization of a
low-cost, high-efficiency modular plant for alluvial gold
retrieval, a technology developed and already in use by the Company
in one of its Jequitinhonha areas.
(The Paracatu permit in relation to Kinross’
Morro do Ouro gold mine.)
The lead project geologist, Rodrigo Mello, has
over 30 years of experience and has worked for AngloAmerican,
AngloGold and Goldcorp. Mr. Mello’s experience includes being the
president of MPBA, the Brazilian mining company that developed the
Tucano mine, which is, today, the second largest gold mine in
Brazil. He has written, as Qualified Person, 19 technical reports,
following the NI 43-101 code, mostly for gold
projects.
In other news, the Company has retained a large
and well-regarded regional accounting firm in Brazil to improve the
timeliness of the reporting of its local subsidiaries. Brazil
Minerals has also retained a highly experienced U.S. accountant to
similarly improve the timeliness of the preparation of its
consolidated statements. It is the Company’s firm intention to file
any future quarterly reports promptly when
due.
About Brazil Minerals,
Inc.
Brazil Minerals, Inc. (OTC:
BMIX), through various consolidated subsidiaries, has title to
mineral rights for gold, diamonds, manganese and sand, including
mining concessions for gold and diamonds, the highest level of
right to mine in Brazil. Subsidiaries are engaged in the production
of gold, diamonds, sand and mortar.
Safe
Harbor
Statement
This press release contains forward-looking
statements made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Forward looking
statements are based upon the current plans, estimates and
projections of Brazil Minerals, Inc.'s management and are subject
to risks and uncertainties, which could cause actual results to
differ from the forward- looking statements. Such statements
include, among others, those concerning market and industry segment
growth and demand and acceptance of new and existing products; any
projections of production, reserves, sales, earnings, revenue,
margins or other financial items; any statements of the plans,
strategies and objectives of management for future operations; any
statements regarding future economic conditions or performance;
uncertainties related to conducting business in Brazil, as well as
all assumptions, expectations, predictions, intentions or beliefs
about future events. Therefore, you should not place undue reliance
on these forward-looking statements. The following factors, among
others, could cause actual results to differ from those set forth
in the forward-looking statements: business conditions in Brazil,
general economic conditions, geopolitical events and regulatory
changes, availability of capital, Brazil Minerals, Inc.’s ability
to maintain its competitive position and dependence on key
management. This press release does not constitute an offer to sell
or the solicitation of an offer to buy any security and shall not
constitute an offer, solicitation or sale of any securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such jurisdiction. We advise U.S. investors that
the NI 43-101 term, as mentioned in the above press release, is a
document format accepted by Canada’s securities regulator, and
utilizes different terminology than defined in the U.S.’s Industry
Guide 7, the technical format for mining exploration reports
accepted by the U.S. Securities and Exchange Commission. A
geologist qualified to write an NI 43-101 report is called a
“Qualified Person,” a term that does not apply to U.S.’s Industry
Guide 7. We further advise U.S. investors that, given the
preliminary stage of evaluation, there are no guarantees that the
potential gold mineralization of the Paracatu permit is or will
ever become mineral reserves as defined by the U.S.’s Industry
Guide 7.
Contact:
Marc Fogassa
CEO, Brazil Minerals,
Inc.
(213) 590-2500
info@brazil-minerals.com
www.brazil-minerals.com