VANCOUVER, Oct. 18, 2013 /CNW/ - 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.
