Belo Sun Mining Corp T.BSX

Alternate Symbol(s): BSXGF

Metals & Mining Gold

Belo Sun Mining Corp. is a Canada-based mining company with a portfolio of gold-focused properties in Brazil. The Company is focused on the development of the Volta Grande Gold Project. The Volta Grande Gold Project covers over 2,400 hectares within the 'Tres Palmeiras' greenstone belt. The Volta Grande Gold Project is located in Para State, Brazil, approximately 60 km south-east of the city of Altamira. Altamira is a major regional center with a population of approximately 150,000 and is serviced by a local airport and the Trans-Amazonian Highway. The mineral resources on the Volta Grande Gold Project are subdivided in two areas: North Block and South Block. The North Block includes four zones; Ouro Verde, Junction, Grota Seca and Greia; the South Block is located approximately 10 km south.

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Belo Sun Mining Corp

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Post by mike2322on Feb 15, 2013 2:48pm

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Post# 20997295

Analysis of Press Release - From Daniel Earle @ TD

From Dan Earle @ TD Securities

Belo Sun reported that the environmental licensing process for Volta Grande is “continuing in the ordinary course”
The company confirmed that it has not received any comments or recommended changes from the Environmental Secretary Office and, contrary to media reports, the licensing application has not been rejected
We expect the project to be permitted and anticipate receipt of the Preliminary License during Q2/13

Impact – Positive

Belo Sun’s shares have come under pressure in recent weeks as a number of Brazilian media reports suggest that the environmental licensing process for the company’s Volta Grande (100%) project could be delayed.

This afternoon, the company confirmed that the permitting process is proceeding as planned. The company also noted it has not received any comments or recommended changes from the Environmental Secretary Office to this point – the EIA was filed to the Ministry on February 27, 2012.

Media reports have claimed that the Federal Public Ministry (MPF) has recommended to the Minister of the Environment that the project should not be permitted until cumulative impact studies have been completed and the company has consulted with indigenous peoples. The MPF, however, has no direct involvement in the permitting process in Para State.

Furthermore, based on a recent discussion with a high level source in the Para State government, we understand that the state government has recognized the importance of the Volta Grande project in terms of tax revenue and social development and indications are that the Ministry of Environment will not follow the MPF’s recommendations.

As a result, we believe a slight delay is possible in the process but expect receipt of the Preliminary License, which attests to the feasibility of the project from an environmental perspective, sometime in Q2/13.

Anticipated Timeline