TORONTO, ONTARIO--(Marketwire - June 11, 2012) - Belo Sun Mining Corp. (TSX:BSX) (the "Company" or "Belo Sun") announces an initial, non-independent mineral resource estimate for the newly delineated South Block deposits (named the Pequi, Grande and Itata deposits), at its 100%-owned Volta Grande gold project in Para State, Brazil. These are initial results from an ongoing program and indicate a potentially important new resource area which adds to the previously released Volta Grande mineral resources. The Deposits remain open for further expansion and are described as follows: - Inferred Pit Constrained Mineral Resources of 3,650,000 tonnes at an average grade of 2.64 g/t Au containing 309,700 Ounces of gold which are present in three different deposits named Pequi, Grande and Itata. (Details are presented on the table below)
- Inferred Underground Mineral Resources of 381,000 tons at an average grade of 3.82 g/t Au containing 46,900 Ounces of gold which are present in three different deposits named Pequi, Grande and Itata. (Details are presented on the table below)
- The resource estimate was calculated by Belo Sun staff, under supervision of Mr. Carlos Cravo. P.Geo. a qualified person as defined by NI 43-101. The estimate complies with CIM standards as required by NI 43-101. The estimate will be independently verified and a technical report filed on SEDAR in due course.
The mineral resource estimate incorporates results from 48 diamond drill holes completed to date at the South Block area. Since the resource cutoff date of May 1st, 2012, seven additional holes have been drilled but the assay results are not yet available. Drills testing of geophysical and geochemical targets are continuing in the South block area and the assay results will be released when they become available. Mark Eaton, President and Chief Executive Officer for the Company, stated: "This initial mineral resource estimate from the South Block Target Area illustrates the geological potential Belo Sun enjoys on the 120 kilometre long Tres Palmeiras greenstone belt." Helio Diniz, Vice President, Exploration of the Company, commented: "The Volta Grande Projectcontinues to show tremendous potential for expanding the gold resource estimate. Systematic mineral resource delineation drilling for the South Block targets is being planned as the results obtained to date are very encouraging." |