BZM gets shrs of BZO and gives up land titleBrazauro to expand landholdings in Brazil
Brazauro Resources Corp (C:BZO)
Shares Issued 53,137,145
Last Close 9/12/2006 $0.91
Wednesday September 13 2006 - News Release
Also BrazMin Corp (C:BZM) News Release
Mr. Mark Jones of Brazauro reports
BRAZAURO TO ACQUIRE BRAZMIN'S TOCANTINZINHO INTERESTS
Brazauro Resources Corp. has agreed to acquire all of BrazMin Corp.'s interests in the Tocantinzinho gold project area in Brazil in exchange for 13.15 million treasury shares of Brazauro. The acquisition, which is subject to confirmation of certain title matters from the Departamento Nacional de Producco Mineral (DNPM) in Brazil, regulatory approval and certain other conditions, will consolidate BrazMin's mineral interests with Brazauro's and extend the mineral landholdings of Brazauro in the area.
Mark E. Jones, chairman and chief executive officer of Brazauro, stated: "This agreement enables Brazauro to extend its exploration at Tocantinzinho to the east and southeast, into zones that the company believes hold potential to expand the overall project's gold-bearing mineralization. With BrazMin as a significant shareholder, our company will benefit from their expertise and influence which will contribute to the enhancement of the project. We have plans to actively extend our exploration activities onto the acquired ground."
Tony Ransom, president and chief executive officer of BrazMin, stated, "This agreement allows us to participate in the entire significant Tocantinzinho gold discovery, while concentrating our efforts on our own substantial portfolio of projects in Brazil."
The agreement will result in BrazMin owning approximately 19.9 per cent of the issued shares of Brazauro. BrazMin does not currently own beneficially, directly or indirectly, any shares of Brazauro. For a limited period of time, Brazauro will have the right to direct the voting of the shares to be issued to BrazMin except in certain conditions and the right to find purchasers for the shares if BrazMin wishes to sell. The acquisition will be accomplished by the purchase of a wholly owned subsidiary of BrazMin which indirectly holds BrazMin's Tocantinzinho interests.
© 2006 Canjex Publishing Ltd.