Progress!Tuesday May 21, 2014 10:11 AM
Belo Sun Mining Corp. (TSX:BSX) received approval for its Environmental Impact Assessment for its Volta Grande project, located in Altamira, Brazil along with receiving its Preliminary License. The company is now focused on drilling, which Canadian bank CIBC believes can improve the project’s economics. “A 2,000 meter drill program has also begun on site to better understand four near-surface high-grade areas within the Grota Seca and Ouro Verde zones,” they say. “The program could lead to improving Volta Grande’s economics and rate of return by identifying higher-grade ore feed accessible early in the mine life.” CIBC says that the company has “initiated construction of a training center and consultation with local indigenous tribes and stakeholders, steps that are a part of moving towards acquiring an installation license.” CIBC says they think Belo Sun is sufficiently financed with $10 million in cash and spending roughly $1 million per month.