NEWS!!! PRESS RELEASE FROM CNW GROUP
Brazil Resources To Acquire The Titiribi Gold-Copper Project From NovaCopper
Thursday, August 18, 2016
Brazil Resources to Acquire the Titiribi Gold-copper Project from NovaCopper
07:35 EDT Thursday, August 18, 2016
Highlights:
- Brazil Resources to acquire a 100% interest in the Titiribi Gold-Copper Project in central Colombia;
- The Project hosts several styles of mineralization including gold-copper porphyry and associated epithermal gold mineralization in nine zones identified to date;
- Approximately 144,779 metres of diamond drilling in 270 holes have been completed historically on the Project;
- Nearby gold projects in development or in production include Red Eagle's San Ramon, B2 Gold's Gramalote, Continental Gold's Buritica, and Gran Colombia's Marmato projects;
- Total consideration of 5,000,000 common shares and 1,000,000 share purchase warrants of Brazil Resources with the common shares being issued at closing representing less than 4.6 % dilution to shareholders of Brazil Resources; and
- The transaction represents a significant milestone in Brazil Resources strategy of targeted acquisitions.
VANCOUVER, Aug. 18, 2016 /CNW/ - Brazil Resources Inc. ("Brazil Resources") (TSX-V: BRI; OTCQX: BRIZF) is pleased to announce that it has entered into a share purchase agreement (the "Agreement") with NovaCopper Inc. ("NovaCopper"), pursuant to which it will acquire Sunward Investments Limited ("Sunward"), a subsidiary of NovaCopper which owns 100% of the Titiribi Gold-Copper Project (the "Project") located in Colombia.
Amir Adnani, Chairman of Brazil Resources, commented: "We are very pleased to have come to an agreement with NovaCopper to acquire such a large-scale gold project in the Americas, which further expands our growing asset base. With the acquisition of Titiribi, we take a major step towards realizing our vision of consolidating quality gold assets and maximizing gold leverage for our shareholders. We look forward to welcoming NovaCopper as a new shareholder of Brazil Resources."
Garnet Dawson, CEO of Brazil Resources, further added: "The Project was the focus of extensive exploration, metallurgical, environmental and engineering programs from 2010 to 2013. Post- closing, our geologists will work to review the extensive drilling database at Titiribi to outline target areas for follow-up exploration and we plan to commission an independent resource estimate for the Project."