Belo Sun Mining Corp. (
TSX: T.BSX,
Stock Forum) said Wednesday it has received notice that a Court of Appeal Just has overturned the preliminary interlocutors decision by the Federal Judge of Altamira and has repealed the injunction sought by the Brazilian Public Prosecutor’s Office against the State Government of Para and the company.
The repealed injunction challenged the validity and legality of the preliminary environmental licensing process in respect of the Volta Grande Project.
“The next step will be the completion of the meeting of the Environmental Council of Para State, Brazil in respect of the Preliminary License on December 2, 2013,’’
the company said in a press release.
Belo Sun shares rose 15% to 38 cents on Wednesday, leaving a market cap of $102.4 million, based on 265.9 million shares outstanding. The 52-week range is $1.83 and 32.5 cents.
The Volta Grande Project hosts a gold resource of 5.1 million ounces in the measured and indicated category, plus a further 2.5 million ounces in the inferred category.