Belo Sun Reports Positive Results From Preliminary Metallurgical Leach Test Work Conducted With Volta Grande South Block Samples With Average Recoveries of 95% and Reports AGM Results

TORONTO, ONTARIO--(Marketwired - May 23, 2013) - Belo Sun Mining Corp. (TSX:BSX) has received positive results from preliminary metallurgical leach test work conducted with samples from the South Block deposit of its 100% owned Volta Grande Gold Project located in Para State, Brazil.

The purpose of this preliminary metallurgical test work program was to verify if the South Block ore is amenable to the same optimum leach process conditions recently confirmed for the Grota Seca and Ouro Verde deposits. The South Block composite samples were tested at a grind size of 80% passing 75 microns, slurry density of 40% by weight, 0.5 g/L NaCN concentration, 10 ppm dissolved oxygen concentration and at a pH of 10.5.

A total of six South Block composite samples were tested. Head grades varied from 2.2 g/t Au to 6.5 g/t gold with an average gold recovery of 95%. These results are consistent with previous results of 94% gold recovery recently reported for the Ouro Verde and Grota Seca deposits.

Omar Antunes, Metallurgy Manager for the Volta Grande Project, commented: "These preliminary metallurgical leach test work results indicate that the ores from Grota Seca, Ouro Verde and South Block deposits can all be blended and treated in the same plant under the same optimum process conditions while achieving excellent gold recoveries. We are very pleased to be able to report such excellent results for the South Block deposit."

The last mineral resource for "South Block" was released on December 18, 2012 (see press release) with an inferred pit constrained resource containing 5,368,000 tonnes at an average grade of 2.73 g/t Au containing 471,000 ounces of gold, and an inferred underground mineral resource of 408,000 tonnes at an average grade of 3.89 g/t Au containing 51,800 ounces for gold. Since this mineral resource was released Belo Sun has drilled 62 holes totalling 14,275 meters on the South Block. These drill holes will be incorporated in an updated mineral resource for the whole project to be released to the market at the beginning of the next quarter which also incorporates 47 holes totalling 8,750 meters at Ouro Verde and Grota Seca and it is anticipated this updated mineral resource will be incorporated in the feasibility study that Belo Sun anticipates completing at the end of 2013.

Mark Eaton President and CEO stated "We are very encouraged with these metallurgical results which demonstrate the ability to add the higher grade South Block material to the existing planned Volta Grande material through the companies processing facility".

The results reported in this news release are from test work performed in Santiago de Chile by SGS Minerals S.A. The test work was directly supervised by Sebastián Bravo, process supervisor and by Catherine Souza, head engineer in charge of the Volta Grande Project. SGS Technical Manager Dr. Heriban Soto, coordinated the laboratory work. The test results reported have been reviewed by Omar Antunes, Metallurgy Manager for the Volta Grande Project.

Belo Sun also reports that the nominees listed in the management proxy circular for the 2013 Annual Meeting of shareholders were elected as directors of Belo Sun. Detailed results of the vote for the election of directors held at the Annual Meeting (May 22, 2013) in Toronto are set out below.

Shareholders at the annual meeting also approved the appointment of the company's auditors and approved the amendment to the Belo Sun by-laws to require advance notice in circumstances where nominations of persons for election to the board of directors are made by shareholders.

David Evans, P. Eng., an independent consultant to the Company and a Qualified Person under NI 43-101, has reviewed the scientific and technical information in this release.

About the Company

Belo Sun Mining Corp. is a Canadian-based mineral exploration company with a portfolio of properties focused on gold in Brazil. Belo Sun's primary focus is on advancing and expanding its 100% owned Volta Grande Gold Project, located in Para State. Belo Sun trades on the Toronto Stock Exchange under the symbol "BSX". For more information about Belo Sun please visit www.belosun.com.

Cautionary Statement on Forward Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the impact of these metallurgical results on the Company and its understanding of the project; statements regarding the results of the Company's annual meeting of shareholders; statements with respect to the development potential and timetable of the project; the estimation of mineral resources; realization of mineral resource estimates; the timing and amount of estimated future exploration; costs of future activities; capital and operating expenditures; success of exploration activities; currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com and on the Company's website at www.belosun.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.