Belo Sun Receives Temporary Order Related to the Construction Licence for the Volta Grande Project
TORONTO, ONTARIO--(Marketwired - Feb 22, 2017) - Belo Sun Mining Corp. ("Belo Sun" or the "Company") (TSX:BSX) has received an order from the judge of the Agrarian Court of Altamira issuing a temporary 180-day injunction halting certain work related to the Construction Licence ("LI") for the Volta Grande Project. The purpose of the injunction is to provide time for the relocation of certain families living in an area in proximity to the Volta Grande Gold Project.
The relocation plan approved in the LI provided a program for families living near the project site, allowing them flexibility to decide to relocate at a time of their choosing, with expenses covered by the Company.
Peter Tagliamonte, President and CEO, commented, "We are disappointed by this temporary injunction, however, these hurdles are expected and we view this as normal course in the permitting process. We have strong support from communities within our area of influence and a very good relocation program that was to be implemented over the course of the mine construction. Our local Brazilian counsel is confident that the decision of the Court will be overturned on appeal. We intend to diligently take appropriate steps to reverse the decision and we remain open to dialogue with all relevant authorities."
About Belo Sun Mining
Belo Sun Mining Corp. is a Canadian-based mining company with a portfolio of gold-focused properties in Brazil. The Company is currently focused on the development of its 100%-owned flagship Volta Grande project. Belo Sun trades on the Toronto Stock Exchange under the symbol "BSX". For more information, please visit www.belosun.com
Caution regarding 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 next steps for the property, the Court ordered injunction, the possibility of success appealing the Court order, the timetable for development, production forecast, infrastructure projections, progress in development of mineral properties and the future financial or operating performance of the Company. 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". The Company has based its production forecasts on the results of the feasibility study (please see the related technical report available on www.sedar.com or the Company's website for details on the underlying assumptions and parameters. 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, but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. 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.