Belo Sun Receives Interim Suspension Order Related to the Construction Licence for the Volta Grande Project
TORONTO, ONTARIO--(Marketwired - Apr 12, 2017) - Belo Sun Mining Corp. ("Belo Sun" or the "Company") (TSX:BSX) has received an interim suspension order issued by a judge from the Brazilian Federal Regional Court (the "Court") related to the Construction Licence ("LI") for the Volta Grande Project. According to the order, the LI is to be suspended until the indigenous study has been approved by Funai (Indigenous Affairs Agency of Brazil).
Belo Sun completed indigenous studies on the two closest indigenous lands, located 12 and 16 kilometres away from the Volta Grande Project, which was accepted by SEMAS ("Secretary of State for Environment and Sustainability"). According to Brazilian regulations, indigenous studies are required if the indigenous lands are located less than 10 kilometres from the project, however Belo Sun completed an indigenous study in accordance with best practices related to indigenous affairs.
The interim decision by the Court was granted without hearing arguments from the State of Para or from Belo Sun. The Company believes that following a review of the previously completed indigenous study, the Court will reconsider their position.
Peter Tagliamonte, President and CEO, commented, "We are disappointed by this second interruption to our construction plans, however these hurdles are expected and we will work through them. We are working with our local Brazilian counsel to have the decision of the Court overturned on appeal. We are working diligently on the appropriate steps to reverse both decisions."
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 or contact Investor Relations at +1 (416) 309-2137.
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 interim suspension order, 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.