Brazil Minerals, Inc. to Drill for Gold in Paracatu Project
PASADENA, Calif., March 20, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- Brazil Minerals Inc. (OTC:BMIX) (the "Company" or "Brazil Minerals") announced today that its subsidiary, Jupiter Gold Corporation ("Jupiter Gold"), expects to begin the initial drilling campaign of its Paracatu Project in or before May 2018. The Paracatu Project encompasses 773 acres and is situated downstream of the largest gold mine in Brazil, "Morro do Ouro", owned and operated by Kinross Gold, a large global gold miner. Morro do Ouro had an ore body with 16 million ounces of gold; its annual gold production in 2016 was over 480,000 ounces, according to published reports.
The senior geologist on the Paracatu Project is Rodrigo B. Mello, with over 30 years of experience and technical oversight at some of the largest gold companies in the world such as AngloAmerican, AngloGold and Goldcorp. He has written 19 geological reports, mostly on gold formations in Brazil. Mr. Mello's experience includes being the president of the Brazilian mining company that developed the "Tucano" mine, the second largest gold mine in Brazil.
This initial drilling campaign at the Paracatu Project is set to collect samples at 0.5-meter intervals in six drill holes spaced 50 meters apart. Analytical examination of the samples will be conducted at the premier laboratory in Brazil, used by major gold companies operating locally. The field work should last three weeks and afterwards the analytical reporting may take three months.
In Mr. Mello's opinion, the Paracatu Project area has significant potential for gold. The exploration potential of the Paracatu Project stems from the presence of alluvial terraces on both margins of the creek known locally as "Corrego do Ouro" (Gold Creek), which crosses the project's area. The creek starts at Morro do Ouro, the Kinross Gold mine described above, and drains through the project area and beyond. If confirmed, mineralization in the permit area would likely lend itself to utilization of a low-cost, high-efficiency modular plant for alluvial gold retrieval, a technology in use by Brazil Minerals in one of its Jequitinhonha Valley areas.
The Paracatu Project is one of several promising mineral areas held by Brazil Minerals, through subsidiaries. This collection of properties is referred to as the BMIX Mineral Bank, and the related acreage by mineral is listed below. The Company, through its network of local experts, is continuously adding high quality claims to the BMIX Mineral Bank.
BMIX Mineral Bank
Gold: 119,989 acres
Diamond (kimberlites): 92,961 acres
Diamond (alluvial): 27,612 acres
Manganese: 4,970 acres
Sand (construction/industry): 4,995 acres
Lithium: 288 acres
Aquamarine/Tourmaline/Beryl: 288 acres
About Brazil Minerals, Inc.
Brazil Minerals Inc. (OTC:BMIX), through various consolidated subsidiaries has title to mining concessions for gold and diamonds, and a mineral bank with rights for multiple minerals, including lithium and manganese, and sought-after gems, including aquamarine, tourmaline, and beryl. One of BMIX's subsidiaries is Jupiter Gold. More information on BMIX is at www.brazil-minerals.com. Follow us on Twitter: @BMIXstock.
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are based upon the current plans, estimates and projections of Brazil Minerals Inc.'s management and are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of production, reserves, sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Brazil, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in Brazil, general economic conditions, geopolitical events and regulatory changes, availability of capital, Brazil Minerals Inc.'s ability to maintain its competitive position and dependence on key management. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. We advise U.S. investors that mineral rights within the BMIX Mineral Bank have not been studied under U.S. Industry Guide 7 technical specifications, and until a positive study done under such guidelines is completed, no mineral reserves, as such term is defined in those guidelines, must be assumed.
Contact:
Steven Weiss
Kinsley Street Investors
steveweiss@kinsleystreet.com
www.kinsleystreet.com
Telephone: (609) 619-7908