TORONTO, ONTARIO — (Marketwire) — 12/18/12 — Belo Sun Mining Corp. (TSX: BSX) (the „Company“ or „Belo Sun“) has completed an updated, independently audited mineral resource statement for its 100% owned Volta Grande gold project in Para State, Brazil. This updated mineral resource statement includes results from 273 additional drill holes (covering 75,482 metres), for which the results were received prior to October 30, 2012. These drill holes were completed subsequent to the mineral resource statement announced in April 2012.
These results were audited by SRK Consulting (Canada) Inc and SRK Consultores do Brasil Ltda. and in their memo they commented, „It is interesting to note that this additional drilling represents an increase of approximately 40 percent of the drilling database, and yields approximately 44 percent more Measured and Indicated gold ounces and 20 percent more Inferred ounces. The closer spaced boreholes drilled during that period increased the confidence in the geological interpretation and the continuity of grade and thus delivered a positive impact to the mineral resource evaluation.“
Comparison Between July 2012 Technical Report and December 2012 Mineral Resource Statement
The results represent an important upgrade of Belo Sun-s estimated mineral resources for the Volta Grande Project as follows (see Table below for resource estimate details):
Helio Diniz, Vice President Exploration of the Company, commented: „This is another outstanding achievement by Belo Sun-s exploration team. The results have expanded and upgraded the mineral resources at the Volta Grande Gold Deposit. Moreover, the deposits remain open for further expansion, further supporting the concept that the Volta Grande deposits are part of an extensive mineralized system. We have no doubt that this will be one of the largest gold deposits discovered in Brazil.“
This mineral resource estimate will be the basis for the preliminary feasibility studies being carried out by AMEC Minproc Engenharia e Consultoria Limitada, which are expected to be completed in Q1 2013. The mineral resource model was constructed by Belo Sun and was audited by SRK Consulting (Canada) Inc. (SRK) using the same audit methodology as for the previous audited mineral resource statement.
The audited mineral resource statement is reported in compliance with National Instrument 43- 101 guidelines; the corresponding Technical Report will be filed under the Company-s profile on SEDAR in due course. The mineral resource model was completed by the Belo Sun team under supervision of David Gower, P.Geo, and Carlos Costa, P.Geo. each of whom is a Qualified Person as defined by National Instrument 43-101. The mineral resource model was audited by Dr. Oy Leuangthong, P.Eng, and Dr. Lars Weiershauser, P.Geo of SRK who are Independent Qualified Persons as defined by National Instrument 43-101.
Some of the more relevant parameters utilized in the current resource estimate are listed below:
The Company is continuing the drilling program to upgrade and expand mineral resources further, as both deposits remain open at depth and along strike.
The Audited Mineral Resource Statement (1) for Volta Grande is presented below
Certain mineral resource estimation parameters:
Quality Assurance and Quality Control
The scientific and technical information in this press release has been reviewed and approved by Dr. Jean-Francois Couture, P.Geo (APGO#0196) and Dr. Oy Leuangthong, P.Eng (PEO#90563867) of SRK, Carlos Cravo, P.Geo, Project Manager for Belo Sun and David Gower, P.Geo., an advisor to Belo Sun, who are Qualified Persons as defined by National Instrument 43-101. Dr. Couture and Dr. Leuangthong are independent from Belo Sun. The exploration program is directly supervised by Mr. Carlos Cravo, P.Geo., Belo Sun-s Project Manager. Belo Sun-s procedures for handling drill core comprise initial description and logging into a Microsoft Access database. Mineralized, suspected mineralized or unmineralized intervals in the drill holes are described in detail and marked for sampling. Core is then cut in half with the right-hand portion of the core put into plastic sample bags and sealed. The left-hand portion is returned to the core box and is stored for future reference or study. Assay standard and „Blank“ samples are inserted every 20th sample. These samples are then delivered to ACME Labs sample preparation facility at the Project site. The assay samples are then fine-crushed to better than 80% passing 10 mesh screens, with an assay pulp split of up to 1,000 grams pulverized to better than 85% passing 200 mesh screen. Samples are assayed at ACME Labs in Santiago, Chile, using a 50 gram fire assay procedure with atomic absorption spectrometry finish. Belo Sun implements analytical quality control measures that include the use of control samples (blanks reference material, duplicates). Those procedures were audited by SRK and found to be consistent with generally recognized international industry best practices for pre-development exploration projects.
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 drill results and this mineral resources estimate on the Company, the projected economics of the project, and the Company-s understanding of the project; 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 and on the Company-s website at . 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.
Contacts: Belo Sun Mining Corp. Mark Eaton President and CEO (416) 309-2137
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