Belo Sun Mining Corp.
TSX VENTURE : BSX

Belo Sun Mining Corp.

August 17, 2010 10:51 ET

Belo Sun Mining Intercepts 78 Meters Grading 2.1 g/t Gold Including 9.00 Meters Grading 10.52 g/t Gold at Volta Grande Project, Brazil

TORONTO, ONTARIO--(Marketwire - Aug. 17, 2010) - Belo Sun Mining Corp. (TSX VENTURE:BSX) (the "Company" or "Belo Sun") announces the results of seven additional drill holes from the current diamond drilling program at the Volta Grande Gold Project located in Para State, Brazil. All holes drilled to date have intercepted multiple gold mineralized intervals carrying grades significantly above the 0.5 g/t Au cut off grade used on the previous resource estimate. Hole VVGD-009 is particularly well mineralized with multiple mineralized zones starting at surface. The first 240 meters of this hole is grading 1.12 g/t gold with numerous higher grade intervals over significant widths within the zone (see table below for details).

Belo Sun has completed approximately 5,000 meters (21 holes) of the currently planned 15,000 meter program. Of these, twelve are from the Ouro Verde Deposit (VVGD-001 to VVGD-10, VVGD-017 and VVGD-021), four are from Gameleira Target which is a large geochemical anomaly approximately 1.5 kilometers northwest from Ouro Verde (VVGD-011, VVGD-014, VVGD-16 and VVGD-20), and five are from Grota Seca (VVGD-012, VVGD-013, VVGD-015, VVGD-018 and VVGD-019). The results of the first hole drilled at the Gameleira target (VVGD-011) which is interpreted to represent a possible NW extension of the Ouro Verde deposit confirmed the presence of gold mineralization in the area. The intercepts are high grade (up to 17.9 g/t Au over 0.65 meters). Three additional holes have been completed on this target to date and assays are pending. No assay results are yet available for the holes completed at Grota Seca.

In view of the ongoing positive results Belo Sunis mobilizing a fourth drill rig to the project to accelerate the program.

The table below presents a summary of these intercepts.
 
Hole #   From (m)   To (m)   Width (m)   Au g/t
VVGD-003   19.00   33.00   14.00   0.99
  and   82.00   92.00   10.00   4.76
  including   82.00   86.00   4.00   9.56
  and   103.00   108.00   5.00   0.60
  and   148.40   162.45   14.05   1.03
  and   170.50   177.50   7.00   1.37
  and   208.90   214.00   5.10   0.61
  and   219.00   236.00   17.00   1.26
  Including   220.00   228.00   8.00   2.10
  and   242.00   252.85   10.85   1.29
  Including   248.00   252.00   4.00   2.47
  and   296.87   304.00   7.13   0.75
VVGD-004   13.50   20.00   6.50   0.85
  and   29.30   35.05   5.75   1.58
  and   160.00   168.00   8.00   0.55
  and   211.00   217.00   6.00   2.19
  and   246.00   249.12   3.12   0.69
  and   276.00   279.00   3.00   3.99
VVGD-005 (*)   0.00   24.00   24.00   2.81
  including   10.00   21.00   11.00   4.82
  and   52.00   56.00   4.00   0.73
(*) These Intervals of VVGD-005 were not reported on the previous news release (June 20th, 2010)
                 
                 
                 
Hole #   From (m)   To (m)   Width (m)   Au g/t
VVGD-006   67.00   74.00   7.00   0.84
  and   106.00   118.00   12.00   2.66
  including   114.00   117.00   3.00   8.94
  and   138.00   145.00   7.00   0.71
  and   152.00   159.00   7.00   1.28
  and   179.00   186.00   7.00   2.00
  including   184.00   186.00   2.00   5.47
  and   195.00   204.00   9.00   0.93
  and   223.00   232.00   9.00   0.89
  and   239.00   253.00   14.00   0.96
  and   270.00   274.00   4.00   0.52
  and   279.26   285.00   5.74   0.85
VVGD-007   51.00   73.00   22.00   0.58
  and   120.83   123.65   2.82   1.12
  and   129.00   132.80   3.80   0.59
  and   179.00   181.00   2.00   1.10
  and   227.00   230.00   3.00   2.32
VVGD-008   18.00   26.00   8.00   0.87
  and   33.50   34.90   1.40   9.80
  and   87.00   89.00   2.00   4.61
  and   132.00   139.00   7.00   0.55
  and   180.00   193.00   13.00   2.63
  Including   186.62   193.00   6.38   4.95
  and   224.80   228.90   4.10   2.11
  and   247.92   263.00   15.08   1.40
  including   250.20   257.50   7.30   2.50
VVGD-009   0.00   78.00   78.00   2.12
  including   0.00   4.00   4.00   5.28
  Including   9.30   39.00   29.70   3.98
  including   22.00   31.00   9.00   10.52
  including   72.50   78.00   5.50   2.39
  and   108.00   117.05   9.05   1.44
  and   143.96   159.85   15.89   2.82
  including   143.96   151.30   7.34   4.38
  and   219.00   246.70   27.70   1.20
  including   229.00   237.00   8.00   2.50
  and   279.00   288.00   9.00   1.91
VVGD-011   39.95   40.60   0.65   17.80
  and   84.15   84.90   0.75   6.54

Note: Holes VVGD-003 to VVGD-009 were drilled at the Ouro Verde deposit (see location map below) and the results confirm the extension of the known mineralized zones for at least an additional 50 m down dip (see vertical sections below).

Hole VVGD-011 is located over a soil geochemistry anomaly approximately 500 meters NW of the current limit of the Ouro Verde Deposit. The widths reported above represent the core width of the intercepts; true widths are expected to range between 85-95% of the core width.

In addition to the drilling, the following technical services and engineering contracts have been signed:
  • Geotechnical Studies – contracted to VOGBR, a well-known Brazilian contractor with particular expertise in the fields of Water Resources and Geotechnical Engineering that has been involved in large number of major mining projects in Brazil developed in the last five years. The scope of the preliminary geotechnical study comprises hydrological, hydro-geological assessment and will also include pit slopes, waste pile and conceptual master plan. In addition, the program and specifications for further systematic geotechnical investigations will be outlined.

  • Mining Plan, Trade-off Mining Studies – contracted to PROMINAS, a Brazilian mining services contractor. Scope comprises preliminary mining sequence and desk top evaluation of open pit scenarios to support trade-off mining method studies.

  • Environmental Studies and Permitting Process  – contracted to Golder Associates. Scope comprises an "Environmental Impact Assessment – EIA, and the development of an Environmental Monitoring Plan, for the physical environment, considering factors of climate, air quality, surface and underground waters quality, geochemistry, noise, vibrations and soils.

All results of the engineering and environmental studies outlined above are expected to be available before the end of the year to be utilized on the scoping studies that are planned to be developed during the first quarter of 2011.

The Volta Grande Gold Project has an estimated indicated mineral resource of 715,000 ounces of gold (20,090,000 tonnes grading 1.11 g/t gold) and an estimated inferred mineral resource of 1,388,000 ounces of gold (45,210,000 tonnes grading 0.95 g/t gold) based on 0.50 g/t gold cut off, as outlined by the NI 43-101 study undertaken by Scott Wilson Roscoe Postle Associates Inc. ("Scott Wilson RPA") of Toronto (see news release of September 29, 2009). The previous preliminary economic assessment carried out by Scott Wilson RPA was based on the mineral resources estimated with drilling to only 150 meters below surface on the North Block. The Company's current drill program focuses on upgrading the resources category and testing extensions of the mineralized zones along strike and down dip.

Helio Diniz, the Vice President, Exploration for Belo Sun, stated "We are very excited about the progress with the ongoing significant results from the project. Volta Grande continues to show tremendous upside for a significant expansion of gold resources. We believe that is highly relevant that all ten holes spread over a 1 km strike length and testing down-dip extensions of the previous resource have confirm multiple mineralized zones and have intercepted new high grade gold mineralization. A new resource and geological model of the known deposits is being completed and will be submitted to an independent QP for certification, after which the Company will make a formal announcement of the new updated resource estimate around the end of the third quarter, 2010. 

Qualified Assurance and Quality Control

The scientific and technical information in this press release has been reviewed and approved by David Gower, P. Geo., an advisor to Belo Sun and a qualified person as defined by National Instrument 43-101. Belo Sun's procedures for handling drill core comprise initial description and logging into a Microsoft Access database. Mineralized and suspected mineralized intervals in the 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. Assay standard and "Blank" samples are inserted every 20th sample. These samples are then delivered to ACME Labs sample preparation facility in Itaituba, Para, Brazil. The assay samples are then fine-crushed to better than 80% passing 10 mesh screen, with an assay pulp split of up to 500 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 with AAS finish. These QA/QC procedures provide several measures of data quality and assure the Company that the assay data is representative of the original sample.

About the Company

Belo Sun Mining Corp. (formerly Verena Minerals) is a Canadian-based mineral exploration company with a portfolio of properties focused on gold in Brazil. Belo Sun's prime focus is on advancing and expanding its 100% owned Volta Grande Project, located in Para State. Belo Sun trades on the TSX Venture Exchange under the symbol "BSX" and has approximately 138 million common shares issued and outstanding.

Cautionary Statement on Forward Looking Information

This press release includes forward looking statements within the meaning of applicable securities laws, including without limitation, the effect and timing of the name change on the Company, mineral resource estimates, statements regarding the planned exploration program, and the purposes and costs of the program. Forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from what is currently expected. Accordingly, readers should not place undue reliance on forward looking statements. For a more detailed discussion of such risks and other factors, refer to Belo Sun's filings with the Canadian securities regulators available on www.sedar.com or the Company's website at www.belosun.com.

To view the figures associated with this press release, please visit the following link:

http://file.marketwire.com/release/bsxmaps817.pdf

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Belo Sun Mining Corp.
    Mark Eaton
    President and CEO
    (416) 309-2137