Dia Bras Exploration Inc.
TSX VENTURE : DIB

Dia Bras Exploration Inc.

May 03, 2010 14:43 ET

Dia Bras Files 2009 Audited Financials and MD&A

MONTREAL, QUEBEC--(Marketwire - May 3, 2010) - Dia Bras Exploration Inc. (TSX VENTURE:DIB) is pleased to present the Company's 2009 audited Financial Statements and Management's Discussion & Analysis. All currency in this release is in Canadian dollars unless otherwise indicated. For a full explanation of results and mining statistics, please visit the Company's website at www.diabras.com or on SEDAR at www.sedar.com.

2009 HIGHLIGHTS

  • The Company shows positive net working capital of $2.8 million at the end of 2009, compared with a negative net working capital of $7.5 at the end of 2008, showing a positive change of $10.3 million for the year.

  • The Company had Adjusted EBITDA(1) of $1,944,128 during the year of 2009, compared with a negative $14,677,267 for 2008.

  • Operating cash costs(2) decreased by 6.9% to US$92.10 per metric tonne during the year ended December 31, 2009, compared with the same period in 2008 for the Bolívar pilot-mining activities. This decrease in operating cash costs is primarily due to the cost improvement program and cost control initiatives which involved, among other things, a reduction in the amount of transportation of mineralized rocks by contractors.

  • Bolívar Mine sales were $5,812,661 for the fourth quarter, up 62% compared with $3,580,538 in the same period for 2008. The increase is primarily due to the significantly higher metal prices for copper and zinc and to copper sale volumes.

  • During 2009, zinc and copper production decreased 7.3% and 19.0 % respectively compared to 2008. This reduction was mainly due to lower tonnage throughput at the Malpaso mill, from 126,489 tonnes in 2008 to 89,577 tonnes in 2009 (a 29.2% decrease). This reduction is part of the Company's policy of increasing operating margin by reducing volumes and increasing grades while the new Bolívar mill is being constructed on site.

  • During 2009, the Company recorded a gain of $703,359 on variations of final commodity market prices for open shipments from 2009 and 2008 compared with a loss of $4,568,265 for the same period in 2008. This positive settlement results from increases in the average metals prices received by the Company during the Quotational Period ("QP") for open concentrate lots from 2008 and for 10% of the open concentrate lots from 2009.

  • On September 30, 2009, the Company closed the merger with EXMIN Resources Inc.

(1) "Adjusted EBITDA" is a non-GAAP measure in which standard EBITDA (earnings before interest expense, taxes, and depreciation and amortization) is adjusted for stock-based compensation expense and nonrecurring items.

(2) "Operating Cash Costs" is a non-GAAP measure defined as the costs of mining and transport to the mill divided by the tonnes mined plus the costs of milling divided by the tonnes milled.

SUMMARY OF OPERATIONS

Bolívar Pilot-Mining / Summary of the year 2009

During the fourth quarter of 2009, the Company processed 21,610 tonnes of material from the Bolívar Mine averaging grades of 1.79% Cu and 10.09% Zn, producing 764,097 lbs. of copper and 4,297,664 lbs. of zinc. During 2009, the Company processed a cumulative 89,577 tonnes averaging grades of 1.81% Cu and 10.06% Zn, producing 3,122,783 lbs. of copper and 17,686,209 lbs. of zinc, which represent a decrease of 18.99% for copper and 7.29% for zinc produced compared to the corresponding period in the previous year. Quarter-to-quarter and year to year comparisons are shown in Table 1 below.

Due to continuing low metals prices during the first quarter of 2009, the Company was unable to meet its obligations with the providers of transportation services. Starting the month of May, the transportation of mineralized rock from the Bolívar Mine to the Malpaso Mill was suspended for a period of 25 days. Pilot-mining activities, such as mining, development and exploration continued. The transportation services resumed during the second week of June, 2009.

Average grades obtained during the year were 1.81% for copper and 10.06% for zinc, well above average grades for the same period in 2008 of 1.65% for copper and 8.00% for zinc and well above the expected grade for 2009 for copper (1.53%).

Consequently, as shown in Table 1 below, the Company exceeded its production forecast of 2,900,000 pounds of copper and 17,500,000 pounds of zinc in 2009 from the Bolívar Mine.

Table 1 - Bolívar Pilot-Mining Program

Summary of the Comparative Statistics for the fourth quarter and the full year of 2009 and 2008

          %           %  
          Variation           Variation  
          2009   Actual   Actual   2009  
  Actual   Actual   over   Cumulative   Cumulative   over  
  Q4-2009   Q4-2008   2008   2009   2008   2008  
   
                         
Tonnes processed 21,610   27,287   (20.80 ) 89,577   126,489   (29.18 )
                         
Daily throughput 247   312   (20.80 ) 256   361   (29.18 )
                         
Copper grade 1.79 % 1.56 % 14.65   1.81 % 1.65 % 9.70  
                         
Zinc grade 10.09 % 11.04 % (8.65 ) 10.06 % 8.00 % 25.70  
                         
Copper recovery 89.62 % 82.21 % 9.02   87.51 % 83.40 % 4.93  
                         
Zinc recovery 89.43 % 89.27 % 0.17   89.04 % 87.15 % 2.17  
   
                         
Total production of copper (pounds) 764,097   749,973   1.88   3,122,783   3,854,688   (18.99 )
                         
Total production of zinc (pounds) 4,297,664   5,743,770   (25.18 ) 17,686,209 19,077,613   (7.29 )
                         
Average price of copper per pound, $US $3.02   $1.77   70.62   $2.33   $3.15   (26.03 )
                         
Average price of zinc per pound, $US $1.00   $0.54   85.19   $0.75   $0.85   (11.76 )
                         
                         
Operating cash costs/DMT (including development) $95.25   $85.59   11.29   $92.10   $98.93   (6.90 )

Table 2 - Bolívar Pilot-Mining Program - Highlights

  Q4 2009 Q3 2009 Q2 2009 Q1 2009
Copper (US$ per pound) $3.02 $2.66 $2.11 $1.55
Zinc (US$ per pound) $1.00 $0.80 $0.67 $0.53
Production volume highlights        
         
Copper (DMT) 1,255 1,490 904 1,420
Copper (pounds) 764,097 935,718 561,589 866,488
Zinc (DMT) 3,399 3,980 2,243 4,074
Zinc (pounds) 4,297,664 5,210,398 2,907,018 5,287,765
 
  Q4 2008 Q3 2008 Q2 2008 Q1 2008
Copper (US$ per pound) $1.77 $3.48 $3.83 $3.54
Zinc (US$ per pound) $0.54 $0.80 $0.96 $1.10
Production Volume Highlights        
 
Copper (DMT) 1,240 1,172 1,676 2,366
Copper (pounds) 749,963 698,725 997,635 1,408,335
Zinc (DMT) 4,603 2,912 4,580 3,260
Zinc (pounds) 5,743,770 3,602,827 5,684,701 4,046,315

Bolívar 2009 Exploration Program

The main focus of the Company's exploration program at Bolívar will be to provide a continued source of feed for the Malpaso Mill, in the short term, and the Bolívar Mill once constructed. Exploration to expand underground resources in the areas of Guadalupe, Fernandez, Selena, La Increíble, El Gallo and others has been carried out and will continue.

Favorable exploration results in areas of disseminated copper-silver mineralization prompted the exploration team to increase exploration efforts on the Bolívar NW, Bismarck, San Francisco and El Gallo areas where each of these areas could host individual open-pitable deposits of moderate tonnage.

An on-going exploration drilling program during 2009 focused on locating high-grade copper-zinc mineralization. As of end of the year, 39 surface holes totaling 5,546 m plus 33 underground holes totaling 2,918 m had been reported, for a total of 72 holes totaling 8,464 m. For the year, Dia Bras completed 3,627 m of drilling at the Bolívar project that was focused on expanding the resource previously identified at the Guadalupe zone. The Company continues to encounter significant intervals of high grade material in its ongoing drilling and underground sampling program in the area. (See news release dated, September 30, 2009.) The Guadalupe zone remains open in all directions and will continue to be explored.

A further 15,000 metres of drilling at Bolívar is planned to increase and upgrade the inferred resources of the disseminated copper-silver mineralization to indicated and measured categories, with 4,200 metres planned for the Guadalupe area.

Construction of the Bolívar Mill

During, 2009, the Company announced its intention to construct a new mill at the Bolívar Mine, with a view to significantly reduce its operating cash costs. Management has produced its own estimate for the construction of this mill, which has not been independently validated, with initial design capacity to process up to 1000 tonnes of material per day. The internal costs estimate that was produced includes used equipment (based on second-hand market of 2009), as well as local manpower. The Company estimates the overall cost in this scenario to be approximately US$11 million, including US$1.5 million for preliminary studies and initial works such as engineering, permitting, site preparation, equipment purchase and installation, tailings dams and water and energy facilities. This alternative was finally chosen as the most viable instead of dismantling a circuit of the Malpaso mill. The Malpaso mill will be dedicated to processing rock from Cusi and other sources.

During the construction period of the Bolívar Mill, the El Triunfo circuit at Malpaso will remain in operation to maintain revenues while construction is ongoing, and Management forecasts pilot-mining production for 2010 at the Malpaso Mill to be approximately 96,000 tonnes at average grades of 1.7% Cu and 10.6% Zn.

In March, 2009, the Company entered into a lease agreement (the "Lease") with the owners of the surface rights (ejido) for a long-term lease of the surface land that will be used to accommodate the Bolívar Mill and a new tailings dam adjacent to the Bolívar Mill to be located approximately 6 km from the Bolívar Mine. The Lease covers 50 hectares and provides for annual payments of MX$188,000, as adjusted for inflation, over a 30-year term renewable without approval for another 30 years. In addition. An environmental impact study for the new tailings dam has been initiated and is still in process. Support activities for the construction of the new mill, such as environmental permitting and acquisition of water rights have been initiated.

In the second half of 2009, the Company commenced works for the construction of the Bolívar Mill, such as permitting, water and energy studies, and an environmental study. Ingenieria VICA of Mexico completed the detailed engineering work of the mill. Site preparation for the new mill and tailings is underway. A new power line to the mill site has been completed. A source of water has been identified, and negotiations for construction of water storage facilities are in progress.

With a mill near the Bolívar Mine, Dia Bras will eliminate the high transportation costs associated with shipping rock 270 kilometres to the Malpaso Mill. The Company expects that this change will reduce operating cash costs significantly. Current and potential shareholders should note that although economic viability of the mineral resources on the Bolívar property has not been determined, the Company and Management intend to proceed with the construction of an up to 1000-tpd mill near the Bolívar Mine. From November 1, 2009, to the date of this report, the Company has raised $7,147,000 for these and other projects through the exercise of warrants.

Until the economic viability of the Bolívar project has been determined and mineral resources have been converted to mineral reserves by at least a preliminary feasibility study and confirmed in a technical report as required by NI 43-101, there can be no assurance that the new mill will be economically viable.

In order to finance the construction of the Bolívar Mill, the Company will have to issue additional equity and borrow funds from third parties. There can be no assurance that sufficient funding will be available to the Company or available on terms that do not adversely affect the projected economic return of the development of the Bolívar project.

Cusi Pilot-Mining / Summary of the year 2009

Table 3 - Cusi Pilot-Mining Program

Summary of the Comparative Statistics for the fourth quarters and the period ended December 31, 2009 and 2008

          %           %  
          Variation           Variation  
          2009   Actual   Actual   2009  
  Actual   Actual   over   Cumulative   Cumulative   over  
  Q4-2009   Q4-2008   2008   2009   2008   2008  
   
Tonnes processed 3,945   7,384   (46.57 ) 6,232   11,378   (45.23 )
                         
Daily throughput 45   84   (46.57 ) 36   43   (17.84 )
                         
Lead grade 0.62 % 1.59 % (61.01 ) 0.90 % 3.01 % (70.10 )
                         
Zinc grade 1.57 % 0.88 % 78.41   1.72 % 1.75 % (1.71 )
                         
Silver grade in grams per tonne (g/t) 284   345   (17.68 ) 283   289   (2.08 )
                         
Lead recovery 50.80 % 48.70 % 4.31   54.01 % 57.28 % (5.71 )
                         
Zinc recovery 40.74 % 31.82 % 28.03   42.93 % 35.77 % 20.02  
                         
Silver recovery 65.78 % 58.09 % 13.24   64.26 % 62.04 % 3.58  
   
   
Total production of Lead (pounds) 27,325   139,333   (80.39 ) 66,655   344,687   (80.66 )
                         
Total production of Zinc (pounds) 55,769   46,539   19.83   101,664   63,547   59.98  
                         
Total production of Silver (oz) 23,481   52,735   (55.47 ) 36,308   68,967   (47.35 )
   
   
Average price of Lead per pound, $US $1.04   $0.56   85.71   $0.96   $0.83   15.66  
                         
Average price of zinc per pound, $US $1.00   $0.54   85.19   $0.75   $0.85   (11.76 )
                         
Average price of Silver per ounce, $US $17.57   $10.20   17.25   $16.34   $14.13   15.64  

Cusi Exploration – 2009

During the first half of 2009, the Company conducted a compilation and interpretation of previous work and historical data, as well as mapping and some drilling. New targets and ore shoots of high-grade mineralization in the veins systems of the Santa Eduviges and Promontorio mines have been identified as well as other nearby areas (refer to the news release of July 23, 2009).

The Santa Eduviges and Promontorio areas host a series of veins that represent excellent exploration targets. The Company completed 2,121 metres of surface drilling and 101 metres of underground drilling during the third quarter to further define the resources at the Santa Eduviges and Promontorio areas.

The objectives of 2009 were twofold: 1) Define and expand the resources along i) the Santa Marina and San Antonio veins, ii) along the vein intersections of Santa Marina and Rosario, Santa Marina and San Bartolo, and iii) along the Tascates and Mexicana veins; and, 2) Evaluate and test the Promontorio vein intersections and the Santa Rosa Chimney with the objective of defining and expanding resources in this area.

Drilling in the Santa Eduviges and Promontorio mine areas resulted in intercepts that extended the mineralized portions of the veins laterally and to depth and guided mine exploration development (please see Dia Bras' News Releases of February 18, July 23, September 28, and December 8 and 16, 2009).

Cusi Metallurgical Testing

In June, 2009, Dia Bras reported the results of metallurgical tests completed on silver-mineralized rock from the Cusi project. The tests were done to evaluate the potential for increasing the recovery of silver. The tests were done under the direction of an independent engineer, M. Pedro Castillo C., Centro de Investigatíon de Materiales Avanzados (MIMAV) located in the city of Chihuahua, State of Chihuahua.

A representative sample was collected under the supervision of Mr. Castillo from 1,500 tonnes of rock (mined from the Santa Eduviges and Santa Marina veins) stockpiled at the Company's Malpaso Mill. The sample was reduced to 5 kg mass and processed using a combination of flotation and cyanidation methods. Results yielded silver recoveries of about 85% using a combination of flotation and tailings cyanidation.

Cusi Outlook

The objective of pilot-mining of the Cusi deposit is to obtain factual information on the metallurgy of silver, lead and zinc mineralization, recovery rates, per tonne revenues at various commodity prices, mining costs and other factors. This information is essential for evaluation of the property's economic potential. During 2009, as part of the Company's strategy to increase silver recovery to 80-85%, a cyanidation plant was added to the Malpaso Mill to process mill tailings discharged from the mill's flotation circuits. During the fourth quarter of 2009, 3,945 tonnes of rock from the Santa Eduviges mine were milled at the Company's Malpaso Mill, with an average grade of 284 g/t silver, 0.62% lead, and 1.57% zinc. Recovery of silver by flotation method averaged 65.78%. The mill tailings were fed to the mill's new vat leach circuits for further processing. Metallurgical testing indicates an additional 15-20% recovery of silver will be obtained (please see Dia Bras' News Release of June 10, 2009). One doré bar was produced during December (please see Dia Bras' News Release of December 17, 2009).

Cusi 2009 Exploration Program

During 2009, the Company continued drifting in the Santa Eduviges mine in order to access new blocks of mineralized rock. The ramp, which is now at 1970 m elevation, is being extended to provide access to the San Antonio, San Antonio A, Santa Marina and Santa Marina Alto veins at the 1930 m elevation. Completion of the ramp to this elevation is scheduled for June, 2010, with 930 m of ramp development planned. This work is designed to increase production from the Santa Eduviges area.

Drilling also continued at the Promontorio mine, with focus on the Veta del Contacto and El Gallo vein areas (see press releases of July 23 and December 16, 2009. Results from these holes provide data that will allow development of a mine plan for pilot mining that is scheduled to begin in early 2011.

RESULTS OF OPERATIONS

During the year ended December 31, 2009, the Company recorded a loss of ($1,132,786) compared with a loss of ($22,741,180) in 2008 – losses of ($0.00) per share and ($0.20) per share respectively. During the fourth quarter of 2009, the Company recorded a gain of $1,914,942 compared with a loss of ($12,189,829) in the fourth quarter of 2008 – $0.01 per share and ($0.11) per share respectively.

The following Table 4 sets forth selected quarterly financial information for each of the eight most recently completed quarters:

Table 4 - Selected Quarterly Financial Information for Previous Eight Quarters

  2009 2009   2009   2009  
     
  Q4 Q3   Q2   Q1  
               
  $ $   $   $  
   
Sales of concentrate 5,812,661 4,630,760   3,717,517   2,876,064  
   
Net income (loss) 1,914,942 (598,009 ) (521,226 ) (1,928,493 )
   
Earnings (loss) per share (basic and diluted) 0.01 (0.00 ) (0.00 ) (0.01 )
   
Total assets 31,175,561 27,636,996   20,081,205   21,568,404  
   
Long-term liabilities - 19,275   426,568   901,785  
               
               
  2008   2008   2008   2008
 
  Q4   Q3   Q2   Q1
 
  $   $   $   $
 
 
Sales of concentrate 3,580,538   4,452,750   6,616,659   6,656,841
 
Net income (loss) (12,189,829 ) (7,517,228 ) (3,081,382 ) 47,259
 
Loss per share (basic and diluted) (0.10 ) (0.07 ) (0.03 ) 0.00
 
Total assets 21,526,867   28,282,800   31,894,126   31,428,918
 
Long-term liabilities 1,157,307   2,142,784   1,049,060   -

The 2009 period results are explained as follows:

Income

During 2009, revenues decreased to $17,037,002 compared with $21,306,788 in the same period in 2008. The decline is primarily price driven and also due to lower production of copper and zinc concentrates. For the three-month period ended December 31, 2009, total revenues increased to $5,812,661 compared with $3,580,538 during the same period in 2008. The increase was due to the increase of 70% in the average price of copper and 85% in the average price of zinc compared to the same period in 2008. The Company's concentrates are sold under pricing arrangements whereby final settlement prices are determined by quoted market prices in a period subsequent to the date of sale. Concentrates are provisionally priced at the time of shipment using forward prices for the expected month of final settlement, and then soon thereafter a fixed price for 90% of the metal sold in concentrate is contracted. Subsequent variations of the price and final quantities credited to the Company are recorded in the Consolidated Statement of Operations.

Expenses

During 2009, cost of sales decreased to $8.9 million compared with $16.8 million in 2008. During the three month period ended December 31, 2009, the cost of sales decreased to $1.6 million compared with $3.9 million for the corresponding period in 2008. The decreased in costs of sales is primarily attributable to the cost improvement plan implemented by the Company during 2008 in all areas.

General and administrative expenses decreased to $3.7 million compared to $5.4 million for the year ended December 31, 2009 compared with the same period in 2008. For the fourth quarter of 2009, the expenses decreased to $0.8 million compared with $1.4 million for the fourth quarter of 2008. The cost improvement plan implemented by the Company in 2008 had also an important impact in the general and administrative expenses.

Exploration expenditures decreased to $2,178,691 for the year ended December 31, 2009, ($122,691 in the fourth quarter of 2009) from $4,571,445 for the same period in 2008, ($547,006 during the fourth quarter of 2008). The decrease is due to the current exploration program focused to provide a continued source of feed to the Malpaso Mill.

The effect of the global recession on market prices for base metals impacted financial results in the past two years. Realized prices for zinc and copper have recovered in the second half of 2009. During 2009, the Company recorded a gain of $703,359 on the variation of commodity price (a loss of $63,965 during the fourth quarter of 2009) related to final settlement billings and unsettled shipment provision change in value compared with a loss of $4,568,265 during the same period in 2008 (a loss of $2,741,766 for the fourth quarter of 2008)

  • During 2009, the average realized copper price was US$2.33/lb. compared with US$3.15/lb. in 2008.

  • During 2009, the average realized zinc price was US$0.75/lb. compared with US$0.85/lb. in 2008.

  • In the fourth quarter of 2009, the average realized copper price was US$3.02/lb. compared with US$1.77/lb. in the fourth quarter of 2008.

  • The average realized zinc price was US$1.00/lb. in the fourth quarter of 2009 compared with US$0.54/lb. in the fourth quarter of 2008.

LIQUIDITY and WORKING CAPITAL

The Company's liquidity position is directly related to the level of concentrate production, the cost of this production, the final settlement billing adjustments recorded for zinc, copper, lead and silver in concentrate that is sold and the amount of Exploration expenditures incurred each year, among other factors. As at December 31, 2009, the Company's working capital amounted to a positive $2,847,197, including $2,821,277 in cash and cash equivalents compared with a negative ($7,479,345) as at December 31, 2008, including $1,097,569 in cash and cash equivalents.

From February to July, 2009, the Company closed five private placements for a total amount of $9,293,005 and issued 168,866,091 units, each unit being comprised of one common share and one common share purchase warrant. Each warrant entitles the holder thereof to subscribe, during periods from twelve to eighteen months, to one common share at an average price of $0.111 per share. During 2008, the Company closed a private placement for a total amount of $2,000,000 and issued 25,000,000 units, each unit being comprised of one common share and one common share purchase warrant exercisable over the following twenty-four months to purchase one common share at a price of $0.20 per share.

During November, 2009, 28,409,090 warrants were exercised at the price of $0.11, for a total cash consideration of $3,125,000. The warrants were exercised by directors of the Company. Consequently, the Company issued 28,409,090 common shares.

SUBSEQUENT EVENTS

Between January 13 and April 8 of 2010, 29,485,545 warrants were exercised at an average exercise price of $0.136, for a total cash consideration of $4,021,592. The warrants were exercised by directors and other shareholders of the Company. Consequently, the Company issued 29,458,545 common shares.

2010 PRIORITIES

Dia Bras's biggest current challenge is the financing and construction of the Bolívar Mill near the Bolívar Mine. In parallel, the Company's plans for 2010 include processing higher grade material with the goal of producing positive cash flow at forecasted metal prices.

Dia Bras will focus on key priorities for the foreseeable future:

  • Building a mill at Bolívar to reduce operating costs and cut-off grade,

  • Increase the amount of resources at Bolívar and Cusi that can be converted into reserves,

  • Maximizing cash flow in this uncertain economic environment;

  • Reducing direct operating and administration costs;

  • Exploration program to expand and upgrade resources at Bolívar and Cusi projects;

  • Exploration of the EXMIN projects;

  • Positioning the Company for the economic recovery.

ABOUT DIA BRAS

Dia Bras is a Canadian exploration mining company focused on precious and base metals in Chihuahua State and other areas of northern Mexico. The Company is committed to developing and adding value to its most advanced assets – the Bolívar copper-zinc project and the Cusi silver mining camp. The Company's shares trade on the TSX Venture Exchange under the symbol "DIB".

Forward-looking Statements:

This news release contains certain statements that constitute forward-looking statements. Forward- looking information includes, but is not limited to, information concerning Dia Bras' 2009 guidance respecting pilot-mining production and potential plans for Bolívar and Cusi projects, as well as the acquisition of EXMIN Resources. Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward- looking statements, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in the mining industry including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; risks associated with the estimation of mineral resources and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labour disputes or other unanticipated difficulties or shortages of labour or interruptions in production; actual rocks mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of pilot-mining activities and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; uncertain political and economic environments; changes in laws or policies, foreign taxation, delays or the inability to obtain necessary governmental permits; and other risks and uncertainties. Refer to "Risk and Uncertainties".

Forward-looking information is, in addition, based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long-term price of zinc, copper, lead and silver; the regulatory and governmental approvals for the Company's projects and other operations on a timely basis; access to financing, appropriate equipment and sufficient labour. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Although the forward-looking statements contained in this MD&A are based upon what management believes to be reasonable assumptions, the Company cannot guarantee that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this MD&A, and the Company does not assume any obligation to update or revise them to reflect new events or circumstances, except as required under applicable securities regulations.

Neither the 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 news release.

Contact Information

  • Dia Bras Exploration Inc.
    Daniel Tellechea
    President & CEO
    514-393-8875 ext. 241
    or
    Dia Bras Exploration Inc.
    Karl J. Boltz
    Vice President, Corporate Development
    1-866-493-9646
    www.diabras.com