Belo Sun Announces $45 Million Equity Offering

TORONTO, ONTARIO--(Marketwire - March 3, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

BELO SUN MINING CORP. (TSX VENTURE:BSX) ("Belo Sun" or the "Company") announced today that it has entered into an agreement to sell 39,200,000 common shares on a bought deal basis at a price of $1.15 per common share to a syndicate of investment dealers led by TD Securities Inc. (collectively the "Underwriters") for gross proceeds of $45,080,000. In addition, Belo Sun has granted the syndicate an over-allotment option, exercisable for a period of 30 days following closing, to purchase up to an additional 5,880,000 common shares which, if exercised, would increase the gross offering size to $51,842,000. The offering is scheduled to close on or about March 25, 2011, and is subject to customary conditions and receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

The net proceeds of the offering will be used to fund further exploration and development of the Company's mineral properties, in particular the Volta Grande Gold Project and for general corporate purposes.

In connection with the offering, the Company has agreed to pay the Underwriters a cash commission equal to 6% of the gross proceeds of the Offering.

This press release is not an offer of securities for sale in the United States. The common shares being offered have not been and will not be registered under the United States Securities Act of 1933 and accordingly are not being offered for sale and may not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to an exemption from the registration requirements of that Act.

About Belo Sun

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 primary focus is on advancing and expanding its 100% owned Volta Grande gold project, located in Para State, Brazil. Belo Sun trades on the TSX Venture Exchange under the symbol "BSX". For additional information about the Company please visit www.belosun.com.

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 proposed use of proceeds; success of exploration activities; receipt of necessary approvals; and the requirements for additional capital. 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 www.sedar.com and on the Company's website at www.belosun.com. 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.