Belo Sun Mining
TSX VENTURE : BSX

Belo Sun Mining

November 22, 2010 09:00 ET

Belo Sun Initiates Permitting Process at Volta Grande

TORONTO, ONTARIO--(Marketwire - Nov. 22, 2010) - Belo Sun Mining Corp. (TSX VENTURE:BSX) (the "Company" or "Belo Sun") is pleased to announce that the State Environment Agency of Pará State ("SEMA-PA") approved and issued the "Reference Term", establishing all the necessary monitoring and environmental studies to be completed as part of the Environmental Impact Assessment ("EIA-RIMA") for the Preliminary Licensing (LP- Licença Previa) of the Volta Grande Gold Project, located in Para State, Brazil.

The issuance of the Reference Term allows Belo Sun to immediately start field studies and base line data collection to support the EIA-RIMA documentation, which include the following monitoring and environmental studies:

  • Characterization of the Physical Environment including:
    • Climate and Meteorology
    • Air Quality
    • Noise and Vibrations
    • Geology, Pedology and Geomorphology
    • Hydrology, Water Bodies Quality and Use of Surface and Underground waters
    • Hydrogeology
    • Natural Cavities – Speleological Heritage
    • Protected Areas – Areas of Permanent Protection – APP's
  • Characterization of the Biotic Environment (Flora and Fauna) including:
    • Terrestrial Ecosystems
    • Aquatic Ecosystems
  • Characterization of the Human Environment including:
    • Socio-cultural Dynamics
    • Use and Ground Occupation
    • Basic Infrastructure
    • Social, Cultural and Political Organization
    • Cultural and Natural Heritage
    • Services and Productive Structure

Belo Sun expects to immediately commence the studies and the associated environmental monitoring, which will coincide with the end of the current dry season. The Company has contracted BRANDT MEIO AMBIENTE ("BRANDT"), a specialized environmental Brazilian company, to execute the field campaigns and prepare the documentation required by the State Environment Agency. BRANDT has prepared more than 5,000 environmental studies for licensing of projects of this kind in Brazil and abroad. By commencing the studies immediately, the Company will be able to monitor the end of the current dry season in the project area and complete a report on the entire hydrological cycle, comprising both the dry and rainy seasons, by Q3 2011.

After Belo Sun files the EIA-RIMA documentation, SEMA-PA will proceed with the evaluation of the findings in order to be in a position to issue the Preliminary License, which would confirm the environmental feasibility of the project and provide the guidelines for obtaining the Installation License to implement the project.

The issuance of the Preliminary License is expected to occur in late 2011 or early 2012. The Installation License is expected to be obtained in early 2013, together with the completion of the Engineering Studies which are required to start project construction.

Mark Eaton, President and CEO commented: "We are pleased with the achievement of another milestone for the Volta Grande Gold Project as we advance it towards production. The issuance of the Reference Term is another positive step for the Company and follows the recently reported diamond drill results (Belo Sun news releases dated November 15 and October 7, 2010) and the success of our drilling campaign."

About the Company

Belo Sun Mining Corp. (formerly Verena Minerals Corporation) 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 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 contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the schedule of environmental studies and monitoring, timing for receipt of environmental licences; statements with respect to the development potential and timetable of the project; 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 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.

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) 309-8165