Belo Sun Mining Corp.
TSX VENTURE : BSX

Belo Sun Mining Corp.

November 29, 2010 16:01 ET

Belo Sun Intersects 100.80 Meters Grading 2.50 g/t Gold, Including 41.00 Meters Grading 5.00 g/t Gold at Volta Grande

TORONTO, ONTARIO--(Marketwire - Nov. 29, 2010) - Belo Sun Mining Corp. (TSX VENTURE:BSX) (the "Company" or "Belo Sun") is pleased to announce the results of three additional drill holes from the diamond drilling program at its Volta Grande Gold Project located in Para State, Brazil.

Results from two in-fill drill holes from the Ouro Verde deposit returned exceptional grades and widths of gold mineralization. Hole VVGD-034 intersected multiple mineralized high grade zones with the first 283.80 meters from surface averaging 1.31 g/t Au; from 183.00 meters there is a 100.80 meters thick zone grading 2.50 g/t Au which includes 41.00 meters grading 5.00 g/t Au. The location of this hole is near the center of the Ouro Verde deposit (section 525 NW). Two additional holes have been drilled. Hole VVGD-033 (approximately 100 meters up dip) intersected mineralization carrying similar grades and widths (see figure attached). The assay results from the hole drilled approximately 150 meters down dip – VVGD-037 are not yet available but the mineralization appears to continue. A summary of the intercepts is presented in the table below.

Assays from one drill hole of the Grota Seca deposit were also received. Hole VVGD – 031, located on the eastern part of the deposit in the vicinity of the Galo Garimpo, has been explored through small shafts that extend to 300 meters depth. It intersected 2.33 meters grading 11.98 g/t Au, followed by 19.15 meters grading 1.05 g/t Au, just before it intersected the underground workings and had to be stopped (see section 600 W attached).

Belo Sun has completed approximately 47 drill holes of which assays are at the Lab and pending for 15 holes. The drilling program is designed to upgrade and expand the existing mineral resource and further results will be released as they are received.

Helio Diniz, the Vice President, Exploration for Belo Sun, stated "The drill results from section 525 NW at Ouro Verde provides support for management's view that the Property has the geological characteristics and the proper scale to host a large gold deposit. Hole VVGD 034 is one of the best ever drilled at the project and certainly reinforces our observation that there is excellent potential to upgrade the resource at Volta Grande in terms of both size and grade relative to the existing resource estimate."

NR 11/29/2010
Grota Seca target   Ouro Verde target
Hole # From (m) To (m) Width (m) Au g/t   Hole # From (m) To (m) Width (m) Au g/t
VVGD-031 31.80 35.80 4.00 0.78   VVGD-033 0.00 9.00 9.00 0.50
and 66.07 68.40 2.33 11.98   and 14.00 20.67 6.67 0.61
  and 80.00 99.15 19.15 1.03   and 34.49 57.04 22.55 0.66
              including 47.40 52.56 5.16 1.17
              and 69.79 103.93 34.14 3.10
              including 75.15 88.03 12.88 5.86
              and 146.21 167.57 21.36 2.15
              including 153.62 166.00 12.38 3.39
              and 174.22 182.95 8.73 0.55
              and 202.97 206.62 3.65 1.33
              VVGD-034 0.00 24.00 24.00 1.21
              including 13.00 19.00 6.00 2.42
              and 32.60 51.00 18.40 1.11
              including 40.30 47.00 6.70 2.07
              and 62.60 77.70 15.10 2.68
              including 62.60 69.50 6.90 5.17
              and 120.10 126.00 5.90 0.50
              and 133.00 141.40 8.40 0.65
              and 147.40 151.80 4.40 0.53
              and 183.00 283.80 100.80 2.50
              including 183.00 224.00 41.00 5.00
              including 211.00 224.00 13.00 13.04
              and 234.50 283.80 49.30 0.91
              Note 0.00 283.80 283.80 1.31
              including 234.50 256.00 21.50 1.20
              including 270.80 281.10 10.30 1.20
              and 318.20 321.60 3.40 0.68
              and 333.50 349.40 15.90 0.61
 
The widths reported above represent the core width of the intercepts; true widths are expected to range between 85-95% of the core width.

Quality 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. The exploration program is directly supervised by Mr. Carlos Cravo, Belo Sun's exploration manager. 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 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 in Itaituba, Para, Brazil. The assay samples are then fine-crushed to better than 85% 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. 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 impact of these drill results on the Company and its 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 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.

To view the maps associated with this Press Release, please visit the following link: http://media3.marketwire.com/docs/BSX_maps.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
    www.belosun.com