Belo Sun Mining Corp.
TSX VENTURE : BSX

Belo Sun Mining Corp.

November 15, 2010 17:18 ET

Belo Sun Intersects 14.70 Meters Grading 3.32 g/t Gold at Volta Grande Project, Brazil-Extends Grota Seca Deposit Laterally and to Depth

TORONTO, ONTARIO--(Marketwire - Nov. 15, 2010) - Belo Sun Mining Corp. (TSX VENTURE:BSX) (the "Company" or "Belo Sun") is pleased to announce the results of 7 additional drill holes from the diamond drilling program at the Volta Grande Gold Project located in Para State, Brazil.

Results from three drill holes from the Grota Seca deposit extend the near surface mineralization. Hole VVGD-024 intersected 33.00 meters grading 1.88 g/t Au, including 14.70 meters grading 3.32 g/t Au. This relatively high grade zone is located at only 100 meters below surface with excellent potential to be further extended down dip (see section GS 800 W attached). Hole VVGD-032 located on section GS 850 W also intersected multiple mineralized zones at depths of around 120 meters below surface which includes: 15.30 meters grading 2.48 g/t Au, including 4.24 meters grading 7.16 g/t Au and 23.08 meters grading 1.97 g/t Au, including 8.21 meters grading 4.22 g/t Au. A summary of the intercepts is presented in the table below.

Results from the drilling at the Ouro Verde deposit confirm that the mineralization is continuous to at least 350 m below surface. Hole VVGD – 028 for instance, intersected 26.90 meters grading 2.76 g/t Au, including 13.86 meters grading 4.48 g/t Au. Work is ongoing to determine the structural control of these higher grade zones and the Company believes that better understanding of the structural controls will allow it to further optimize the efficiency of the program. Mining trade-off studies will be carried out in order to demonstrate the economic viability to mine this ore underground below the planned open pit

Belo Sun has completed approximately 11,000 meters (40 holes) of the currently planned 15,000 meter program; 20 drill holes are from the Ouro Verde Deposit, five from the Gameleira Target, and fifteen from the Grota Seca Deposit. Assays are not yet available for eleven of these holes for which the samples are already in the Lab. The drilling program is succeeding in upgrading the existing mineral resource estimate and in delineating extensions of the deposits along strike and down dip.

In addition to the drilling, Belo Sun is completing a 50 line-km soil grid on the "South Block" target and an induced-polarization (IP) survey. This target extends approximately 7 kilometers along strike within a sheared diorite intrusion and is located 5 kilometers southeast of the Grota Seca deposit in an area with numerous garimpos (artisanal gold mine workings) and results from rock sampling around Itatá garimpo returned up to 15.6 g/t Au. A diamond drill campaign will target this highly prospective area once results of the geochemical and geophysical surveys are interpreted.

Helio Diniz, the Vice President, Exploration for Belo Sun, stated "Our level of confidence in the expansion of the resources is increasing with the progress of the current drilling program. It is very encouraging that there are strong indications that the multiple mineralized zones could be extended considerably along strike in both directions as well as down dip with further drilling. It is also particularly significant that the initial deep drilling at Ouro Verde Deposit demonstrates the continuity of these multiple zones down dip. "

Grota Seca target
Hole # From (m) To (m) Width (m) Au g/t
VVGD-022 202.36 207.61 5.25 0.65
and 218.54 264.65 46.11 1.19
including 234.72 241.94 7.22 3.12
and 276.06 281.75 5.69 0.68
and 309.28 313.50 4.22 0.58
VVGD-024 0.00 3.10 3.10 0.76
and 19.08 29.00 9.92 0.72
including 21.00 25.00 4.00 1.34
and 72.50 78.00 5.50 0.71
and 107.40 135.38 27.98 0.80
including 115.40 123.60 8.20 1.66
and 148.50 154.30 5.80 1.12
and 176.00 209.00 33.00 1.88
including 176.00 190.70 14.70 3.32
and 238.70 249.20 10.50 1.24
VVGD-032 9.56 15.66 6.10 0.85
and 27.37 53.00 25.63 1.00
including 29.68 36.77 7.09 2.62
and 67.21 70.80 3.59 0.51
and 91.35 94.23 2.88 1.35
and 112.95 128.25 15.30 2.48
including 122.21 126.45 4.24 7.16
and 140.50 163.58 23.08 1.97
including 140.50 148.71 8.21 4.22

 

Ouro Verde target
Hole # From (m) To (m) Width (m) Au g/t
VVGD-025 49.50 52.50 3.00 1.08
and 122.60 130.40 7.80 0.69
and 162.70 172.00 9.30 0.91
and 180.00 189.80 9.80 0.94
and 265.20 300.00 34.80 1.51
including 265.20 283.30 18.10 2.17
VVGD-026 79.98 89.90 9.92 1.13
including 79.98 82.61 2.63 3.64
and 184.50 187.00 2.50 1.17
and 199.00 235.00 36.00 0.53
including 220.00 223.00 3.00 1.51
and 247.00 254.00 7.00 0.65
and 287.50 302.00 14.50 1.15
including 297.00 302.00 5.00 2.68
and 313.00 366.80 53.80 0.74
including 331.00 336.00 5.00 3.10
and 391.00 398.00 7.00 0.77
and 422.00 426.30 4.30 0.65
VVGD-028 0.00 12.30 12.30 1.70
and 24.10 30.30 6.20 0.61
and 43.00 54.00 11.00 0.59
and 61.60 70.84 9.24 0.69
and 96.17 105.15 8.98 0.60
including 96.17 98.00 1.83 1.66
and 129.96 137.20 7.24 0.66
and 150.23 158.65 8.42 1.93
and 237.10 264.00 26.90 2.76
including 243.14 257.00 13.86 4.48
VVGD-030 0.00 6.00 6.00 0.50
and 23.00 27.50 4.50 0.88
and 41.00 45.00 4.00 0.58
and 118.00 122.00 4.00 1.36
and 128.00 152.90 24.90 1.09
including 135.20 150.00 14.80 1.54
and 175.64 179.03 3.39 1.56
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. (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 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 figures associated with this press release, please visit the following link:

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

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Contact Information

  • Belo Sun Mining Corp.
    Mark Eaton
    President and CEO
    (416) 861-5934