Belo Sun Mining
TSX VENTURE : BSX

Belo Sun Mining

February 15, 2011 07:00 ET

Belo Sun Mobilizes a Sixth Drill Rig and Initiates Drilling on the South Block of the Volta Grande Gold Project Brazil

- 5,000 Meter Drill Program Underway

TORONTO, ONTARIO--(Marketwire - Feb. 15, 2011) - Belo Sun Mining Corp. (TSX VENTURE:BSX) (the "Company" or "Belo Sun") is pleased to announce that it has initiated drilling on the South Block of its 100%-owned Volta Grande Gold Project in Brazil. The focus of the program on the South Block will be to apply modern exploration techniques to discover the source rocks responsible for the major alluvial gold deposits of the Itata River and its tributaries.

Gold mineralization in the South Block area has been identified since the 1970s when the area had about 30,000 garimpeiros (artisanal miners) mining the alluvial deposits of the Itata River. It was the second largest garimpo in the country after Serra Pelada in the Carajás area to the south. As an extension of the alluvial gold mining, the garimpeiros developed a number of operations for primary gold mineralization hosted in the intrusive rocks.

The South Block comprises intrusive rocks of granodioritic-dioritic composition displaying intense hydrothermal alteration (silicification, potassic and sulfide alteration) emplaced along the contact zone between the "Três Palmeiras" greenstone belt sequence and the Archean basement rocks. It is located approximately four kilometers southeast from the North Block, which hosts the Ouro Verde and Grota Seca deposits. These deposits contain the resources that have been published to date. A seven kilometer long trend with numerous garimpos in bedrock has been mapped and a 57 line-kilometer soil geochemistry grid was sampled.

Belo Sun recently received the results from the soil geochemistry program comprising 2,107 samples analyzed by ICP multi-element analysis and gold by fire assay. The soil anomalies were followed up with a 25 line-kilometer IP geophysical survey. Several strong IP anomalies have been identified, coincident with the soil anomalies, and these will be the priority targets to be tested by the recently initiated 5,000 meters drilling program. Limited historic drilling has been carried out in the area and these results indicate that the gold mineralization is hosted in sulfide-bearing altered diorite and granodiorite rocks. The gold mineralization appears to be associated with higher sulfide content than observed with the mineralization found in the North Block and as such is expected to respond well to IP geophysical techniques. Significant gold mineralization intercepts from the historic drilling include 28 meters grading 1.47 g/t Au (Hole VVD_156) in the Pequi Garimpo area.

Belo Sun currently has six drill rigs operating on the Volta Grande property with the goal of upgrading and expanding the existing resource. One drill rig has already moved to the South Block to begin the planned drill program on that area.

Please see attached local geological maps with Gold and IP anomalies (Figure 1 below).

Mark Eaton, President and CEO of Belo Sun said: "This is a very significant step in the exploration of our 19,000 ha land position where we have only scratched the surface. We have enjoyed great success on the North Block where the estimated Measured and Indicated mineral resource 22.7 million tonnes with an average grade of 1.45 g/t Au (approximately 1 million oz Au) and 49.6 million tons with an average grade of 1.26 g/t Au in the Inferred resources category (approximately 2 million oz Au), already make Volta Grande the largest undeveloped gold project in Brazil." (Refer to NI 43-101 Technical Reports filed on SEDAR under the Company's profile for details relating to the resource estimates).

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. The samples were taken on the soil B horizon with a total volume of approximately 2.5 kg which were then sent to the lab for drying and sieving to 80 mesh screens. Quality control samples, including standards and blanks were inserted by the lab. Approximately 100 grams of the fraction below 80 mesh was then sent for assays being a fraction used for the ICP – ES standard package of 36 elements offered by ACME LAB (please refer to the list below which includes their respective detection limits) and a 50 gram fraction utilized for gold determination by fire assay.

Au Ag Al As Ba Be Bi Ca Cd Co Cr Cu Fe K La Mg Mn Mo
PPM PPM % P-
PM
P-
PM
P-
PM
P-
PM
% P-
PM
PPM PPM PPM % % PPM % PPM PPM
0.005 0.5 0.01 5 1 1 5 0.01 0.4 2 2 2 0.01 0.01 2 0.01 5 2

 

Na Nb Ni P Pb S Sb Sc Sn Sr Th Ti U V W Y Zn Zr
% PPM PPM % PPM % PPM PPM PPM PPM PPM % PPM PPM PPM PPM PPM PPM
0.01 2 2 0.002 5 0.1 5 1 2 2 2 0.01 20 2 4 2 2 2

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 Gold 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 this drill program 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.

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Contact Information

  • Belo Sun Mining Corp.
    Mark Eaton
    President and CEO
    (416) 309-2137
    www.belosun.com