Belo Sun Mining Corp.
TSX VENTURE : BSX

Belo Sun Mining Corp.

April 25, 2011 07:00 ET

Belo Sun Provides Corporate Update and Announces Grant of Options

TORONTO, ONTARIO--(Marketwire - April 25, 2011) -Belo Sun Mining Corp. (TSX VENTURE:BSX) (the "Company" or "Belo Sun") is pleased to announce that, given results received by the Company to date, management and the board of directors have decided to increase its drilling program at its 100% owned Volta Grande Gold Project in Para State Brazil for the purpose of upgrading and increasing the existing resources at the project. Additionally, the board has allotted $12.5 million of the Company's 2011 budget for the completion of a Bankable Feasibility Study and basic engineering studies. Funding of the drill program will be from the Company's existing working capital, as a result of the recently completed financing (see Press Release dated March 25, 2010) and cash expected to be received upon exercise of outstanding warrants and options as they become due for expiry.

The Company also announces that it has granted a total of 4,922,200 options under the rolling stock option plan of the Company to various officers, directors, employees and consultants of the Company. The options shall vest in accordance with the Company's stock option plan and are subject to regulatory approval. The options are exercisable at $1.33 per option and expire on April 21, 2016.

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". For more information about Belo Sun 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 with respect to the development potential and timetable of the Company's projects; 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.

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