Brazil Gold Corp.
OTC Bulletin Board : BRZG

Brazil Gold Corp.

May 17, 2010 15:55 ET

Brazil Gold to Accelerate Exploration Program at Manicore

SEATTLE, WASHINGTON--(Marketwire - May 17, 2010) - Brazil Gold Corp. ("Brazil Gold" or the "Company") (OTCBB:BRZG) is pleased to report additional results of prospecting and exploration activities on its extensive 2.1 million acre (860,000 hectares) properties under agreement with Amazonia Capital e Participacoes Ltda. ("Amazonia") in the Amazon basin region of Brazil.

The recent increases in the price of gold to new record highs has given management of Brazil Gold the opportunity to accelerate its planned exploration program by concentrating its efforts on areas which have already produced significant quantities of gold. The Manicore Project is just one of the many project areas that Brazil Gold is actively exploring and on which the Company now intends to capitalize on gold's high price.

Manicore Project

Continued activities are now planned for the strategically-located Manicore property, located 75 kilometers north of the city of Apui along the banks of the Juma River in Amazonas State, southwest of the newly-discovered Dorado do Juma gold deposit. Garimpeiro (hand-digger) production at this site has been officially reported at over 50,000 ounces of gold, however this figure is considered by most experts to be a gross underestimation of exact production due to poor regulation within the region. For decades, placer-like alluvial gold mineralization has been the main objective of the garimpeiro mining activity along the Manicore River, which crosses the Project area in a north-south direction. Other garimpeiro gold mining within the general area includes the Igarape Baixao, Grota Careca and Cassino workings, located southeast of the Project. The relatively new Dorado do Juma discovery appears to be on the extension of a 40 kilometer long north-east trending zone, of which Manicore is a part.

In total, Amazonia has acquired 20 processos mineráio (licenses or claims) encompassing 181,515 hectares in this area. The mineral claims follow a series of outcrops of the undifferentiated Paleoproterozoic Iriri/Colíder Group, a complex Paleoproterozoic greenstone package consisting of andesites, basalts, various tuffaceous units, pyroclastic breccias, siliclastic sediments and felsic volcanic units including rhyolites and rhyodacites that trend in a north-northeast direction for approximately 120 kilometers. In the southern portion of the project area, the Iriri/Colíder Group is in fault contact with the Mesoproterozoic Serra de Providência Intrusive Suite consisting of gabbro, monzogranite and syenogranite. 

Current Amazonia activities will initially include locating and evaluating the numerous garimpeiro sites and mines previously identified on the extensive Manicore tenures. The program will also consist of property scale and occurrence scale mapping and extensive rock sampling, stream sediment or heavy mineral sampling, the placement of grids and soil auger geochemical sampling to cover identified anomalies, the commencement of a ground geophysical survey (magnetics and VLF) to delineate structures that control mineralization, and finally hand-trenching in areas of interest. This activity will allow geologic staff to determine and plan the extent of drilling on the Manicore Property.

Phillip Jennings, Brazil Gold VP & Director stated "We are moving into the upcoming, planned work on the Manicore Project at an accelerated rate for good reason. The garimpeiros, with no modern tools or equipment, found large quantities of gold on our claim blocks and made significant profit at a time when gold was under $300 an ounce. We are using the latest equipment and technology and gold is at record highs of over $1200. This gives us good reason to be excited, not just about Manicore, but about many of our current exploration areas in Brazil". 

About Brazil Gold Corp.:

Brazil Gold Corp. is a publicly traded independent gold exploration company headquartered in Seattle, Washington, with an agreement to acquire over 861,000 hectares (2.1 million acres) of mineral exploration properties in the gold-rich western Amazon basin of Brazil, in areas that have seen significant historical gold production using only rudimentary evaluation and exploration methods. The stated objective of the Company is to explore for world-class gold deposits using modern technology in these untapped areas of minimal resource development. For more information, please visit www.brazilgold.com.

Forward-Looking Statements

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. The statements by our officers, and other statements regarding optimism related to the business, expanding exploration and development activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company's business. Actual results could vary materially from the description contained herein due to many risk factors that affect the industry the Company operates in and other risk factors listed from time to time in the Company's Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere. The forward-looking statements contained in this press release speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Contact Information

  • Brazil Gold Corp.
    Phillip E. Jennings
    Vice President & Director
    1-877-DIG-BRAZIL (1-877-344-2729)
    info@brazilgold.com
    www.brazilgold.com
    or
    Investor Relations
    NFC Corp.
    Geoffrey Eiten
    1-877-DIG-BRAZIL (1-877-344-2729)