Dia Bras Exploration Inc.

Dia Bras Exploration Inc.

July 14, 2011 15:24 ET

Dia Bras Announces Appointment of New Chief Financial Officer and Favorable Court Decision

TORONTO, ONTARIO--(Marketwire - July 14, 2011) - Dia Bras Exploration Inc. (TSX VENTURE:DIB) ("Dia Bras" or the "Company"), a Canadian listed mining company focused on precious and base metals in Peru and Mexico, today announced that Mr. Fernando Piccini has joined the Company as Chief Financial Officer, effective immediately. Mr. Piccini, replaces Chief Financial Officer, Mr. Ernesto Durán, who has tendered his resignation to assume a consulting position.

"We are delighted to have a seasoned financial professional such as Mr. Piccini join our executive team and believe that his vast experience will prove invaluable as we continue to execute on our growth strategy and work toward the next level of success," said Mr. Philip Renaud, Chairman of Dia Bras Exploration Inc. "On behalf of the entire Dia Bras team, I would like to welcome Mr. Piccini to the Company and thank Mr. Durán for his numerous contributions to our business during his tenure as CFO. I believe that Mr. Piccini will significantly bolster the capabilities of our finance department and the strength of our financial controls."

Prior to joining Dia Bras, Mr. Piccini was the Chief Financial Officer and Head of Corporate Development of Volcan Compañia Minera S.A.A. in Peru. Volcan is the leading silver, zinc and lead producer in Peru; the most liquid company in the Lima Stock Exchange, with a market capitalization of US$3.7 billion and with multiple mining operations in central Peru with similarities to our Yauricocha mine in Peru.

Additionally, Mr. Piccini held various finance and treasury positions with Goldman Sachs & Co. in New York, General Motors Corporation in New York, Quimiza Ltda. in Bolivia and Quimica Suiza S.A. in Peru. Mr. Piccini has a Masters in Business Administration from the University of Virginia and has a Bachelor of Science in Business Administration from the Universidad de Lima.

Court Decision

In 2009, a personal action was filed in Mexico against one of the Company's subsidiaries, Dia Bras Mexicana, S.A. de C.V. (DBM). DBM was informed of this action in November 2010. The plaintiffs were seeking the annulment and revocation of the purchase contracts of two mining concessions, Bolívar III and IV, (see note 20 (b) in the Annual Financial Statements for the years ended 2009 and 2010) entered into between DBM and Mr. Javier Octavio Bencomo Muñoz and Minera Senda de Plata, S.A. de C.V.

The Sixth Civil Court of Chihuahua, Mexico, recently ruled that the claim was unfounded and dismissed the case. The plaintiffs have appealed to the State Court, and the Company will continue to vigorously defend its interests.

About Dia Bras

Dia Bras Exploration Inc. is a Canadian listed mining company focused on precious and base metals in Peru and Mexico. The Company owns and operates the Yauricocha mine (Ag-Cu-Zn-Pb) in Central Peru and the Bolivar Property (Cu-Zn-Ag) in Chihuahua State, Mexico. Dia Bras is also pursuing the development and exploration of the Cusi Property (Ag) and exploring several precious metals targets such as La Cascada (Bolivar Property), Las Coloradas (Melchor Ocampo, Zacatecas State), Bacerac (Sonora State) and Corralitos, Satevo and La Verde projects at the Batopilas Property (Chihuahua State).

The Company's shares trade on the TSX Venture Exchange under the symbol "DIB".

For further information on Dia Bras Exploration Inc. visit www.diabras.com

Forward-looking Statements

Except for statements of historical fact, all statements in this news release without limitation regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

Neither the 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 news release.

Contact Information

  • Daniel Tellechea
    President & CEO
    Dia Bras Exploration Inc.
    1 (866) 493-9646

    Karl J. Boltz
    Vice President, Corporate Development
    Dia Bras Exploration Inc.
    1 (866) 493-9646