Yikes - talk about overlooked NEWS :
Brazilian Resources to joint venture Sabara project
Brazilian Resources Inc
YBZ
Shares issued 51,582,652
2001-05-09 close $0.18
Friday May 11 2001
News Release
Mr. Daniel Titcomb reports
Brazilian and IMS Empreendimentos Ltd. have executed a
memorandum of understanding to enter a joint venture for the
purpose of developing small- and medium-sized mineral
properties in Brazil.
Initially, under the terms of the agreement, Brazilian will
contribute its 100-per-cent-owned Sabara gold property in
return for a 90-per-cent interest in the joint venture. IMS will
receive a 10-per-cent interest in the joint venture and is
responsible for analyzing the property's technical data
(including previous exploration work), executing
metallurgical testing, obtaining environmental licences, and
completing a technical and economic prefeasibility study. The
joint venture anticipates that IMS may soon increase its
ownership interest with a contribution of a gold, base metal or
industrial metal property for development.
IMS is currently preparing a prefeasibility study, including a
sensitivity analysis, for the Sabara project, studying the
potential operation of an open-pit mine and trucking ore to an
existing heap leach area and CIC plant in the vicinity. The
study currently anticipates a phase 1 project (2.5 years) annual
production of 240,000 tonnes of ore after a total investment of
approximately $2-million (U.S.). The goal of the joint venture
is to begin phase 1 low-cost production within 12 months.
The Sabara property is located in Brazil's most prolific
mining camp, known as the Quadrilatero Ferrifero (Iron
Quadrangle), which is host to numerous gold deposits in
banded iron formations. The concessions cover approximately
6,000 acres abutting AngloGold's Lamego area, 40 kilometres
east of Belo Horizonte, Minas Gerais.
IMS is a Brazilian mining company that controls and/or
manages several mineral properties in Brazil. One of the
principles of IMS, Juvenil T. Felix, Engo., is a mining
engineer with over 35 years of experience. Mr. Felix
previously had a long career with Anglo American companies,
including positions as president of the gold division of
Minorco Brasil and technical director of the Anglo American
Group in South America, having overseen diverse operations
in addition to those in connection with gold, including copper,
nickel, niobium, silver, sulfuric acid and fertilizer. |
