Brazauro Resources: Eldorado Gold Corporation Continues Exploration at Tocantinzinho
Thu Apr 23, 1:08 PM
ca.news.finance.yahoo.com
HOUSTON--(BUSINESS WIRE)--Eldorado Gold Corporation has advised Brazauro that during the nine month period from August 2008 through the first quarter of 2009 it has expended C$5.1 million on Brazauro's Tocantinzinho Project in Brazil for exploration, drilling, capital expenditures and other related matters. Under the terms of the Option/Joint Venture Agreement between Brazauro and Eldorado, before Eldorado may exercise its options to acquire up to a 75% interest in the Tocantinzinho Project, Eldorado must spend not less than C$9.5 million in qualified expenditures by July 28, 2010.
Mark E. Jones III, Chief Executive Officer of Brazauro in commenting on the expenditures to date stated, "We are encouraged by the rate at which Eldorado is conducting the expenditures on the project and by the nature and results of their efforts. As we announced March 2, 2009, the drilling results to that date have significantly upgraded the resource at Tocantinzinho and added additional ounces."
Eldorado has the option to acquire a 60-per-cent interest in the Tocantinzinho project for C$40-million by committing to an expenditure of C$9.5-million over a two-year period, toward completing an N143-101 compliant feasibility study. Eldorado will have a second option to purchase an additional 10 per cent of the Tocantinzinho project for a further C$30-million once a construction decision has been made following the completion of a feasibility study. Eldorado will have a third option to purchase an additional 5 per cent of the Tocantinzinho project for a further C$20-million. If the feasibility study outlines between two and 2.5 million proven and probable ounces of gold, the price will be increased by C$5-million and if it outlines more than 2.5 million proven and probable ounces of gold, the price will be increased by C$10-million.
Mark E. Jones III
Chairman, CEO Brazauro Resources Corporation
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. Certain statements contained in this press release constitute forward-looking statements which are not historical facts and are made pursuant to the "safe harbour" provisions under the United States Private Securities Litigation Reform Act of 1995. When used in this release, words like "anticipate", "believe", "estimate", "expect", "will", "intend" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are inherently subject to significant business, economic, political and competitive uncertainties and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance, achievements or position of the parties to be materially different from the estimated or anticipated future results, performance, achievements or position expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future results, performance, position or achievements. The risks, uncertainties and other factors include, but are not limited to: changes in the worldwide price of gold or certain other commodities (such as fuel and electricity) and currencies; changes or disruptions in the securities markets; legislative, political or economic developments in the jurisdictions in which the companies carry on business; the occurrence of natural disasters, hostilities, acts of war or terrorism; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of the company's projects; risks of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining or development activities; the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business.
Brazauro disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Brazauro Resources Corporation
Mark Jones, 281-579-3400
Chairman
info@brazauroresources.com
www.brazauroresources.com |
