Brazilian Resources Announces Amended Itiquira Feasibility Study
Mon Aug 30, 5:55 PM
ca.news.finance.yahoo.com
CONCORD, NH, Aug. 30 /CNW/ - Brazilian Resources, Inc. (“Brazilian” or the “Company”) has completed an amended feasibility study (the “Feasibility Study”) on its Itiquira Limestone Project (the “Itiquira Project”) in the state of Mato Grosso, Brazil. The NI 43-101 compliant Feasibility Study was conducted by Salt Lake City based TechnoMine Services, LLC (“TechnoMine”) and has been filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com.
Based on the findings of the Feasibility Study, Brazilian is advancing its 66.4% owned Itiquira Project toward production of 1,000,000 tonnes of limestone per year over an estimated initial 11- year mine life based on current proven mineral reserve estimates of 12,500,000 tonnes. The Itiquira Project area contains limestone measured resources currently estimated at 27,000,000 tonnes. Brazilian believes these resources can be converted to reserves with additional exploration, potentially increasing the mine life and annual production rate beyond the present estimate.
The Feasibility Study proposes open pit mining using a hydraulic excavator and front-end loaders to load trucks for transport to a nearby crushing, grinding, screening, storage and loadout facility.
Brazilian has begun pre-construction activities and plans to begin construction of the Itiquira Project during September 2010 and reach commercial production in Q2 2011. A total of US$ 22.7 million capital expenditure is expected over a period of eight months. All the necessary licenses to construct the Itiquira Project are in-place.
About Brazilian
Brazilian is a U.S. company with ownership interests in agricultural mining and food irradiation industries in Brazil. Corporate offices are located in Concord, New Hampshire, USA. The Company is a reporting issuer in the Provinces of Alberta, British Columbia and Ontario, Canada.
Further information about the Company is available on SEDAR and on its website www.brazilianresources.com.
Forward Looking Information
This press release contains forward-looking statements related to the anticipated timing of construction and commercial production by Brazilian. Such statements are subject to certain assumptions and business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors. A number of factors including changes to the laws of Brazil, unanticipated construction and development costs or delays, instability in the minerals market generally, labour unrest or other factors could cause the actual time, if ever, for the development of, and commercial production at, the project to vary from what is set out above. Such forwardlooking statements are made as at the date of this news release, and Brazilian assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances, except as may be required under applicable securities law.
%CIK: 0001333849
Contacts
Robert J. Lloyd
President and CEO
603-224-4800
rlloyd@brazilianresources.com" cr="true">rlloyd@brazilianresources.com
Jeffrey C. Kirchhoff
Treasurer and CFO
603-224-4800
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