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Gold/Mining/Energy : YBZ - Brazilian Resources -- Ignore unavailable to you. Want to Upgrade?

To: Berry Picker who wrote (17)	7/3/2002 1:08:30 AM
From: Berry Picker	Read Replies (1) \| Respond to of 32

6 cents with GOOD NEWS ___________________________________________________________ Brazilian and IMS create Jaguar for joint venture Brazilian Resources Inc YBZ Shares issued 57,532,814 Jun 27 2002 close $ 0.06 Tuesday July 2 2002 News Release Mr. Daniel Titcomb reports Brazilian and IMS Empreendimentos Ltda. have formed Jaguar Mining Inc., a New Brunswick corporation, to handle all operations of their multiple gold project joint venture. Subject to the approval of regulatory authorities, Brazilian has contributed its Sabara gold property and IMS has contributed the Caste processing facility and site. Under terms of the joint venture agreement between Brazilian and IMS, after contribution of the Caste plant, IMS has earned a 27-per-cent interest in Jaguar. The Sabara property is located in Brazil's most prolific mining camp, known as the Quadrilatero Ferrifero (Iron Ore Quadrangle), which is host to numerous world-class gold deposits in banded iron formations. The concessions cover approximately 6,000 acres abutting AngloGold's Lamego area, 40 kilometres east of Belo Horizonte, the capital of the state of Minas Gerais. The Caste gold processing facility, previously operated by CVRD, is located 36 kilometres (by truck) from the Sabara project mining area. The site has all the necessary infrastucture including roads, office buildings, equipment sheds, security equipment and utilities. The 1,000-tonne-per-day capacity CIC plant is fully equipped and sits adjacent to a jaw crusher and leach pads for stacking the Sabara ore, and will serve other sites now being developed. Based upon the encouraging detailed scoping study on the Sabara gold project (described in Stockwatch March 25, 2002), Jaguar is currently completing the final series of metallurgical tests required to optimize the mine plan and finish a bankable feasibility study. The Brazilian/IMS joint venture was formed with the purpose of developing small and medium-sized mineral properties in Brazil that have currently defined reserves with upside exploration potential. Over the last 18 months, the business plan has continued to progress, with Jaguar now in position to begin hauling ore from Sabara's Zone B to Caste during July, 2002. The first full year of Sabara production is expected to yield approximately 25,000 ounces Au at an average cash cost of $176 (U.S.)/ounce. Jaguar is currently in late-stage negotiations to acquire nearby orebodies with defined Au reserves that can be processed at the Caste plant. In addition, Jaguar expects to drill off indicated resources at Sabara's Zone A with the intent of increasing minable reserves. According to Daniel R. Titcomb, president and chief executive officer of Brazilian: "Jaguar is negotiating a private placement, independent of Brazilian, for the $1.5-million required to begin production. Our goal is to produce 50,000 ounces Au in year two, and increase to 100,000 ounces Au annually by the end of year four, through the expansion of existing properties and acquisition of other orebodies in the Quadrilatero area." IMS is a Brazilian mining company that controls and/or manages several mineral properties in Brazil. One of the principals of IMS, Juvenil T. Felix, Eng, is a mining engineer with over 35 years of experience, including a long career with Anglo American companies.