Brazil Minerals, obtained approval of a report regarding BMIX’s Apui/Borba Project for gold from the local mining department. With the completion of this necessary step, BMIX’s title to this mineral right is confirmed and the Company can now work towards obtaining an initial commercial mining permit. BMIX’s Apui/Borba Project titled right covers 24,708 acres, a surface area that is 15% larger than the island of Manhattan in New York.
The project has potential mineralization of 4.3 million ounces of gold (this preliminary estimate is not derived from the U.S. standard guidelines referred to as Industry Guide 7 and does not represent a proven or probable mineral reserve). As part of a future application for a mining concession, the Company will undertake a feasibility analysis of the project.
BMIX’s Apui/Borba Project is located in the state of Amazonas in the northern part of Brazil, between the cities of Apui and Borba, and part of a region referred to by geologists as “the gold belt” of the Amazon. Elsewhere in Brazil, BMIX has producing properties for diamonds, gold and sand, and owns the largest processing plant for diamondiferous gravel in Latin America.
In particular, BMIX owns 29 other mineral rights, including 10 mining concessions for diamonds and gold; a concession is the highest level of mining title in Brazil. All of these other BMIX’s mineral rights are located in the state of Minas Gerais in southeastern Brazil, some 1,300 miles away. Brazil has a larger surface area than the continental United States and its entire territory presents attractive natural resources.