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Posts tagged ‘Belo Sun Mining Corp (BSX)’

Looking back at last week

September 21st, 2012

A round-up of exploration and mining news for September 15 to 21, 2012

By Greg Klein

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The elephant in B.C. boardrooms
On Thursday the long, long process of advancing Taseko Mines’ TSX:TKO $1.1-billion New Prosperity Gold-Copper Project crept forward—or, according to the company, reached a “major milestone”—when Taseko formally filed its Environmental Impact Statement to the Canadian Environmental Assessment Authority. A three-member panel will review the submission and conduct public hearings over the next year.

Although the project passed a British Columbia environmental review, a federal panel rejected it in November 2010, condemning a plan to convert Fish Lake into a tailings dump. Taseko then came up with a $300-million plan to preserve the 118-hectare lake by positioning the tailings two kilometres north.

In a Vancouver Sun op-ed on Friday, Taseko President/CEO Russell Hallbauer sells the project’s economic benefits. But no one in the industry seems willing to speak openly about the previous CEAA decision, which often used subjective and non-environmental reasoning to pan the proposal. The report described Fish Lake as “a place of spiritual power and healing” for the Tsilhqot’in native band, concluding that the mine would have “a significant adverse effect” on established native rights, potential rights, potential title, and traditional and cultural uses.

The controversy highlights the uncertainty resource companies face in B.C. In September 2011 Stewart Phillip, president of the Union of B.C. Indian Chiefs, stated Taseko’s plan “will trigger a province-wide and nation-wide backlash that will severely jeopardize relationships between First Nations and the mining industry for years to come.”

Read more about New Prosperity here, here and here.

Young miners make more than Harvard grads
“Harvard University’s graduates are earning less than those from the South Dakota School of Mines and Technology,” Bloomberg reported on Tuesday. The story adds, “Demand for mining-school graduates is exceptional in the U.S., where the unemployment rate for 20- to 24-year-olds with bachelor’s degrees was 11.8% in July.” The U.S. will need some 78,000 additional mining personnel by 2019 to replace retirees, while Australia will need 1,700 mine engineers, 3,000 geoscientists and 36,000 others by 2015, the report states.

A round-up of exploration and mining news

Last March Aurizon Mines TSX:ARZ President/CEO George Paspalas told ResourceClips, “Recruiting new employees is, I believe, one of the biggest issues facing the industry globally. A lot of development and operational plans hinge on the human resource, not the resource in the ground. There’s a lot of very experienced people coming up to retirement. There’s a gap where people didn’t go into the industry when metal prices were depressed in the mid- and late-1990s. That’s the age group from about 35 or 40 years to about 50 years. The industry was depressed, and the dot-com boom was on, so people wanted to get into the sexy stuff.”

Lack of expertise can subject projects to delays and disappointments. Bloomberg quotes Robin Adams, a managing consultant with research company CRU, who attributes setbacks to “haste, inexperience, lack of properly done mining studies [which reflect] the fact that mining is missing a generation. They are learning though, so that problem is going to go away in a few years.”

Honoured and pleased, despite the misunderstanding
For a few days this week Belo Sun Mining’s TSX:BSX stock hit enough turbulence to induce airsickness. The cause, according to President/CEO Mark Eaton, was a misunderstanding about what Brazilian public prosecutors mean by an “investigation.” As he suggested to the Globe and Mail, it’s more of a routine inquiry. Even if someone just wants to build “a cow shed, the federal prosecutor has to open an ‘investigation’,” Eaton told the G&M.

But when news reports stated that a federal prosecutor was “investigating” the company’s Volta Grande Gold Project, the misunderstanding almost sank a $50-million private placement.

Belo Sun opened at $1.50 on Monday, and that afternoon the company announced a bought deal of 35.72 million shares at $1.40. The stock closed that day at $1.54.

Come Tuesday morning, however, it opened at $1.40 and plummeted to $1.27, before closing at $1.37. That evening the company tried to clear things up: “The federal Public Prosecutor Office in the state of Pará opens an investigation proceeding for each and every environmental licensing process in the state. The investigation proceeding regarding the project does not imply any irregularity or particular concern regarding the environmental licensing process for the project.”

About 28 minutes later, the company cancelled the private placement.

By Wednesday the stock opened a bit higher at $1.40. That afternoon the company re-announced the private placement on the previous terms, including a share price of $1.40. The share closed the day at $1.39.

In his Tuesday statement, Eaton said he was “honoured and pleased with the participation and interest of the Public Prosecutor Office.” Should all go well, Volta Grande will begin its feasibility study in Q1 2013.

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Belo Sun updates Brazil Volta Grande Gold Project Resource Estimate

April 25th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningBelo Sun Mining Corp TSX:BSX announced an updated resource estimate for its Volta Grande Project in Para State, Brazil. The project now has measured and indicated resources of 2.85 million ounces gold at an average grade of 1.69 g/t, and inferred resources of 1.97 million ounces grading 1.7 g/t. This represents a 28% increase in all categories from the old resource.

President/CEO Mark Eaton remarked, “This is an outstanding achievement by the Belo Sun team. When our team started a couple of years ago in 2010, the estimated mineral resources for Volta Grande were approximately 715,000 ounces grading 1.1 g/t gold in the indicated category, and the inferred category was 1,388,000 ounces grading less than 1 g/t. The new mineral resources statement has expanded substantially and the average grade has increased significantly. In addition, the significant increase in measured and indicated categories to almost three million ounces has reduced the geological risks of the project. We believe that Volta Grande may be the premier undeveloped gold project in Brazil and we eagerly anticipate the results of the ongoing feasibility studies that will take the project to a development decision.”

View Company Profile

Contact:
Mark Eaton
President/CEO
416.309.2137

by Ted Niles

Belo Sun reports Brazil Gold Assays as high as 5.04 g/t over 49.5m

April 5th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningBelo Sun Mining Corp TSX:BSX announced drill results from its Volta Grande project in Para State, Brazil. Highlights include

5.1 g/t gold over 7.7 metres
4.94 g/t over 14 metres
2.14 g/t over 10.9 metres
10.16 g/t over 5.8 metres
1.47 g/t over 31.6 metres
3.22 g/t over 6.8 metres
5.82 g/t over 10 metres
1.9 g/t over 44.2 metres (including 6.54 g/t over 7.3 metres)
3.57 g/t over 27.7 metres (including 7.56 g/t over 11.4 metres)
5.15 g/t over 12.6 metres (including 9.76 g/t over 6 metres)
2.69 g/t over 19.3 metres
5.04 g/t over 49.5 metres (including 21.79 g/t over 8.3 metres)
6.78 g/t over 6 metres
2.21 g/t over 29.3 metres
5.75 g/t over 8.2 metres

VP Exploration Helio Diniz commented, “It is very encouraging that the drilling continues to extend the Ouro Verde deposit with such significant intercepts. It demonstrates that the Volta Grande Project north block deposits are part of a major mineralized system that continues to expand beyond the currently known dimensions of about 300- to 400-metres wide and 4- to 5-kilometres long. The drilling has shown that the mineralization extends to at least 500 metres from surface. Moreover it is open in all directions.”

View Company Profile

Contact:
Mark Eaton
President/CEO
416.309.2137

by Ted Niles

Belo Sun reports Brazil Results of 6.27 g/t Gold over 14m

March 21st, 2012

Resource Clips - essential news on junior gold mining and junior silver miningBelo Sun Mining Corp TSX:BSX announced assays from its Volta Grande Gold Project in Para State, Brazil. Highlights include

6.27 g/t gold over 14 metres
3.82 g/t over 16.9 metres
(including 8.01 g/t over 5.9 metres)
10.9 g/t over 5 metres
4.08 g/t over 12.3 metres
5.03 g/t over 9.7 metres
6.34 g/t over 7.5 metres
3.91 g/t over 12 metres
(including 5.86 g/t over 7.6 metres)

VP of Exploration Helio Diniz remarked, “We are very excited with the expansion of mineral resources that we are seeing at the Ouro Verde Deposit. In addition it is very encouraging to see some of the deep holes showing the continuity of mineralization down dip. We believe that, after more than 100,000 metres of drilling in the Volta Grande area, the fact that the deposits remain open demonstrates the tremendous potential and confirms this as one of the largest gold deposits ever discovered in this part of the Brazilian Amazon Craton. We are optimistic that the next phase of drilling will continue with significant expansion of estimated mineral resources at Volta Grande in 2012.”

View Company Profile

Contact:
Mark Eaton
President/CEO
416.309.2137

by Greg Klein

Belo Sun reports Brazil Assays up to 2.59 g/t Gold over 59.3m

January 5th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningBelo Sun Mining Corp TSXV:BSX announced results from its Volta Grande Gold Project in Para State, Brazil. Highlights include

2.59 g/t gold over 59.3 metres
(including 4.06 g/t over 21.4 metres)
2.71 g/t over 34.4 metres
(including 5.93 g/t over 12.7 metres)
4.73 g/t over 19.7 metres
(including 6.8 g/t over 12.2 metres)
20.88 g/t over 4 metres
3.68 g/t over 24 metres
(including 8.13 g/t over 10 metres)
16.08 g/t over 4.7 metres

VP of Exploration Helio Diniz commented, “As was reported in Belo Sun’s financial statements for the quarter ended September 30, 2011, the company held $43 million in cash and cash equivalents as of September 30, 2011. As drill results at the Volta Grande Project continue to demonstrate that the deposits are open for further expansion, Belo Sun remains well funded to continue this highly successful drill programme into 2012. The drilling results to date have been very encouraging and we are intersecting numerous higher-grade zones. On this basis we will tender a further 70,000 metres of diamond drilling, of which 36,000 metres are planned to be completed in the first half of 2012.”

View Company Profile

Contact:
Mark Eaton
President/CEO
416.309.2137

by Greg Klein

Belo Sun reports Brazil Results up to 81.61 g/t Gold over 3.4m

November 29th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningBelo Sun Mining Corp TSXV:BSX announced assays from its Volta Grande Gold Project in Para State, Brazil. Results include

81.61 g/t gold over 3.4 metres
5.48 g/t over 26.9 metres
(including 10.22 g/t over 12.9 metres)
2.29 g/t over 34.8 metres
(including 6.33 g/t over 10.4 metres)
4.31 g/t over 17.7 metres
(including 9.61 g/t over 6.5 metres)
1.66 g/t over 43.2 metres
(including 4.92 g/t over 7.5 metres)
1.28 g/t over 33.9 metres
(including 5.64 g/t over 3.5 metres)

VP of Exploration Helio Diniz stated, “We are excited with the expansion of mineral resources that we are seeing at the Ouro Verde Deposit. At present we are drilling at section 950 NW, which is approximately 100 metres along strike from the previously reported drilling and mineralized zones and believe we have intersected visible gold. The existing deposit continues to be extended along strike and down dip and Belo Sun is now tendering a new diamond drilling contract for a further 36,000 metres of drilling to be completed in the first half of 2012.”

View Company Profile

Contact:
Mark Eaton
President/CEO
416.309.2137

by Greg Klein

Belo Sun President Mark Eaton on Brazil gold assays of 8.76 g/t over 28.2m

May 18th, 2011

“The project is on the Carajas greenstone belt and historically, at one stage, it had 30,000 garimpeiros [i.e. artisanal miners] on it. We’ve basically been operating the company for about a year, prior to that Verena Minerals was drilling it. They drilled 30,000 metres along with Battle Mountain Exploration and TVX Gold.

“These are some of the best holes drilled to date at the project. Width and grade were very strong and we continue to progress with our goals of expanding and improving the resource. Basically, we’ve got six drills going at the moment and we hope to add to that shortly. We’re initiating a bankable feasibility study in a couple of months, and just basically progressing towards production.

“Volta Grande is already 50% larger than the next undeveloped gold deposit in Brazil. It’s showing to be a very robust project.”

View Press Release Summary

View Company Profile

Belo Sun reports Brazil Gold Assays up to 12.5 g/t over 4.4m

April 12th, 2011

Belo Sun Mining Corp TSXV:BSX announced assays from its Volta Grande Gold Project in Para State, Brazil. Results include 1.15 g/t gold over 19.9 metres, 1.35 g/t over 15.5 metres (including 3.87 g/t over 4.9 metres), 0.8 g/t over 30.2 metres, 4.42 g/t over 12.9 metres (including 12.5 g/t over 4.4 metres), 1.1 g/t over 18.5 metres, 4.21 g/t over 4.7 metres, 1.24 g/t over 10.8 metres, 3.08 g/t over 20.7 metres, 1.23 g/t over 27 metres, 2.36 g/t over 11.07 metres and 2.05 g/t over 46.1 metres.

VP Exploration Helio Diniz stated, “The results of the holes being released are mostly from sections on the boundaries of the deposits and they confirm the continuity of the mineralization which remains open. Additionally the resources are being upgraded as most of the areas modeled previously consisted of inferred mineral resources. We remain optimistic that the Volta Grande Project has potential to become one of the larger, multi-million ounces projects discovered in Brazil.”

View Company Profile

Contact:
Mark Eaton
President/CEO
416.309.2137

by Ted Niles

Belo Sun reports Brazil Gold Assays up to 1.96 g/t over 23.4m

February 7th, 2011

Belo Sun Mining Corp TSXV:BSX announced assays from its Volta Grande Gold Project in Para State, Brazil. Results include 2.04 g/t gold over 9.3 metres, 1.96 g/t over 23.5 metres (including 3.12 g/t over 11.4 metres), 7.6 g/t over 1.5 metres, 0.83 g/t over 22.8 metres, 3.03 g/t over 8.6 metres, 1.14 g/t over 16.7 metres, 0.9 g/t over 25.1 metres, 1.38 g/t over 11.3 metres, 2.2 g/t over 12 metres, 2.22 g/t over 16.9 metres, 1.11 g/t over 10.85 metres, 2.01 g/t over 12 metres and 2.47 g/t over 11.9 metres.

President/CEO Mark Eaton commented, “We continue to be delighted with our ability to consistently expand and upgrade mineralization through our drilling program. We have now added two more drill rigs to the Volta Grande project bringing the total to six.”

View Company Profile

Contact:
Mark Eaton
President/CEO
416.309.2137

by Ted Niles