CONCORD, NH, Aug. 31 /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.
The Qualified Person in charge of the Feasibility Study is Ivan C.
Machado, M.Sc., P.Eng, PE of TechnoMine.
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
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.
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
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 forward-looking 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.
SOURCE BRAZILIAN RESOURCES, INC.
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