VANCOUVER,
Jan. 4, 2012 /PRNewswire/ - Brazil
Resources Inc. (the "Company" or "BRI") (TSXV: BRI)
today issued a year-end shareholder report. Please find the report
from chairman Amir Adnani below.
Dear Shareholder,
On behalf of the board of directors and the team
at Brazil Resources Inc., I am pleased to provide you with a report
on the Company's corporate, acquisition and exploration activities
during 2011.
I would like to thank you for your continued
support as a BRI shareholder. Your trust in the Company and its
management is greatly appreciated.
During 2011, we acquired several projects and
increased our overall land holdings in Brazil from under 5,000 to over 300,000 acres.
We further strengthened an already world-class management team, and
worked towards identifying drill-ready targets and prospective
acquisitions to focus on in the New Year.
As the Company continued to advance, within this
challenging economic environment where many gold explorers having
seen their valuations decline by 30% or more, shares of the Company
have more than doubled since its IPO in May
2011, and have never traded below $1.
With more than $10
million in cash, no debt and approximately 39 million shares
outstanding, BRI is in a strong position to accelerate its growth
strategy and to pursue the acquisition of advanced-stage properties
with known resources.
Company Highlights from 2011:
Strong Treasury: The Company recently completed
a $4.7 million private placement.
Given the difficult market conditions, the completion of this
financing demonstrates a strong vote of confidence for management
and the Company's prospective projects. Currently, the Company has
over $10 million in the treasury and
approximately 39 million shares outstanding.
Expanding Throughout Brazil: A series of
acquisitions totaling four projects and over 300,000 acres signaled
the start of the Company's expansion throughout Brazil in 2011.
Permitting Advancements at Montes Áureos: The
Company has recently received all necessary permits for its
previously announced drilling program on the Montes Áureos Project,
which is expected to commence imminently. The Company previously
identified a 2-km by 300-meter gold anomaly that is nearby to and
on-strike with other known gold deposits.
Bolstering a World-Class Team: The Company
expanded its technical and management teams in 2011 with the
appointments of:
Paulo Pereira, VP
Exploration: Over 25 years of experience in exploration and mining
activities in Brazil and
Canada working for major mining
companies.
Enzio Garayp, Director: Formerly served
as the exploration manager for Kinross in Brazil and oversaw the 8 Moz expansion of
Brazil's 18 Moz Paracatu Mine.
Herb Dhaliwal,
Advisor: Formerly Canada's
Minister of Natural Resources and served in the cabinet under Prime
Minister Chrétien.
Ovidio Antonio de
Angelis, Advisor: Former Minister of Regional Politics in
Brazil and served in the Brazilian
cabinet under President Fernando
Cardoso; recently served as Secretary of the Foreign Trade
Bureau of Goias State.
Catalysts for 2012 and Beyond
With a promising start to the Company's
expansion already underway, more than $10
million in cash and three advanced exploration programs
already scheduled for 2012, we are focused on further ramping-up
acquisitions and exploration activities.
Continued Expansion Throughout Brazil: In
consultation with our strategic partner and shareholder the
Brasilinvest Group, a leading merchant bank, and our seasoned
Brazil-based technical team, we
have aggressively identified assessed and continue to review
expansion opportunities throughout Brazil.
Drilling at Montes Áureos: A drill program on
the Montes Áureos Project is expected to commence shortly, and we
anticipate releasing results in first half of 2012.
Ongoing Exploration at Trinta and Maua: The
Company continues to conduct its previously disclosed exploration
programs with the objective of identifying drill-ready targets. The
Trinta and Maua projects are located in close proximity to Jaguar
Mining's Gurupi Open-Pit Gold Project.
Exploration Activities at Artulandia: The
Company recently signed an option agreement to acquire a
100%-interest in the Artulandia property in prolific Goias state.
Artulandia hosts two large parallel gold trends and each are
approximately 11 km in length. Company geologists believe a source
to the gold trend may exist on the property and an exploration
program is underway with the objective to identify drill-ready
targets.
Increasing Recognition: The investment community
is becoming increasingly aware of the Company, its management team
and growth prospects. Since its IPO, the Company has enjoyed press
coverage from various mining industry publications, including
Northern Miner and Resource World magazine.
Gold's Role in Today's World
The Board and management recognize the
increasingly important role that gold is serving to stabilize
individuals, companies, governments and central banks throughout
the world during this extended era of economic uncertainty. The
Company was formed on the basis of building a world-class team
focused on making and advancing gold discoveries in Brazil, and possibly in additional expanding
gold belts in South America.
We look forward to capitalizing on the
opportunities in the gold sector as we continue to build on the
foundation we have established by achieving major acquisition and
exploration milestones in 2012. Thank you again for your confidence
in management. We welcome your continued participation in
Brazil Resources Inc.
Warm regards,
Amir Adnani
Chairman
Brazil Resources Inc.
Note Regarding Scientific and Technical
Information
Paulo Pereira,
the Company's Vice President of Exploration has supervised the
preparation of the technical information contained in this
document. Mr. Pereira holds a Bachelor degree in Geology from
Universidad Do Amazonas in Brazil,
is a qualified person as defined in NI 43-101 and is a member of
the Association of Professional Geoscientists of Ontario.
Forward Looking Statements
This document contains certain
forward-looking statements that reflect the current views and/or
expectations of the Company with respect to its performance,
business and future events, including statements regarding the
Company's exploration plans in respect of its projects, and its
future acquisition strategy. Forward-looking statements are based
on the then-current expectations, beliefs, assumptions, estimates
and forecasts about the business and the industry and markets in
which the Company operates, including that: the current price of
and demand for minerals being targeted by the Company will be
sustained or will improve; the Company's current exploration
programs and objectives can be achieved; general business and
economic conditions will not change in a material adverse manner;
financing will be available if and when needed on reasonable terms;
the Company will not experience any material accident; and the
Company will be able to identify and acquire additional mineral
interests on reasonable terms or at all. Forward-looking
statements are not guarantees of future performance and involve
risks, uncertainties and assumptions which are difficult to
predict. Investors are cautioned that all forward-looking
statements involve risks and uncertainties, including: that
the Company has a limited operating history; that resource
exploration and development is a speculative business; that the
Company may lose or abandon its property interests; that the
Company's property is in the exploration stage and is without known
bodies of commercial ore; that the Company may not be able to
obtain all necessary permits and approvals on any of its
properties; that environmental laws and regulations may become more
onerous; that the Company may not be able to raise additional funds
when necessary; potential defects in title to the Company's
properties; fluctuations in currency exchange rates; fluctuating
prices of commodities; operating hazards and risks; competition;
potential inability to find suitable acquisition opportunities
and/or complete the same; and other risks and uncertainties listed
in the Company's public filings. These risks, as well as others,
could cause actual results and events to vary significantly.
Accordingly, readers should not place undue reliance on
forward-looking statements and information, which are qualified in
their entirety by this cautionary statement. There can be no
assurance that forward-looking information, or the material factors
or assumptions used to develop such forward looking information,
will prove to be accurate. The Company does not undertake any
obligations to release publicly any revisions for updating any
voluntary forward-looking statements, except as required by
applicable securities law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
SOURCE Brazil Resources Inc.