Belo Sun Increases Measured/Indicated Mineral Resources To 2.85 Million Ounces of Gold

TORONTO, ON - Belo Sun Mining Corp. reported an updated, independently audited mineral resource statement for its 100%-owned Volta Grande gold project in Para State, Brazil. The updated mineral resource statement incorporate results from 112 additional core boreholes to February 29, 2012 that were not available for the previous mineral resource statement announced on January 23, 2012.

The results represent an important upgrade to Volta Grande mineral resources. Significant changes include: Measured and Indicated Open Pit Mineral Resources of 2.85 Million Ounces of gold at an average grade of 1.69 g/t Au, which represents an increase of 28% (from 2.22 Million Ounces). Inferred Open Pit Mineral Resources of 1.97 Million Ounces of gold at an average grade of 1.70 g/t Au, which represents a 28% increase (from 1.54 Million Ounces).

Mark Eaton, President and Chief Executive Officer said, "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 Au in the Indicated category, and the Inferred category was 1,388,000 oz grading less than 1.0 g/t Au. 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 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."

This new mineral resource model will be the basis for a preliminary feasibility study being carried out by AMEC Minproc Engenharia e Consultoria Limitada, which is expected to be completed during Q3 2012. The mineral resource model was constructed using the same methodology and parameters as the previous model, except that for the block size that was increased from 2.5 to 5.0 metres on one axis.