Brazil Minerals Reported Second Exploratory Drilling Hole

 

BELO HORIZONTE, BRAZIL - Brazil Minerals, Inc. reported that the second exploratory drilling hole in a new dry area for diamonds and gold, utilizing the Company's own Banka 4-inch drill, has yielded positive results. The results of the first exploratory hole have been announced recently. This second hole has yielded a similar layer of gravel as the first hole, of a type known locally to be rich for diamonds and gold; for this second hole, this gravel layer was approximately 40% thicker. The distance between these exploratory holes is 50 meters, and the mineral rights area has hundreds of acres. The Company will not pursue an extensive study of this area; there is no assurance that these preliminary findings will be replicable to other locations or that a material amount of minerals will be retrieved.

In 2013, BMIX had 1 mineral concession and 2 additional mineral rights. Today, it controls 11 mineral concessions and 17 additional mineral rights. All of these are for diamond and gold, and one of its concessions also has sand as an approved mineral. Concessions give the owner the right to mine the specified minerals in perpetuity, under current regulations, provided that the miner attends to specifications in the mining code and any applicable environmental regulations.