BrazMin Corp. commences trading on the TSX and starts work on its primary gold project, São Jorge, Brazil
Apr 13, 2005
Road Town, Tortola, British Virgin Islands (Wednesday, Apr 13, 2005) - BrazMin Corp. (“BrazMin”) [BZM-TSX]. The Company (formally Resource Holdings and Investments Inc) is pleased to announce that it has today commenced trading on the TSX under the symbol “BZM” after completing its merger with Ventures Resource Corporation. Commensurate with this transaction, the company successfully completed an equity issue of 5,600,000 units at Cdn $1.25 per unit. Each unit consists of one common share and one half-warrant and each full warrant is exercisable for eighteen months for one common share at a price of Cdn $1.35. Haywood Securities acted as sponsor and lead agent. The Company has received net proceeds from the financing of Cdn $6,374,325.00 and these funds will be used to further develop its advanced gold project, São Jorge, located in Brazil, as well as for its other Brazilian projects, working capital and general corporate purposes.
BrazMin is also pleased to announce the appointment of the following senior management and board of directors:
São Jorge is located in Para State, Brazil within the TapajÓs Gold District from which more than 50 million ounces of gold have reportedly been produced by artisanal miners since the 1960's. Parts of the project area were extensively explored by Rio Tinto Zinc (RTZ) in the mid-90's, including 26 diamond drill holes. Based on these results, RTZ performed a scoping study in 1997 and reported a mineral resource of some 33 million tonnes grading 1.49 g/t gold (1.58 million ounces of gold). During the next twelve to eighteen months, BrazMin intends to conduct a comprehensive, phased program consisting of up to 10,000m of diamond drilling designed to further enhance the confidence level of the mineral resources, metallurgical testing, environmental studies and a NI 43-101 compliant scoping study. Work will commence on this C$2 million program within a week.
BrazMin has 18,221,829 shares outstanding (23,422,011shares fully diluted), is debt-free and has Cdn $6.6 million cash.