BrazMin Reports Results for Quarter Ended September 30, 2005
Nov 11, 2005
Road Town, Tortola, British Virgin Islands (Friday, Nov 11, 2005) - BrazMin Corp. (TSX: BZM) reported a loss for the three month period ended September 30th, 2005 of Cdn $453,034 or $0.02 per share (basic and diluted).
Capitalized exploration for the period amounted to Cdn $1,135,505 (total to date is $3,960,419) and mainly reflects work performed on the Sao Jorge Gold Project in Para State, Brazil and for ongoing land acquisition costs previously committed to. As of September 30, 2005, the Company had cash of approximately $4.1 Million.
As a result of the continual evaluation and prioritization of the Company's assets, management has elected not to expend further funds on the 100%-owned Sao Juliao property. An attempt to farm-out the property to a third party has not been successful and it was therefore decided to write down the value of the property. An amount of $387,264 has therefore been recorded as an expense for the quarter.
BrazMin Corp. (the "Company") was incorporated on July 8, 2004 under the International Business Companies Act in the Territory of The British Virgin Islands. On April 5, 2005 the Company changed its name from Resource Holdings and Investments Inc. to Brazmin Corp.
BrazMin is engaged in the acquisition, exploration and development of gold exploration properties, primarily in Brazil. It has gold projects in several states within Brazil. The Company is focussing its current exploration activities on its 100% owned advanced exploration project, Sao Jorge, where a 10,000m diamond drilling program was recently completed
The company has 18,221,858 shares outstanding (23,424,858 shares fully diluted).
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This document may contain or refer to forward looking information based on current expectations. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. These forward-looking statements are made as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.