BrazMin Corp Announces Option Agreement With Troy Resources of Australia on Serrita Project
Feb 15, 2006
Road Town, Tortola, British Virgin Islands (February 15th, 2006) - BrazMin Corp ("BrazMin") (TSX: BZM) is pleased to announce that a Letter of Agreement has been signed whereby Troy Brasil Exploraçao Mineral Ltda, a subsidiary of Troy Resources of Australia (“Troy”), has agreed to earn up to a 75% interest in the Serrita Project, currently 65%-owned by BrazMin and 35%-owned by a group of independent Brazilian citizens. A definitive agreement is expected to be executed within the next few months.
The Serrita Project comprises 11 exploration licenses totaling 19,364 Ha. located in the Borborema geological province in the western part of Pernumbuco State in NE Brazil. Troy may earn up to 75% of the project through cumulative expenditure of US$700,000 over 4 years and making total cash payments of US$70,000. The property contains two known mineralized zones consisting of narrow quartz-sulfide veins with high gold grades. Historical artisanal workings up to 80m in depth are present in the area.
BrazMin has elected to farm-out its interest in the Serrita Project in order to focus activities on its principal asset, the advanced-stage São Jorge gold exploration project in Para State.
This press release was prepared under the supervision of Mr. Tony Ransom (Pr.Sci.Nat.), BrazMin's President and C.E.O., who is a qualified person within the meaning of National Instrument 43-101.
BrazMin is engaged in the search for, acquisition, exploration and development of high quality gold projects, primarily in Brazil.
BrazMin has 25,817,074 shares outstanding (35,113,745 shares fully diluted) and cash of $14.5 million.
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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.