Road Town, Tortola, British Virgin Islands (Nov 9, 2006) – BrazMin Corp. (“BrazMin” or the “Company”) (TSX: BZM) is pleased to announce an update on drilling and results from further channel sampling on the Company’s 100%-owned, 9,356 hectare Água Branca Gold Project (“Água Branca” or the “Project”), located within the Tapajós Gold District in Pará State, Brazil.
A proposed 2,000 metre Phase I Diamond Drill Program focused on testing gold mineralized structures along the Camarão Hill target area at Água Branca commenced in mid-October, 2006. Camarão Hill is characterized by a 750 by 300 metre area of historic “garimpos” (artisanal workings) (see Company website at www.brazmin.com for maps). To date, 933 metres have been drilled in five holes. Four of these holes have been logged, sampled and sent for assay; results will be released once received by the Company.
Channel sampling commenced in July, 2006, with results of the first two batches of channel samples included in BrazMin news releases dated September 19, 2006 and October 17, 2006. Highlights from a further 219 channel samples include:
- 23.38 g/t Au over 5.18 metres, including 44.78 g/t Au over 1.95 metres in channel ABC-092
- 9.69 g/t Au over 1.56 metres in channel ABC-210
- 3.25 g/t Au over 1.25 metres in channel ABC-094 (open in one direction)
- 7.05 g/t Au over 1.80 metres in channel ABC-086A (open in all directions, sample length limited by adit height)
- 6.45 g/t Au over 1.80 metres in channel ABC-241 (open in all directions, sample length limited by adit height)
- 6.90 g/t Au over 1.00 metres in channel ABC-097
In addition to the channel samples reported above, which were collected perpendicular to veins and/or mineralized structures, two series of samples (ABC-091 and ABC-091B) were collected along the strike extent of a single narrow quartz vein in order to test grade continuity along the structure. The average grade of 23 samples along the exposed strike is 11.91 g/t Au, with several individual samples of bonanza grade. The samples were collected northeast and southwest, respectively, of the entrance to an adit in the Extremo sector, which lies within the northeast portion of the Camarão Hill target (see Table 1 for full sample data).
Tony Ransom, President and CEO of BrazMin, states “We are very encouraged with today’s results and by the progress on our initial exploration program at Água Branca. The results of the channel and detailed vein sampling indicate wide-spread gold mineralization within the Camarão Hill target area and suggest the potential for higher-grade ore shoots within the overall mineralized system.”
Table 1. Individual Sample Assays for ABC-091 and ABC-091B, collected along-strike over a nine metre exposure of a single, narrow vein, Extremo Sector.
|Sample Length* (m)|| Au|
* channel samples collected along the strike of a vein are testing the tenor of mineralization and do not provide a representative indication of width of the mineralized system.
Quality Assurance/Quality Control and Qualified Person
The channel samples reported in this release were collected by BrazMin geologists, prepared for analysis at SGS-Lakefield-Geosol Laboratorio Ltda’s (“Lakefield”) sample-preparation laboratory in Itaituba, Brazil and 150 gram pulps were air-freighted by Lakefield to their main assay laboratory in Belo Horizonte, Minas Gerais State, Brazil. Lakefield is ISO14001 and ISO 9001:2000 accredited and is independent of BrazMin. Gold is determined by fire assay/atomic absorption with a detection limit of 5 ppb Au using 50 gram aliquots. Lead fire assays use silver as a co-collector to facilitate easier handling of prills as well as to minimize losses during the cupellation process. Lakefield inserts its own standards and blanks into each sample batch. The results from these control samples indicate acceptable consistency of analysis.
BrazMin’s exploration programs are being managed by the Company’s President and CEO, Mr. Tony Ransom (Pr.Sci.Nat.), and, on-site, by BrazMin’s VP Exploration, Mr. Paulo Ilidio de Brito (Member: AusIMM), both of whom are qualified persons within the meaning of National Instrument 43-101. Mr. Ilidio de Brito, who is responsible for the technical information in this release, has verified the data disclosed in this release. Geological mapping and sampling at Agua Branca are being conducted under the supervision of Mr. Ilidio de Brito.
BrazMin is a TSX-listed company focused on the acquisition, exploration and advancement of high quality gold projects, primarily in Brazil. BrazMin has a well-qualified exploration and management team with extensive experience and expertise in gold exploration and project management, both within Brazil and worldwide.
BrazMin has a treasury of approximately CDN$12.0M. The Company has 27,054,222 shares outstanding and 33,403,018 shares fully diluted. For additional information on BrazMin and its projects visit the Company’s website at www.brazmin.com or contact:
Fiona Childe, Ph.D., P.Geo.
VP Corporate Communications
Tau Capital Corp.
Tel: (416) 361-9636 x 227
This press release contains certain “forward-looking statements”. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the Company’s exploration plans with respect to the Água Branca Gold Project, exploration results, and potential mineralization) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in gold prices, changes in equity markets, political developments in Brazil, changes to the regulations affecting the Company’s activities, delays in obtaining or failure to obtain required regulatory approvals, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties involved in interpreting exploration results and other geological data, and the other risks involved in the gold exploration and development industry. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of buy . Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.