Brazil Minerals, Inc. (the "Company" or "Brazil Minerals") announced today that it has achieved a key milestone towards mining gold and diamonds from a promising area in the Jequitinhonha River Valley.
Recently, this project was inspected by the local environmental council which then voted to give its permit for its advancement, an essential condition towards mining. With this critical approval on hand, Brazil Minerals expects to receive any additional regulatory permits on a timely basis and to be mining this project in 2019. As announced previously, a drilling campaign indicated that 35 out of 35 drills holes were positive for gold. Additionally, in a majority of such drill holes, the so-called “satellite markers” that indicate the likely presence of diamonds were recovered.
During the project’s inspection, the environmental council representatives visited Brazil Mineral’s tree nursery where various native specimens from the “cerrado” region of Brazil are grown. This provides the Company with a guaranteed supply of high-quality and diverse specimens. In 2019 to date, Brazil Minerals has already planted 600 new trees in previously mined areas which are being recovered.
Marc Fogassa, CEO of the Company, commented:
We are delighted with the progress of this project. The various aspects of project management – geological studies, environmental considerations, and mining engineering – have come together well thus far. We look forward to positive news ahead.”