Brazil Minerals, Inc. (the "Company" or "Brazil Minerals") announced today that it has obtained the last necessary approval from a regulatory entity in Brazil to allow mining for gold and diamonds in one of its many Jequitinhonha River Valley mineral rights.
As announced previously, a drilling campaign within this project area indicated that 35 out of 35 drills holes were positive for gold. Additionally, in a majority of such drill holes, satellite markers that indicate the likely presence of diamonds were recovered.
Marc Fogassa, CEO of Brazil Minerals, commented, “This news is timely and very well received. We have built a strong local team that is able to work diligently through complex and changing requirements for licensing and permitting for mining. It’s beginning to bear fruit and we’re not stopping here as we want to be producing revenues from multiple mining sites in due time.”
Brazil Minerals believes that the initial excavation to attain the level needed for auriferous and diamondiferous gravel removal will take six to eight weeks, after which regular processing should start.