Pasadena-based Brazil Minerals Moves Forward on Gold and Diamond Mining Projects

Published : Tuesday, November 6, 2018 | 12:58 PM

Brazil Mineral, Inc., a mining company based in Pasadena which reports it operates gold, diamond and other mines in Brazil, has advanced on mining licensing requirements for its new gold and diamond project in northern Minas Gerais state in Brazil, according to a company statement Monday.

On September 18, Brazil Minerals said 35 out of 35 drill holes in a drilling campaign undertaken in the area were visually positive for gold.

Two days later, the company announced the discovery of a geological band with high probability of extractable diamonds in the area.

Since these announcements, Brazil Minerals has hired additional consultants, including an expert in the licensing of new mining projects with regulatory bodies. The company also has had positive meetings with representatives of the regulatory bodies and is now engaged in finalizing an application for an initial commercial mining operation in the area.

As of now, Brazil Minerals believes that this area of their operations could be revenue-generating within the second quarter of 2019.

In another development, Brazil Minerals said it looks at the election of Jair Bolsonaro as the new President of Brazil in a positive way. Bolsonaro starts his term on January 1, 2019.

“In my personal opinion, the election of Mr. Bolsonaro is best for Brazil because it will allow entrepreneurship and free enterprise to flourish,” Marc Fogassa, Brazil Minerals CEO, said. “The leftist media have tried to tarnish him and should be ignored. I believe that this new course will make Brazil an even more appealing destination for investment going forward.”

Brazil Minerals and its subsidiaries follow a business model focused on mining specific areas for gold and diamonds, and generating projects from its portfolio of high quality mineral rights for transactions leading to royalties and/or equity positions.

From such a strategy, the company now owns 55 percent of equity in Jupiter Gold Corporation, a gold exploration company with headquarters in Brazil.

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