Brazil Minerals, Inc. Advances Gold and Diamond Project 11-5-18
PASADENA, California, November 5, 2018 /PRNewswire/ -- 7:30 AM ET 11/5/18 | Dow Jones
Brazil Minerals, Inc. (OTC: BMIX) (the "Company" or "Brazil Minerals") announced today that it has advanced on mining licensing requirements for its new gold and diamond project in northern Minas Gerais state in Brazil. On September 18, 2018, the Company announced that 35 out of 35 drill holes in a drilling campaign undertaken in the area were visually positive for gold and on September 20, 2018, the Company further announced the discovery on such property of a geological band with high probability of extractable diamonds. Since presenting these news items, Brazil Minerals has hired additional consultants, including an expert in the licensing of new mining projects with regulatory bodies. The Company has had positive meetings with such regulators 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 could be revenue-generating within the second quarter of 2019.
Of note, Brazil elected Mr. Jair Bolsonaro as its new President effective on January 1, 2019. Marc Fogassa, CEO of Brazil Minerals, commented, "In my personal opinion, the election of Mr. Bolsonaro is best for Brazil because it will allow entrepreneurship and free enterprise to flourish. 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."
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