Vancouver, British Columbia - October 18, 2013 - Brazil Resources Inc. (TSX-V: BRI; OTCQX: BRIZF) (the "Company" or "Brazil Resources") announces that it has amended the share purchase agreement dated July 10, 2012 between Brazil Resources and Luna Gold Corp. pursuant to which the Company acquired a 100% interest in the Cachoeira gold project. The payment of $300,000, originally due 12 months after closing, will now be due 24 months after closing, being September 24, 2014, or earlier, if specified financial milestones are achieved prior thereto.
The Company also announces that it has, through a wholly owned Brazilian subsidiary, satisfied the conditions to exercise its initial option to acquire a 51% interest (the "Initial Option") in the Montes Áureos and Trinta Projects. Brazil Resources satisfied the conditions of the Initial Option by making a cash payment of US$25,000, issuing an aggregate of 325,000 common shares of the Company over the past three years and incurring aggregate exploration expenditures of at least US$1,750,000 over the past three years. The Company has the option to acquire an additional 46% interest in the Montes Áureos and Trinta Projects pursuant to the terms of the underlying agreement.
About Brazil Resources Inc.
Brazil Resources is a public mineral exploration company with a focus on the acquisition and development of projects in emerging producing gold districts in Brazil, Paraguay and other parts of South America. Currently, Brazil Resources is advancing its principal exploration property, the Cachoeira Project, as well as its Montes Áureos, and Trinta Gold Projects located in the Gurupi Gold Belt in the state of Maranhão, northeastern Brazil, and its Artulandia Copper-Gold Project in central Brazil.
Vancouver, British Columbia - October 18, 2013 - Brazil Resources Inc. (TSX-V: BRI; OTCQX: BRIZF) (the "Company" or "Brazil Resources") announces that it has amended the share purchase agreement dated July 10, 2012 between Brazil Resources and Luna Gold Corp. pursuant to which the Company acquired a 100% interest in the Cachoeira gold project. The payment of $300,000, originally due 12 months after closing, will now be due 24 months after closing, being September 24, 2014, or earlier, if specified financial milestones are achieved prior thereto.
The Company also announces that it has, through a wholly owned Brazilian subsidiary, satisfied the conditions to exercise its initial option to acquire a 51% interest (the "Initial Option") in the Montes Áureos and Trinta Projects. Brazil Resources satisfied the conditions of the Initial Option by making a cash payment of US$25,000, issuing an aggregate of 325,000 common shares of the Company over the past three years and incurring aggregate exploration expenditures of at least US$1,750,000 over the past three years. The Company has the option to acquire an additional 46% interest in the Montes Áureos and Trinta Projects pursuant to the terms of the underlying agreement.
About Brazil Resources Inc.
Brazil Resources is a public mineral exploration company with a focus on the acquisition and development of projects in emerging producing gold districts in Brazil, Paraguay and other parts of South America. Currently, Brazil Resources is advancing its principal exploration property, the Cachoeira Project, as well as its Montes Áureos, and Trinta Gold Projects located in the Gurupi Gold Belt in the state of Maranhão, northeastern Brazil, and its Artulandia Copper-Gold Project in central Brazil.
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