Brazauro to Acquire BrazMin's Tocantinzinho Interests
Sept 13, 2006
Road Town, Tortola, British Virgin Islands (Sept 13, 2006) - BrazMin Corp. (“BrazMin” or the “Company”) (TSX: BZM) Brazauro Resources Corporation (TSXV: BZO) and BrazMin Corp. (TSX: BZM) are pleased to announce that Brazauro has agreed to acquire all of BrazMin's interests in the Tocantinzinho gold project area in Brazil in exchange for 13,150,000 treasury shares of Brazauro. The acquisition, which is subject to confirmation of title from the Departamento Nacional de ProduÇão Mineral (“DNPM”) in Brazil, regulatory approval and certain other conditions, will consolidate BrazMin's mineral interests with Brazauro's and extend the mineral land holdings of Brazauro in the area.
Mark E. Jones III, chairman and CEO of Brazauro stated, “This agreement enables Brazauro to extend its exploration at Tocantinzinho to the east and southeast, into zones that the Company believes hold potential to expand the overall project's gold bearing mineralization. With BrazMin as a significant shareholder, our Company will benefit from their expertise and influence which will contribute to the enhancement of the project. We have plans to actively extend our exploration activities onto the acquired ground.”
Tony Ransom, president and CEO of BrazMin, stated, “This agreement allows us to participate in the entire significant Tocantinzinho gold discovery, while concentrating our efforts on our own substantial portfolio of projects in Brazil.”
The agreement will result in BrazMin owning approximately 19.9% of the issued shares of Brazauro. BrazMin does not currently own beneficially, directly or indirectly, any shares of Brazauro. For a limited period of time Brazauro will have the right to direct the voting of the shares to be issued to BrazMin except in certain conditions. The acquisition will be accomplished by the purchase of a wholly owned subsidiary of BrazMin which indirectly holds BrazMin's Tocantinzinho interests.
BrazMin is a TSX-listed company focused on the acquisition, exploration and advancement of high quality gold projects, primarily in Brazil. BrazMin has a well-qualified exploration and management team with extensive experience and expertise in gold exploration and project management, both within Brazil and worldwide.
BrazMin has a treasury of approximately CDN$12.6M. The Company has 27,054,222 shares outstanding and 33,403,018 shares fully diluted. For additional information on BrazMin and its projects visit the Company's website at www.brazmin.comor contact:
Fiona Childe, Ph.D., P.Geo.