Post on 16-May-2015
CORPORATE PRESENTATION December 2012
The LARGEST developing
GOLD PROJECT in BRAZIL
TSX: BSX
This presentation contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking
information includes, but is not limited to, statements with respect to the prospective mineralization of the properties, planned exploration programs,
anticipated permitting and production timetables, and the prospective nature of the Company’s projects. Generally, forward-looking information can
be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases that state that certain
actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are based on
management’s expectations and reasonable assumptions at the time such statements are made. Estimates regarding the anticipated timing,
amount and cost of exploration and development activities are based on assumptions underlying mineral resource estimates and the realization of
such estimates are set out herein. Capital and operating cost estimates are based on historical research of the Corporation and external
consultants, which needs to be updated. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that
may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or
implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social
uncertainties; reliance on contractors; the actual results of current exploration activities; foreign operations risks; other risks of the mining industry
and those other risk factors that are described in the annual information form. Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results
not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-
looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities
laws.
Carlos Costa, P.Geo, an employee of the Company and a qualified person under NI43-101, has reviewed and approved the scientific and technical
information herein.
2 TSX: BSX
Cautionary Notes
3 TSX: BSX
BSX Opens TSX April 30th, 2012
2012 Summary
2012 Estimated Resource Updates
January 23rd, 2012* - Measured and Indicated Mineral Resources of 2.22M oz @ 1.65 g/t Au, representing 70% increase
- Inferred Mineral Resources of 1.53M oz @ 1.71 g/t Au, representing 38% increase in average gold grade
April 25th, 2012** - Measured and Indicated Mineral Resources of 2.85M oz @ 1.69 g/t Au, representing 28% increase
- Inferred Mineral Resources of 1.97M oz @ 1.70 g/t Au, representing 28% increase
South Block*** - Inferred Pit Constrained Mineral Resources of 3,650,000 tonnes @ 2.64 g/t Au containing 309,700 oz Au
- Inferred Underground Mineral Resources of 381,000 tonnes @ 3.82 g/t Au containing 46,900 oz Au
Dec 18th, 2012**** - Measured and Indicated Mineral Resources of 4.1M oz @ 1.73 g/t Au, representing 44% increase
- Inferred Mineral Resources of 2.8M oz @ 1.96 g/t Au, representing 20% increase
Strengthened Management Team with addition of engineering staff in both Toronto and Belo Horizonte offices
Mike Hoffman as VP of Engineering
Ian Pritchard as COO, Toronto
Joaquim Alvarenga as General Manager of Operations, Brazil
Donald Clarke as advisor to Belo Sun
Graduated to the TSX February 16th, 2012
Reached 190km, 788 holes of drilling October, 2012
4 TSX: BSX
2012 Overview
* Details regarding mineral resource estimate can be found in the Press Release dated January 23rd, 2012 that has been filed under the profile of the Company on SEDAR.
Please see slide 46 for full information regarding mineral resource estimates.
** Details regarding mineral resource estimate can be found in the Press Release dated April 25 th, 2012 that has been filed under the profile of the Company on SEDAR.
*** Details regarding mineral resource estimate can be found in the Press Release dated June 11th, 2012 that has been filed under the profile of the Company on SEDAR.
**** Details regarding mineral resource estimate can be found in the Press Release dated Dec 18 th, 2012 that has been filed under the profile of the Company on SEDAR.
5 TSX: BSX
Experienced Board & Management
BOARD OF DIRECTORS
Peter Tagliamonte (Chairman) Engineer
Stan Bharti
Engineer
Jay Hodgson Geologist
Clay Hoes Geologist
Rui Santos Lawyer
Catherine Stretch
Director
MANAGEMENT
BRAZIL OPERATIONS
Carlos Costa Geologist (30 years experience)
Paulo Fernando Engineer (27 years experience)
Ricardo Lopes Geologist (27 years experience)
Omar Antunes Chemical Engineer (30 years experience)
Joaquim Alvarenga Engineer (15 years experience)
TORONTO OFFICE
Ian Pritchard Chief Operating Officer
Ryan Ptolemy Chief Financial Officer
Mike Hoffman Vice President of Engineering
Pat Gleeson Corporate Secretary
Simon Marcotte VP Corporate Development
Helia Bento Marketing Manager
Mark Eaton President & CEO (25 years Capital Markets experience)
Helio Diniz VP Exploration (30 years experience)
Shares Outstanding No. 265.9 million
Fully Diluted No. 285.9 million
Share Price C$ $1.70 *
Market Capitalization C$ $452 million
52 Week High & Low C$ $1.73 - $0.76
Average Daily Volume (3 month average)
No. 1,000,000
Cash & Cash Equivalents
C$ $55.9 million **
6 TSX: BSX
Capital Structure
*As at Nov 19th , 2012
**As at Sept 30th , 2012 (plus net proceeds of Oct 2012 closing)
Volta Grande
(4.1 Moz M&I)
(2.6 Moz Inf)
7 TSX: BSX
Key Projects
8
Volta Grande Infrastructure
TSX: BSX
*Please see slide 53 for full information regarding mineral resource estimates
9
Volta Grande
TSX: BSX
Ouro Verde
Measured & Indicated:
37.8 Mt (2.2M oz) @
1.78 g/t Au
Inferred:
19.6 Mt (1.1M oz) @
1.71 g/t Au
Grota Seca
Measured & Indicated:
35.9 Mt (1.9M oz) @
1.67 g/t Au
Inferred:
18.9 Mt (1.2M oz) @
1.83 g/t Au
South Block
Inferred:
5.8 Mt (522k oz) @
2.73 g/t Au
Ouro Verde
Grota Seca
Measured & Indicated:
73.8 Mt (4.1M oz) @1.73 g/t Au
Inferred:
44.2 Mt (2.8M oz) @ 1.96 g/t Au
10
Volta Grande Topography
TSX: BSX
View from Ouro Verde
• Deposit located well above
water line
• Upstream damming of river
will further reduce river level
0
500
1,000
1,500
2,000
2,500
3,000
Au
oz (
00
0s
)
Indicated Resources (oz)
Inferred Resources (oz)
Measured Resources (oz)
1.66 g/t Au
1.74 g/t Au
1.69 g/t Au
1.81 g/t Au
New Resource
Q4 2012
Resource Expansion 2009 – 2012
Under Present Management
1.11
g/t Au
0.95 g/t Au
1.24 g/t Au
1.39 g/t Au
Verena (Pre BSX)
• 170 Drill Holes
Included in
Resource
• 42 Additional
Drill Holes
Included
in Resource
• 137 Additional
Drill Holes
Included
in Resource
Sept 2009 Apr 2011 Jan 2012
11 TSX: BSX
Apr 2012
• 112 Additional
Drill Holes
Included in
Resource
75
,00
0 m
etr
es d
rille
d in 2
011
12 TSX: BSX
Mineral “In Situ” Resources Sensitivity
13 TSX: BSX
Volta Grande Drilling Program 2010 – 2012
+ 193,000 meters (788 holes)
Completed since April 2010
Grota Seca
South Block
Ouro Verde
Exploration Camp
14
Brownfields Exploration
TSX: BSX
GRANDE
*South Block Inferred Resource Estimate
-Inferred Pit Constrained – 5.4M tonnes
@ 2.73 g/t Au containing 471k oz Au
- Inferred Underground – 408k tons @ 3.89
g/t Au containing 51k oz Au
* Details regarding mineral resource estimate can be found in the Press Release dated Dec 18th , 2012 that has been filed under the profile
of the Company on SEDAR.
Target Areas for future
resource expansion
15 TSX: BSX
Regional Geology & BSX Sampling/Geophysics
Garimpinho
79.5 g/t Au in diorite
Javae
120.9 g/t quartz vein colluvium/alluvium
Surubim Buma *
28 km road access from Itata to BUMA
BSX airborne survey limit
BSX airborne Mag/Rad Survey – covered 130km strike (pending data processing)
Eastern part of the greenstone was not covered in previous work
7 DDH = 1,100m + auger drilling
700,000t @ 0.8 g/t Au (oxide)
grab sample 60 g/t Au (VQz)
Jatoba
11 DDH = 2,389m + auger drilling
11m @ 0.3 % Cu (up to 1.38% Cu)
Geotem-mag airborne survey
grid soil sampling: up to 189 ppb Au
(1km line spacing)
* Historical Resource - Non NI 43-101 Compliant and should not be relied upon.
16 TSX: BSX
Ouro Verde – Block Model Cross Section 900 NW
0m
-200m
105m
35m
50m
SW NE
-100m
100m
-300m
Block Size: 12.5 X 5.0 X 10.0 m
MR Open Pit
Mining - Saprolite US$/t 1.05
Mining - Fresh rock Open Pit US$/t 1.30
Processing US$/t 8.00
G & A US$/t 2.00
Au recovery - Saprolite % 90
Au recovery - Fresh Rock % 95
Au Price US$ / Oz 1,300.00
g/t Au
17 TSX: BSX
Ouro Verde – Block Model Cross Section 525 NW
0m
-200m
-100m
150m
35m
50m
SW NE
50m
-300m
100m
Block Size: 12.5 X 5.0 X 10.0 m
MR Open Pit
Mining - Saprolite US$/t 1.05
Mining - Fresh rock Open Pit US$/t 1.30
Processing US$/t 8.00
G & A US$/t 2.00
Au recovery - Saprolite % 90
Au recovery - Fresh Rock % 95
Au Price US$ / Oz 1,300.00
g/t Au
18 TSX: BSX
Ouro Verde – Block Model Cross Section 300 NW
95m
25m
SW NE
40m
0m
-200m
-100m
100m
Block Size: 12.5 X 5.0 X 10.0 m
MR Open Pit
Mining - Saprolite US$/t 1.05
Mining - Fresh rock Open Pit US$/t 1.30
Processing US$/t 8.00
G & A US$/t 2.00
Au recovery - Saprolite % 90
Au recovery - Fresh Rock % 95
Au Price US$ / Oz 1,300.00
g/t Au
19 TSX: BSX
Grota Seca – Block Model Cross Section 2575 W
0m
-100m
-200m
65m
40m
30m
20m
100m
SSW NNE
MR Open Pit
Mining - Saprolite US$/t 1.05
Mining - Fresh rock Open Pit US$/t 1.30
Processing US$/t 8.00
G & A US$/t 2.00
Au recovery - Saprolite % 90
Au recovery - Fresh Rock % 95
Au Price US$ / Oz 1,300.00
Block Size: 12.5 X 5.0 X 10.0 m
g/t Au
-400m
20 TSX: BSX
Grota Seca – Block Model Cross Section 1875 W
0m
-200m
90m
40m
20m
75m
200m SSW NNE
MR Open Pit
Mining - Saprolite US$/t 1.05
Mining - Fresh rock Open Pit US$/t 1.30
Processing US$/t 8.00
G & A US$/t 2.00
Au recovery - Saprolite % 90
Au recovery - Fresh Rock % 95
Au Price US$ / Oz 1,300.00
Block Size: 12.5 X 5.0 X 10.0 m
g/t Au
21
Grota Seca – Block Model Cross Section 825 W
TSX: BSX
0m
-400m
-200m
150m
60m
20m
90m
200m
SSW NNE
Block Size: 12.5 X 5.0 X 10.0 m
MR Open Pit
Mining - Saprolite US$/t 1.05
Mining - Fresh rock Open Pit US$/t 1.30
Processing US$/t 8.00
G & A US$/t 2.00
Au recovery - Saprolite % 90
Au recovery - Fresh Rock % 95
Au Price US$ / Oz 1,300.00
g/t Au
22 TSX: BSX
MR Expansion – OV Non Estimated Solids
Measured
Indicated
Inferred
800NW
Already drilled
23 TSX: BSX
MR Expansion & Classification - OV
Cross Sec 775NW
Measured
Indicated
Inferred
Current Situation
MR Open Pit
0m
-200m
-400m
24 TSX: BSX
MR Expansion – GS Non Estimated Solids
500 m
100 m
Measured
Indicated
Inferred Drill holes Already Planned
2200W
25 TSX: BSX
MR Expansion & Classification - GS
Cross Sec 725W
Measured
Indicated
Inferred
Current Situation
MR Open Pit
0m
-200m
-400m
200m
Percent Block Model
(% of 3D Solid inside of each block)
Advantages:
1- No difference between the volume of Solids and Blocks
2- Best block model type to calculate dilution during the mining studies
3- All geological interpretation is covered by blocks
Percent Block Model Type
27 TSX: BSX
Volta Grande – Preliminary Project Layout
28 TSX: BSX
Proposed Location of Plant Facility
29 TSX: BSX
Project Timeline
Preliminary License – LP
Installation License – LI
Definitive Feasibility Study
Detailed Engineering
Order Long Lead Time Items
Construction
Production Start Up ¹
Operation License – LO
Updated Resource Estimate
¹ Anticipated timeline is subject to completing a positive feasibility study and a decision by the board to begin production.
30 TSX: BSX
Breakdown by Elevation
VGP - Pit Constrained MR - Apr_2012 (Belo Sun)
ELEVATION Tonnage AU_CUT_OK
Au Oz T x 1000 g/t
100MD 2,135.787 1.57 107,947
90MD 2,575.962 1.55 128,338
80MD 2,908.453 1.59 148,862
70MD 3,163.029 1.62 164,690
60MD 3,286.139 1.61 170,264
50MD 3,316.202 1.63 173,784
40MD 3,324.782 1.65 176,134
30MD 3,317.780 1.65 176,190
20MD 3,266.704 1.62 170,277
10MD 3,212.309 1.62 166,952
0MD 3,180.902 1.65 168,877
-10MD 3,120.397 1.67 167,479
-20MD 3,029.636 1.69 165,074
-30MD 2,969.356 1.72 164,354
-40MD 2,894.970 1.73 160,901
-50MD 2,802.297 1.74 156,537
-60MD 2,723.706 1.74 152,724
-70MD 2,625.806 1.74 147,094
-80MD 2,503.253 1.76 142,042
-90MD 2,367.945 1.79 135,983
-100MD 2,245.457 1.80 129,940
-110MD 2,124.432 1.79 122,596
-120MD 1,990.277 1.75 112,275
-130MD 1,857.414 1.77 105,407
-140MD 1,732.435 1.80 100,167
31 TSX: BSX
Ouro Verde - Block Model 3D View
45 m
110 m
35 m
45 m
LOOKING SE (Pit year 2)
32 TSX: BSX
Grota Seca - Block Model 3D View
105 m
25 m
CENTRAL PORTION - LOOKING NW (Pit Year 5)
35 m
35 m
20 m
33 TSX: BSX
Patrocinio Location Map
18,750 Ha in the prolific Tapajos gold province
More than one million ounces of historical
gold production at Patrocinio
3.0 km by 1.5 km soil geochemical
anomaly defined
Grab samples have returned gold values up
to 37 g/t in granite and up to 67 g/t in veins
IP geophysical survey completed
1,500 meter drill program completed
One hole returned 23.35m of 1.35 g/t Au
Next phase of drilling planned – 3000m
Q1 2013 34 TSX: BSX
Patrocinio Tapajos District
Patrocinio Project Garimpeiro Mining
35 TSX: BSX
36 TSX: BSX
Top 12 Countries for Mining Investment
Country 2012 Total
Points
2012 Change
vs 2011
2011 Total
Points
2010 Total
Points
Australia 57 0 57 61
Canada 52 0 52 56
Chile 51 0 51 49
Brazil 45 0 45 42
Mexico 43 (-1) 44 45
United States 41 0 41 42
Colombia 39 0 39 39
Botswana 37 0 37 36
Peru 36 (-1) 37 33
Ghana 36 2 34 36
Namibia 33 2 31 31
Tanzania 32 0 32 32
Source: Behre Dolbear Group Inc. – www.dolbear.com
37 TSX: BSX
Historical Gold Price in Brazilian Reais
Spot Au: 1%
Emerging Gold Peers: (13%)
S&P/TSX Global Gold: (22%)
Belo Sun: 44%
Producing Gold Peers: (15%)
(40%)
(30%)
(20%)
(10%)
–
10%
20%
30%
40%
50%
Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12
1
Return Over Period
38 TSX: BSX
LTM Share Performance
November 19, 2011 – November 19, 2012
Source: TD Securities November 19, 2012, Bloomberg
(1) Producer gold peers index includes: Alamos, Argonaut, Aurizon, B2Gold, Centamin Egypt, Kirkland Lake, Rio Alto, San Gold and Semafo
(2) Developer gold peers index includes: Carpathian, Guyana Goldfields, Lydian, Rainy River, Romarco, Sandspring, Sulliden and Torex
39 TSX: BSX
Belo Sun Peers Share Price to NAV Ratio
0.00
0.20
0.40
0.60
0.80
1.00
1.20
Be
lo S
un
Go
ld C
an
yo
n
Ore
zo
ne
Pre
mie
r
No
n-P
rod
uce
r A
ve
rage
Rain
y R
ive
r
Qu
ee
nsto
n
Ke
ega
n
Pilo
t
Pre
tivm
Ca
na
co
Deto
ur
Pro
du
ce
r A
ve
rage
P/N
AV
Mu
ltip
le A
t U
S$
1,5
00
/oz. G
old
Source: Jeff Kileen, CIBC World Markets Inc., Nov 21st, 2012
40 TSX: BSX
Independent Research Coverage
Firm Analyst
TD Securities Dan Earle
CIBC Jeff Kileen
BMO Capital Markets John P. Hayes
National Bank Financial Shane Nagle
Cormark Securities Richard Gray
Canaccord Genuity Rahul Paul
Dundee Capital Markets Joseph Fazzini
Macquarie Capital Markets Michael Gray
THE FOREGOING LIST INCLUDES THE NAMES OF ALL FIRMS CURRENTLY KNOWN BY THE COMPANY TO HAVE ANALYSTS COVERING THE COMPANY. THIS LIST MAY NOT BE COMPLETE AND IS SUBJECT TO
CHANGE BY FIRMS' CHANGING OF COVERAGE. PLEASE NOTE THAT ANY OPINIONS, ESTIMATES OR FORECASTS REGARDING THE COMPANY MADE BY THESE ANALYSTS ARE THEIRS ALONE AND MAY NOT
REPRESENT THOSE OF THE COMPANY. THE COMPANY IS PROVIDING THIS LISTING AS A SERVICE TO ITS STOCKHOLDERS AND, BY LISTING, IS NOT IMPLYING ITS ENDORSEMENT OF OR CONCURRENCE
WITH SUCH ANALYST REPORTS. THOSE INTERESTED IN SUCH REPORTS SHOULD OBTAIN THEIR OWN COPIES AND CONTACT THEIR BROKERS OR THE RESPECTIVE FIRMS.
Independent Research – Full Coverage
Independent Research – Research Notes
Firm Analyst
Exploration Insights Brent Cook
41 TSX: BSX
Camp Site
42 TSX: BSX
Aerial View
43 TSX: BSX
Artisanal Mining
44 TSX: BSX
Artisanal Mining
45 TSX: BSX
Artisanal Mining
For more information,
please contact:
Phone: 416.309.2137
www.belosun.com
TSX: BSX
46 TSX: BSX
47 TSX: BSX
Volta Grande Potential Plant Process Flowsheet
Bullion
Leaching/Adsorption (CIP) Cyanide Destruction
Caustic Soda/Cyanide
Elution & Electrowinning
Fluxes (Silica,Borax, etc)
Electrowinning Cathode Treatment & Smelt Hydrogen Peroxyde
Thickening Tailings Dam
Rich Solution Tailings SlurryLime/Cyanide Tailings Slurry
Concentrate RejectsLime/Cyanide Flocculant
Intensive Leach of Conc. Reagents
Mine (7,000,000 t/year)
Crushing/Stockpiling
Milling (SABC)Rejects Tailings Dam Water Recycle to Plant
Gravity Circuit Cyclones
48 TSX: BSX
Volta Grande Potential Metallurgical Plant
Gold production 308,718 - 315,358
Metallurgical PlantPlant feed grade 1.475 g/tOverall plant recovery 93.0 - 95.0 %
oz/yAnnual processing rate 7,000,000 t/yCrushing availability 70.0 %Milling availability 90.0 %Gravity circuit availability 90.0 %Gravity gold recovery 35.0 - 45.0 %
oz/yGravity circuit production 116,185 - 149,380Leach plant availability 90.00 %
oz/yLeach circuit production 192,532 - 165,978
49 TSX: BSX
Volta Grande – Potential Crushing Plant
CrushingAnnual processing rate 7,000,000 t/yCrushing availability 70.0 %Nominal capacity 1,142 t/hInstalled power 375 kWType Gyratory CrusherFeed top size 1,000 mmProduct P80 175 mmNumber of units 1 unitFeed silo capacity: 128 t (86 m3) 5 min.
50 TSX: BSX
Volta Grande – Potential Milling Plant
Milling PlantAnnual processing rate 7,000,000 t/yAvailability 90.0 %Nominal capacity 888 t/hFeed P80 175 mmSAG discharge target P80 2.5 mmBall mill discharge target P80 0.074 mmSAG mill 36 ft diam. X 20 ft EGL 1 unitBall mill 26 ft diam. X 33 ft EGL 2 unitsPebble crusher (Cone crusher) 2 unitsPebble crusher nominal capacity 373 t/hGravity concentrator 40" diameter 4 unitsGravity plant feed rate (30% Cyclone OF) 533 t/hBond ball mill work index 18.4 kWh/t
Abrasion index (AI) 0.647 -
Ore specific gravity 2.65 t/m3
51 TSX: BSX
Volta Grande – Potential Leach Plant
Calculated leach plant recovery 89,23 - 90,91Calculated gold produced/week 5,921 - 6,048Calculated silver produced/week 7,240 -7,396
Leach PlantAnnual processing rate 7,000,000 t/yAvailability 90.0 %Nominal capacity 888 t/hFeed P80 0.074 mmLeach feed thickener diameter 57.0 m
oz
%oz
52 TSX: BSX
Mineral Resource Estimate
VOLTA GRANDE PROJECT RESOURCE ESTIMATE
VOLTA GRANDE RESOURCE ESTIMATE MEASURED INDICATED MEASURED +
INDICATED INFERRED
Ouro Verde Pit Constrained Tonnes (‘000s) 20,789 17,034 37,823 18,640
Grade (g/t Au) 1.85 1.69 1.78 1.71
Ounces (‘000s) 1,237 926 2,162 1,025
Ouro Verde Underground Tonnes (‘000s) 38 38 954
Grade (g/t Au) 2.78 2.78 2.94
Ounces (‘000s) 3 3 90
Grota Seca Pit Constrained Tonnes (‘000s) 21,629 14,133 35,762 18,124
Grade (g/t Au) 1.61 1.77 1.67 1.83
Ounces (‘000s) 1,120 804 1,924 1,066
Grota Seca Underground Tonnes (‘000s) 161 161 752
Grade (g/t Au) 3.37 3.37 3.64
Ounces (‘000s) 17 17 88
South Block Pit Constrained Tonnes (‘000s) 5,368
Grade (g/t Au) 2.73
Ounces (‘000s) 471
South Block Underground Tonnes (‘000s) 408
Grade (g/t Au) 3.89
Ounces (‘000s) 51
Tonnes (‘000s) 42,418 31,366 73,784 44,246
TOTAL VG Grade (g/t Au) 1.73 1.74 1.73 1.96
Ounces (‘000s) 2,356 1,751 4,107 2,791
• Details regarding mineral resource estimate can be found in the press release dated Dec 18th, 2012 that has been filed under the profile of the Company on SEDAR.
53
Appendix
Mineral Resources Parameters
TSX: BSX
a) The gold mineralization envelopes were modelled into wireframe solids using a 0.5 g/t Au cut-off grade in fresh and
saprolite rocks utilizing vertical and horizontal sections. 3D shells were generated by linking the sections.
b) A specific gravity of 2.75 was used for the Grota Seca (GS) and the Ouro Verde (OV) deposits and 2.77 for the South
Block and 1.36 for the saprolite in both deposits.
c) Estimations are based on original samples capped at 9 - 40 g/t Au depending on the resource domain.
d) The database for the Ouro Verde Deposit includes 45 historical core boreholes (8,190 metres) and 214 boreholes (61,284
metres) completed and assayed by Belo Sun since April 2010.
e) The mineralized zones at the Ouro Verde deposit extend for about 2,400 metres along strike. Eight gold mineralization
domains were modelled in fresh rock, and one saprolite domain was modelled. The gold mineralization thickness ranges
from 2 to 55 metres. The maximum allowed internal dilution is approximately 3 metres.
f) The database for the Grota Seca Deposit comprises 11 reverse circulation and 129 historical core boreholes (24,730
metres) and 48 reverse circulation and 279 core boreholes (85,155 metres) completed and assayed by Belo Sun since
April 2010 .
g) The mineralized zones at the Grota Seca deposit extend 2,900 metres along strike. Seven gold mineralization domains
were modelled in fresh rock, and one saprolite domain was modelled. The gold mineralization thickness ranges from 2 to
70 metres. The maximum allowed internal dilution is approximately 3 metres.
h) The database for the South Block Deposits comprises 22 historical core boreholes (3,370 metres and 40 core boreholes
(10,905 metres) completed and assayed by Belo Sun since April 2010.
i) The mineralized zones at the South Block Deposits extend discontinuously for about 1,900 metres along strike. Three
gold mineralization domains were modelled in fresh rock, and one saprolite domain was modelled. The gold
mineralization thickness ranges from 2 to 16 metres. The maximum allowed internal dilution is approximately 3 metres.
j) Block model gold grades were estimated using ordinary kriging informed by 1.0 m capped composites. All estimations are
based on a percent block model with unitary dimension of 12.5 m E, 5.0 m N and 10 m elevation rotated -17° clockwise in
the Ouro Verde and Grota Seca deposits and -25° in the South Block.
k) “Open-pit” mineral resources are reported at a cut-off grade of 0.5 g/t Au. “Underground” mineral resources (outside pit
shell) are reported at a cut-off grade of 2.0 g/t Au.
l) Measured mineral resources include all mineralized blocks within one time of the variogram range and informed from a
minimum of 3 boreholes in 3 octants.
m) Indicated mineral resources include all mineralized blocks within one time of the variogram range and informed from a
minimum of 2 boreholes using an elliptical search.
n) Inferred mineral resources include all mineralized blocks estimated during the first and second estimation runs using full
variogram ranges and blocks estimated within two times of the variogram range and informed from a minimum of 2
boreholes.
Approximately 74% (65 million tonnes) of the resource occurs within
200 meters from surface
54 TSX: BSX
Appendix Resource Depth
100
74
55
35
15
0 10 20 30 40 50 60 70 80 90 100
> 200m
< 200m
< 150m
< 100m
< 50m
Me
ters
be
low
actu
al
top
ogra
ph
ic s
urf
ace
Cumulative Tons (%)
13M tonnes
31M tonnes
49M tonnes
65M tonnes
89M tonnes
55 TSX: BSX
Appendix Local Geology
Gold mineralization is associated
with a major shear zone and is
hosted in intense hydrothermally
altered rocks with close
association with disseminated
sulphides (py/apy):
Intense silicification with fine-
grained sulphide (mainly apy)
within strongly sheared diorite
– Grota Seca
Weak to moderate
silicification in diorite with
minor sulphides (mainly py) –
Ouro Verde
Intense silicification
overprinted by sulphide
alteration (py) and potassium
alteration (sericitization)
– South Block
56
Appendix Project Overview
TSX: BSX
Definitive Feasibility Study underway - AMEC Minproc Engenharia e Consultoria Limitada – Q3 2013
193,000 metres and 788 holes drilled to date
ACME Preparation Lab on site for assays – Construction Completed July 2011
Preliminary Mining Engineering Studies – NCL – Completed June 2011
Diagnostic Leach Test Work completed by TESTWORK Ltda (Walter de Moura).
Comminution and Process Development Test Work completed by HAD Ltda (Homero Delbony)
Initiated advanced Metallurgical testing by LAKEFIELD Chile
Environmental studies (EIA/RIMA) – BRANDT– Completed
Geotechnical, hydrologic and hydrogeologic studies – VOGBR – Ongoing
– Completion expected Q4 2012
Regional geological studies and exploration program initiated
Community and social impact studies – INTEGRATIO initiated