Brazil Minerals, Inc. (OTCQB:BMIX) has obtained a further two mineral rights for diamonds and gold, bringing its total areas for exploration to 3,775 acres. No stock issuance took place in relation to these transactions. The rights are located in the Jequitinhonha River valley, which has been known as a proven area for diamonds and gold for over 200 years. The area is also located near the mining concession and plant for Brazil Minerals’s subsidiary, Mineração Duas Barras Ltda. Currently, Duas Barras is the owner of the largest alluvial processing and recovery plant for diamonds and gold in Latin America.
As quoted in the press release:
BMIX’s strategy is to selectively obtain mineral rights for diamonds and gold near Duas Barras. The two rights described in this release add approximately 2,371 acres for exploration of diamonds and gold. Duas Barras has one mining concession, where production is ongoing, and another mineral right for future use, and its total available area is approximately 1,404 acres. Together, the areas now available total 3,775 acres, an increase of approximately 168%.
Brazil Minerals CEO, Marc Fogassa, said:
Just like an oil company periodically increases its reserves, whenever feasible we will augment the areas we have for diamond and gold exploration. Our goal is to continue to build a collection of valuable assets with mineralized material to allow the Duas Barras plant to process gravel and recover diamonds and gold for decades to come.