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Belo Sun Mining Corp. (TSX: BSX,OTC:BSXGF) (OTCQX: BSXGF) (the "Company" or "Belo Sun") announces that the Brazilian Supreme Court ("STF") issued a decision on the request for suspension of provisional relief (Suspensão de Tutela Provisória) filed by Brazil's Federal Public Prosecutor's Office ("MPF") concerning the Installation License ("LI") for the Company's Volta Grande Gold Project (the "Project") in Pará, Brazil. The STF partially granted the MPF's request, temporarily suspending the court ruling that had reinstated the effectiveness of the Project's LI.
Clovis Torres, Chief Executive Officer of Belo Sun, commented: "The STF's recognition of the relevance of the settlement hearing established by the TRF-1 is welcomed. We are advanced in our discussions with FUNAI with the settlement agreement submitted to TRF-1 and are confident that the parties will reach an agreement in the best interests of all stakeholders."
The STF decision provides that the LI will remain suspended until the agreement reached between Belo Sun and Brazil's National Foundation of Indigenous Peoples ("FUNAI") during the conciliation proceedings receives judicial approval from Brazil's Federal Regional Court of the 1st Region (the "TRF-1"). The agreement has already been submitted to the TRF-1 for approval, which remains pending.
The Company notes that, notwithstanding the pending judicial approval of the agreement, the parties have already been complying with their respective obligations under the agreement, including Belo Sun's commitment to refrain from carrying out any physical interventions at the Project site. Belo Sun remains committed to the ongoing conciliation process and will continue its discussions with FUNAI and the Indigenous communities.
About the Company
Belo Sun is a Canadian-based mining company with a portfolio of gold-focused properties in Brazil. The Company is currently focused on the development of the Volta Grande Gold Project. Belo Sun trades on the Toronto Stock Exchange under the symbol "BSX" and on the OTCQX under the symbol "BSXGF".
For more information, please visit www.belosun.com or contact Investor Relations at info@belosun.com or 1-888-516-4171.
Caution regarding forward-looking information:
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the continued advancement of the Project, the conciliation process with FUNAI and the ongoing review and update of the Project's studies. Forward-looking information is based on the opinions and estimates of management as of the date such information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include, without limitation, actions by the MPF and other parties, rulings or orders of the STF or other courts, changes in the regulatory environment, risks related to the ability of the Company to attract and retain qualified personnel, the ability of the Company to advance the Project to the construction phase, and other risks described in the Company's filings with Canadian securities regulatory authorities, including the Company's most recent Annual Information Form. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws.
