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Brazil Minerals Inc. (OTCMKTS:BMIX) announced that its subsidiary has received a permit that allows it to begin mining diamonds and gold in one of its mineral rights areas.
Brazil Minerals Inc. (OTCMKTS:BMIX) announced that its subsidiary has received a permit that allows it to begin mining diamonds and gold in one of its mineral rights areas.
As quoted in the press release:
The permit obtained is initially valid for 4 years. BMIX has begun preparatory ground work to be able to start to mine in this new locale within 30 days. The Company had reported in a press release issued on May 26, 2015 some preliminary results of focused research drilling from this RST area. In parallel to mining in one specific subarea, BMIX intends to continue to drill and research additional locales within RST’s large mineral rights area. The mining to be pursued will enable an actual assessment of the local concentrations of diamonds and gold and the data collected will form the basis for additional reporting to local regulatory agencies.
Most of the 22 RST mineral rights areas previously belonged to Tejucana, a famed Brazilian company that enjoyed continuous diamond production for decades. Tejucana mined with dredges within the Jequitinhonha River. Because of current environmental regulations, such mining modality is no longer allowed and therefore BMIX will only mine inland.
Records of Tejucana’s production with dredges survived and show annual diamond production as high as 74,395 carats in 1983 and as low as 15,285 carats in 1967, from the data set available. Tejucana essentially did not mine inland, which is where we will mine.
Click here to read the full Brazil Minerals Inc. (OTCMKTS:BMIX) press release.
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