Belo Sun Releases Results from 65 Drill Holes Further Extending the Ouro Verde Deposit Along Strike Northwest and Down Dip

Marketwire - Mining and Metals | March 20, 2012 | 8:00 pm Precious Metals Europe Latin America Gold 

TORONTO, ONTARIO–(Marketwire – March 20, 2012) – Belo Sun Mining Corp. (TSX:BSX) (the “Company” or “Belo Sun”) is pleased to announce assay results from 65 additional drill holes from the diamond drilling program at its Volta Grande Gold Project located in Para State, Brazil. The complete results and selected cross sections are presented below. The results being released include 28 drill holes from the Ouro Verde deposit and 37 drill holes from the Grota Seca deposit. The majority of these holes will be incorporated into an updated resource estimate expected to be released in Q2 2012 and will be the basis of the pre-feasibility study scheduled to be completed in Q3 2012. Some of the highlights of this round of results are:

o Hole VVGD-297 (located at Ouro Verde Cross Section 1050 NW) has intersected multiple mineralized zones with widths ranging from 5.45 m to 14.50 meters. A high grade 10.00 meter thick zone grading 4.01 g/t Au has been intersected near surface (from 10.00 m depth). It is important to emphasize that this hole extends the Ouro Verde deposit 250 meters from the previously modeled zones.
o Significant down dip intercepts in that region also includes VVGD-292 (Ouro Verde Cross Section 950 NW) with 12.00 meters grading 3.91 g/t Au (from 130.00 m depth) including 7.60 meters grading 5.86 g/t Au.
o Several other holes listed below as resource expansion holes show significant multiple mineralized zones with thickness of up to 40.45 meters such as in VVGD 291 (OV Cross Section 1000 NW).
• At the Ouro Verde deposit, hole VVGD-267 (Cross Section 300 NW) which is part of the infill drilling for upgrading the mineral resource categories intersected multiple high grade shallow mineralized zones and improve the grade in that area of the deposit. Hole VVGD-300 (Cross Section 750 NW) intersected multiple high grade mineralized intervals extending down dip approximately 500 meters below surface. This hole intersected 9 mineralized zones with widths ranging from 3.65 m to 24.00 meters and the best interval being 9.65 meters grading 5.03 g/t Au.
• At the Grota Seca deposit all holes being released are part of the infill drilling program to upgrade the resources and several significant high grade intercepts such as the one in hole VVGD-249 (Cross Section 900 W) which intersected multiple mineralized zones such as22.00 meters grading 8.32 g/t Au (from 567.00 m depth).

Since April 2010 Belo Sun has completed 103,132 meters of drilling and expects to release a new mineral resources update later this quarter followed by a full report to be issued and filed on SEDAR in due course. Most drill hole results being released today will be included in that update.

Helio Diniz, the Vice President, Exploration for Belo Sun, stated, “We are very excited with the expansion of mineral resources that we are seeing at the Ouro Verde deposit. In addition it is very encouraging to see some of the deep holes showing the continuity of the mineralization down dip. We believe that after a significant milestone of more than 100,000 meters of drilling in the Volta Grande area completed to date, the fact that the deposits remain open demonstrates the tremendous potential and confirms this as one of the largest gold deposits ever discovered in this part of the Brazilian Amazon Craton. We are optimistic that the next phase of drilling will continue with significant expansion of estimated mineral resources at Volta Grande in 2012″.

A complete summary of assays are listed below. To date, Belo Sun has completed 350 drill holes at the Volta Grande Gold Project, of which assays remain pending for 24 holes. The current drilling program is designed to upgrade and expand the existing mineral resource estimate and further results will be released as they become available.

The geological map of the Volta Grande Gold Project, with diagrams setting out the main deposit locations, is included below.

TABLE 1 – DIAMOND DRILLING ASSAY RESULTS

The widths reported below represent the core width of the intercepts; true widths are expected to range between 85-95% of the core width.

Ouro Verde Deposit (Expansion)
Hole # From (m) To (m) Width (m) Au g/t
900 NW VVGD-275 102.00 105.20 3.20 1.19
and 236.50 253.00 16.50 1.24
and 259.00 275.00 16.00 1.84
including 265.00 271.60 6.60 3.95
and 282.32 286.80 4.48 0.67
and 296.80 314.00 17.20 2.07
including 296.80 305.35 8.55 3.47
and 363.00 367.00 4.00 0.59
and 379.65 385.60 5.95 1.28
and 396.00 399.60 3.60 0.79
and 430.10 433.10 3.00 2.09
950 NW VVGD-278 44.00 54.00 10.00 2.57
and 162.70 175.30 12.60 1.85
including 162.70 170.30 7.60 2.62
and 185.00 202.00 17.00 0.64
and 211.42 234.00 22.58 0.94
including 215.50 221.20 5.70 1.59
and 238.00 241.00 3.00 2.43
and 252.00 263.00 11.00 0.80
and 287.00 292.30 5.30 0.70
and 346.00 349.00 3.00 2.82
1000 NW VVGD-290 146.11 149.20 3.09 2.12
1000 NW VVGD-291 33.00 42.00 9.00 1.83
and 103.25 108.55 5.30 0.61
and 116.00 126.00 10.00 1.09
and 169.55 210.00 40.45 0.92
including 188.40 197.20 8.80 1.76
and 228.00 238.30 10.30 0.58
and 250.30 254.00 3.70 0.99
950 NW VVGD-292 50.78 56.00 5.22 2.45
and 62.32 65.00 2.68 3.31
and 123.00 125.30 2.30 5.25
and 130.00 142.00 12.00 3.91
including 130.00 137.60 7.60 5.86
Ouro Verde Deposit (Expansion)
Hole # From (m) To (m) Width (m) Au g/t
1050 NW VVGD-297 10.00 20.00 10.00 4.01
and 174.00 183.00 9.00 0.58
and 192.85 198.30 5.45 0.79
and 211.00 225.50 14.50 0.82
900 NW VVGD-299 NSR
1250 NW VVGD-303 NSR
1200 NW VVGD-306 NSR
1250 NW VVGD-307 238.70 245.21 6.51 0.94
925 NW VVGD-310 36.72 40.67 3.95 1.28
and 57.45 65.90 8.45 0.84
and 152.00 165.60 13.60 0.68
and 171.67 181.80 10.13 1.34
925 NW VVGD-313 98.00 101.00 3.00 1.39
975 NW VVGD-314 68.75 72.35 3.60 1.32
and 108.50 116.00 7.50 0.56
and 119.80 123.40 3.60 0.87
and 130.10 135.00 4.90 0.71
and 139.00 142.75 3.75 0.78
and 190.35 197.20 6.85 1.03
and 204.60 229.00 24.40 1.09
and 276.60 281.35 4.75 1.54
1100 NW VVGD-315 189.00 196.00 7.00 0.50
and 257.85 262.85 5.00 0.63
and 326.05 334.70 8.65 1.88
875 NW VVGD-316 5.00 8.00 3.00 0.56
and 58.00 64.50 6.50 0.74
and 163.00 166.85 3.85 0.50
Ouro Verde Deposit
Hole # From (m) To (m) Width (m) Au g/t
VVGD-213 57.00 66.00 9.00 0.81
and 91.00 111.70 20.70 0.67
and 135.00 145.00 10.00 1.83
and 150.00 161.70 11.70 1.01
and 277.00 284.60 7.60 1.41
VVGD-244 84.75 89.00 4.25 2.37
and 118.80 126.00 7.20 2.16
and 134.00 137.00 3.00 1.02
and 199.00 207.50 8.50 1.77
and 235.80 243.00 7.20 1.20
and 254.60 259.00 4.40 0.80
and 277.20 284.20 7.00 3.82
VVGD-251 50.00 59.00 9.00 0.50
and 63.00 66.00 3.00 0.72
and 182.00 189.10 7.10 1.06
and 215.00 221.00 6.00 0.88
and 246.00 270.65 24.65 0.81
and 275.30 285.00 9.70 3.11
including 276.10 281.00 4.90 4.86
and 302.00 307.00 5.00 1.20
and 322.00 327.00 5.00 3.14
VVGD-256 4.00 8.05 4.05 0.62
and 26.05 31.05 5.00 0.93
and 77.75 90.00 12.25 4.08
and 142.43 149.00 6.57 0.79
and 224.00 230.57 6.57 1.97
and 238.15 249.10 10.95 1.32
VVGD-258 36.00 44.85 8.85 1.19
and 102.00 106.40 4.40 4.01
and 112.45 117.50 5.05 0.89
and 127.20 131.22 4.02 1.45
and 160.36 164.69 4.33 0.71
and 170.00 186.78 16.78 1.65
including 176.00 181.28 5.28 3.72
and 197.44 200.10 2.66 1.94
and 213.25 227.00 13.75 1.00
and 241.60 249.26 7.66 0.63
and 268.45 272.60 4.15 3.18
and 321.00 326.80 5.80 1.19
and 339.00 342.54 3.54 2.92
VVGD-265 94.40 103.70 9.30 2.95
and 140.70 152.00 11.30 0.69
and 210.30 234.25 23.95 2.13
including 229.10 234.25 5.15 6.08
and 295.65 314.00 18.35 1.47
including 307.52 314.00 6.48 2.95
and 337.10 341.00 3.90 1.14
and 356.75 361.19 4.44 1.28
and 393.47 401.25 7.78 1.20
and 433.40 441.30 7.90 2.92
Ouro Verde Deposit
Hole # From (m) To (m) Width (m) Au g/t
VVGD-267 43.60 47.50 3.90 0.51
and 90.90 93.00 2.10 9.06
and 97.00 101.00 4.00 0.65
and 106.00 111.00 5.00 1.09
and 166.07 183.00 16.93 3.82
including 166.07 172.00 5.93 8.01
and 187.30 192.30 5.00 10.90
and 257.35 265.20 7.85 0.60
VVGD-282 22.30 26.75 4.45 0.61
and 80.00 87.00 7.00 1.13
and 144.05 149.00 4.95 1.68
VVGD-288 311.80 327.80 16.00 0.76
and 339.90 344.65 4.75 1.94
and 367.00 371.00 4.00 0.81
VVGD-289 250.00 258.44 8.44 0.94
and 268.59 273.00 4.41 1.58
and 296.82 308.40 11.58 1.30
and 314.00 320.00 6.00 1.04
and 324.00 346.00 22.00 1.38
and 354.63 359.00 4.37 2.08
VVGD-300 290.60 301.40 10.80 2.16
including 291.55 297.05 5.50 3.52
and 319.60 333.65 14.05 1.33
and 338.00 347.00 9.00 1.24
and 364.05 371.60 7.55 1.12
and 384.00 395.00 11.00 1.04
and 402.00 412.70 10.70 2.99
and 463.00 487.00 24.00 1.68
including 467.00 476.00 9.00 3.41
and 540.35 550.00 9.65 5.03
and 554.70 558.30 3.60 4.15
VVGD-304 19.00 31.00 12.00 0.50
and 108.83 112.00 3.17 1.29
and 157.70 161.85 4.15 0.89
VVGD-308 0.00 14.00 14.00 6.27
and 34.90 45.00 10.10 0.82
Grota Seca Deposit
Hole # From (m) To (m) Width (m) Au g/t
VVGD-216 70.20 74.30 4.10 3.12
and 190.25 193.60 3.35 0.77
VVGD-239 357.00 364.00 7.00 0.80
VVGD-242 90.35 94.70 4.35 0.85
and 101.05 107.80 6.75 0.95
and 118.55 124.10 5.55 0.61
and 138.50 146.70 8.20 0.58
and 233.00 247.00 14.00 0.68
and 278.85 282.00 3.15 1.11
VVGD-247 0.00 16.35 16.35 1.39
including 0.00 10.30 10.30 2.02
and 23.35 37.45 14.10 1.16
and 41.45 48.45 7.00 1.63
and 56.55 61.35 4.80 0.52
and 69.00 73.00 4.00 1.01
and 120.50 126.50 6.00 0.56
VVGD-248 186.00 198.00 12.00 0.53
and 208.00 211.00 3.00 0.90
and 261.80 265.00 3.20 2.70
and 280.00 303.00 23.00 1.22
and 324.00 333.00 9.00 0.65
and 389.00 393.00 4.00 1.64
VVGD-249 192.00 200.00 8.00 0.58
and 237.00 244.00 7.00 0.85
and 254.26 273.25 18.99 0.95
and 312.18 316.00 3.82 0.63
and 329.00 332.00 3.00 0.54
and 336.00 342.00 6.00 0.53
and 407.35 411.20 3.85 1.74
and 419.00 424.00 5.00 0.66
and 506.60 519.65 13.05 1.35
including 506.60 509.60 3.00 3.84
and 524.10 539.00 14.90 0.62
and 552.00 560.25 8.25 1.24
and 567.00 589.00 22.00 8.32
VVGD-255 309.90 313.90 4.00 0.77
and 355.25 361.65 6.40 0.76
and 366.60 389.20 22.60 0.85
VVGD-257 135.30 139.80 4.50 3.45
and 149.33 152.40 3.07 12.97
and 178.85 183.85 5.00 0.50
and 197.85 204.35 6.50 1.69
and 216.37 221.17 4.80 1.01
and 233.83 242.90 9.07 2.49
and 301.50 304.70 3.20 1.92
and 328.09 334.00 5.91 1.19
VVGD-263 78.89 88.00 9.11 1.04
and 107.60 112.12 4.52 0.50
and 121.00 126.64 5.64 0.82
and 131.40 134.75 3.35 6.28
and 140.73 143.91 3.18 0.73
and 182.26 188.60 6.34 0.62
and 274.60 277.64 3.04 1.11
and 284.00 287.00 3.00 0.85
Grota Seca Deposit
Hole # From (m) To (m) Width (m) Au g/t
VVGD-281 0.00 5.70 5.70 3.42
and 263.78 268.67 4.89 0.87
and 295.15 298.95 3.80 0.55
and 310.45 342.80 32.35 0.52
and 412.55 425.08 12.53 0.54
and 429.25 432.50 3.25 1.53
and 448.70 453.35 4.65 5.55
and 480.77 484.12 3.35 0.53
VVGD-283 85.60 89.30 3.70 0.75
VVGD-285 15.45 39.65 24.20 1.45
including 27.80 37.65 9.85 2.48
and 108.90 122.54 13.64 1.34
and 176.30 181.00 4.70 2.48
and 257.60 272.00 14.40 0.60
and 283.67 291.50 7.83 2.58
VVGD-286 NSR
VVGD-287 94.31 97.31 3.00 0.72
and 102.18 107.08 4.90 0.68
and 176.50 181.20 4.70 0.90
VVGD-293 28.00 32.00 4.00 0.82
and 92.65 103.10 10.45 0.71
VVGD-294 77.00 84.85 7.85 1.07
and 91.65 95.18 3.53 0.60
and 102.15 113.90 11.75 0.74
and 119.55 122.72 3.17 3.04
and 148.59 156.29 7.70 0.61
and 176.80 180.00 3.20 2.17
and 187.83 195.55 7.72 1.73
and 263.90 267.00 3.10 1.41
and 298.00 311.08 13.08 1.54
VVGD-296 223.00 228.40 5.40 2.06
and 236.00 262.00 26.00 1.14
and 267.05 273.50 6.45 1.14
VVGD-298 0.00 12.90 12.90 0.59
and 19.40 29.25 9.85 0.86
and 111.13 117.40 6.27 4.55
and 146.60 154.75 8.15 1.63
and 245.50 250.25 4.75 0.53
and 271.70 283.90 12.20 0.71
VVGD-301 106.80 112.48 5.68 2.55
VVGD-302 52.45 58.60 6.15 1.17
and 86.00 98.00 12.00 1.20
and 102.40 113.20 10.80 0.62
and 122.50 138.95 16.45 0.94
and 150.73 159.78 9.05 1.15
and 163.80 168.00 4.20 0.65
and 208.50 218.00 9.50 3.92
and 237.00 240.00 3.00 0.96
and 243.20 250.00 6.80 0.67
and 293.40 298.40 5.00 1.05
Grota Seca Deposit
Hole # From (m) To (m) Width (m) Au g/t
VVGD-264 3.60 15.80 12.20 1.13
and 30.90 75.10 44.20 1.42
including 30.90 37.00 6.10 3.62
and 81.05 90.75 9.70 0.54
and 191.00 197.30 6.30 4.35
and 204.75 210.00 5.25 2.03
and 270.00 276.00 6.00 0.65
and 295.00 305.00 10.00 2.03
and 310.80 314.50 3.70 1.16
VVGD-266 168.70 173.45 4.75 4.28
and 210.30 215.00 4.70 1.87
and 237.45 254.00 16.55 0.95
VVGD-268 18.15 23.38 5.23 1.35
and 32.86 39.20 6.34 1.06
and 93.58 98.58 5.00 1.96
VVGD-271 13.00 16.00 3.00 0.71
and 48.70 53.50 4.80 4.62
and 73.20 76.00 2.80 0.95
and 82.00 90.50 8.50 2.30
and 95.00 108.40 13.40 2.54
including 98.50 105.31 6.81 3.41
and 162.65 165.65 3.00 1.65
VVGD-272 469.80 474.00 4.20 2.27
VVGD-273 17.62 20.62 3.00 0.94
and 35.62 49.18 13.56 1.51
and 81.60 86.05 4.45 0.50
VVGD-276 45.68 55.65 9.97 0.73
and 93.40 103.00 9.60 1.82
and 107.00 111.00 4.00 0.61
and 137.00 146.00 9.00 1.76
including 141.03 146.00 4.97 2.87
and 168.00 171.00 3.00 1.35
and 320.00 325.71 5.71 9.29
and 329.86 341.80 11.94 1.15
and 367.71 369.71 2.00 10.32
and 401.40 405.05 3.65 1.19
VVGD-277 0.00 10.00 10.00 1.05
and 38.80 45.00 6.20 3.03
VVGD-279 50.85 56.90 6.05 0.54
and 66.60 70.60 4.00 2.90
and 94.80 101.23 6.43 0.75
and 113.40 120.70 7.30 0.77
and 164.40 168.00 3.60 0.59
and 175.69 189.55 13.86 0.86
and 234.65 237.87 3.22 5.48
Grota Seca Deposit
Hole # From (m) To (m) Width (m) Au g/t
VVGD-305 0.00 9.00 9.00 0.83
and 74.00 77.00 3.00 0.75
and 132.00 135.00 3.00 0.76
and 141.00 148.00 7.00 0.71
and 161.00 167.15 6.15 3.66
VVGD-309 103.00 107.00 4.00 2.66
and 194.70 209.60 14.90 1.29
and 269.70 273.65 3.95 1.37
and 283.40 287.00 3.60 1.21
and 292.40 299.30 6.90 1.19
and 308.20 311.25 3.05 0.91
VVGD-311 0.00 30.00 30.00 0.93
and 219.21 224.45 5.24 0.56
and 338.90 342.80 3.90 2.95
VVGD-317 100.00 109.00 9.00 0.83
and 128.00 135.50 7.50 6.34
and 140.00 153.00 13.00 0.54
and 166.00 188.00 22.00 1.72
and 282.60 290.90 8.30 1.39
and 302.50 309.00 6.50 0.92
and 322.00 331.00 9.00 2.46
VVGD-320 0.00 4.27 4.27 2.42
and 133.85 138.00 4.15 1.45
VVGD-322 96.37 99.38 3.01 0.57
and 109.00 117.43 8.43 0.70
and 134.53 143.63 9.10 0.66
and 153.38 157.18 3.80 0.84
and 163.00 188.80 25.80 0.79
including 179.75 183.90 4.15 2.47
and 206.90 249.00 42.10 1.23
including 221.56 229.25 7.69 2.10
and 265.55 270.65 5.10 1.54
and 295.14 299.45 4.31 0.51
and 307.13 315.00 7.87 0.90
and 333.59 341.75 8.16 2.11
VVGD-325 0.00 8.00 8.00 0.70
and 149.15 155.20 6.05 1.27
and 199.48 202.55 3.07 1.19
and 216.00 219.25 3.25 1.91
VVGD-326 NSR

Quality Assurance and Quality Control

The scientific and technical information in this press release has been reviewed and approved by David Gower, P. Geo., an advisor to Belo Sun and a Qualified Person as defined by National Instrument 43-101. The exploration program is directly supervised by Mr. Carlos Cravo, P. Geo., Belo Sun’s exploration manager. Belo Sun’s procedures for handling drill core comprise initial description and logging into a Microsoft Access database. Mineralized, suspected mineralized or not intervals in the drill holes are described in detail and marked for sampling. Core is then cut in half with the right-hand portion of the core put into plastic sample bags and sealed. The left-hand portion is returned to the core box and is stored for future reference or study. Assay standard and “Blank” samples are inserted every 20th sample. These samples are then delivered to ACME Labs sample preparation facility at the Project site. The assay samples are then fine-crushed to better than 80% passing 10 mesh screens, with an assay pulp split of up to 1000 grams pulverized to better than 85% passing 200 mesh screen. Samples are assayed at ACME Labs in Santiago, Chile, using a 50 gram fire assay with AAS finish. These QA/QC procedures provide several measures of data quality and assure the Company that the assay data is representative of the original sample.

About the Company

Belo Sun Mining Corp. is a Canadian-based mineral exploration company with a portfolio of properties focused on gold in Brazil. Belo Sun’s primary focus is on advancing and expanding its 100% owned Volta Grande Gold Project, located in Para State. Belo Sun trades on the TSX under the symbol “BSX”. For more information about Belo Sun please visit www.belosun.com.

Cautionary Statement on Forward Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the impact of these drill results on the Company and its understanding of the project; statements with respect to the development potential and timetable of the project; the estimation of mineral resources; realization of mineral resource estimates; the timing and amount of estimated future exploration; costs of future activities; capital and operating expenditures; success of exploration activities; currency exchange rates; government regulation of mining operations; and environmental risks. 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 or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. 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 risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.comand on the Company’s website at www.belosun.com. 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.

To view the Maps associated with this press release, please visit the following link: http://cnrp.marketwire.com/cnrp_files/20120320-belo_sun_maps_320.pdf


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