Brazil’s Gerdau buys out Sumitomo Corp and JSW in Gerdau Summit
The transaction is expected to close in early 2025.
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Dec. 11, 2012) – Eagle Star Minerals Corp., (TSX VENTURE:EGE)(PINKSHEETS:ELGSF)(FRANKFURT:E6R) (“Eagle Star” or “the Company”) is pleased to announce that it has acquired exploration rights to an additional 59,654 hectares in close proximity to its Bomfim Agro Mineral Project, located 10km from the MbAC’s Itafós Mine. The new areas are distributed along what is considered to be the new phosphate belt in central Brazil, and where MbAC Fertilizers is currently building a beneficiation plant with capacity to produce 500,000Mt per year of industry grade phosphate. This belt is located at the contact between the basement rocks of the Araí Group and Arumina Suite and the Basal Formations of the Bambuí Group. Most of the mineralization occurs along this contact where association with other geological features and controls is present (including proximity to the granite basement rock and/or areas that indicate the presence of paleo channels).
A total of 11 claims (or 37,036 hectares) were acquired from Quantum Mineração in a second agreement. An additional 13 areas (or 22,618 hectares) were claimed directly from the DNPM (Brazil’s National Mining Agency). With these additional properties, the Bomfim Project (28 permits across 90,577 hectares) now equals MbAC’s in terms of land to develop. The presence of other big competitors in the area such as Votorantim and Vale in the area is a strong testimony to the promise the areas hold from a mining perspective.
Same as Itafós’ and Bomfim’s original claims, the additional areas are located over the contact zone between the basement rocks and the Bambui Group, and therefore show high potential to host phosphate mineralization in line with the genetic model developed by Dr. Campos Eagle Star’s COO and Director. The geographical distribution of the claims justifies a division of the Bomfim Project into three concession blocks (BF-1, BF-2 and BF-3);
At BF-1 the detailed mapping, pit opening and results from first phase of the scout drilling has identified 8 targets, out of which the targets A1 and D1 already appear to host considerable potential and good grade phosphate. On the basis of recent success in both these targets and knowledge gathered through fieldwork at BF-1, Eagle Star has decided to move ahead with this new acquisition.
At BF-2 the phosphate siltstone outcrops within a large area that is enveloped by dolomite hills. This geological framework is a typical configuration observed in the genetic model developed by Dr. Campos, which is applicable to the mineralized areas of both Itafós and Bomfim (BF-1).
At BF-3 the siltstone occurs in contact with the granite basement rock, which is the source of phosphorous according to the same genetic model developed by Dr. Campos. The mineralization associated to this geologic scenario has been proven at target A1 in Bomfim. Silexite block with brecciated texture were also observed and indicate the presence of phosphorite.
At both BF-2 and BF-3 further work will focus on detailing the main targets already identified during the initial regional investigation. In conjunction with that, detailed regional mapping will focus on identifying other areas of interest.
To view Bomfim claims map, please click the following link: http://media3.marketwire.com/docs/ege1211.pdf.
CONCLUSIONS
“The addition of these new highly potential areas is of strategic importance to the Bomfim Project and add considerable value to the Company’s portfolio. The combination of regional work together with the detailing of the mineralized zones of BF-1 has brought a great deal of understanding to our team. Furthermore the presence of important controls and geological aspects of the genetic model in the new areas support our assertion that they hold significant phosphate mineralization.” Commented Dr. Campos, expert in the phosphate mineralization of the region and Technical Director of the Company.
ABOUT THE COMPANY
Eagle Star Minerals Corp. is a publicly listed company focused on the acquisition, exploration and development of agro-mineral properties in Brazil. Over the past two years, Eagle Star Minerals has strategically grown its presence in Brazil and continues to focus on maximizing shareholder value by acquiring assets located in geological areas known for proven phosphate mineralization, coupled with good logistics in close proximity to agriculture.
The Company’s shares are publicly traded on the TSX Venture Exchange under the symbol EGE, on the OTC Pink Sheets under the symbol ELGSF and on Frankfurt Stock Exchange under the symbol E6R.
On behalf of the Board of Directors
EAGLE STAR MINERALS CORP.
Eran Friedlander, President
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
1-604-282-7157
