2. All statements, other than statements of historical fact, contained or incorporated by reference in this presentation, but not limited to, any information as to the future
financial or operating performance of Belo Sun, constitute ‘‘forward-looking information’’ or ‘‘forward-looking statements’’ within the meaning of certain securities laws,
including the provisions of the Securities Act (Ontario) and are based on expectations, estimates and projections as of the date of this news release. Forward-looking
statements include, without limitation, statements with respect to: possible events, the future price of gold, the estimation of mineral reserves and mineral resources, the
realization of mineral reserve and mineral resource estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and
timing of the development of projects and new deposits, success of exploration, development and mining activities, permitting timelines, currency fluctuations, requirements
for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on
insurance coverage. The words “anticipates”, ‘‘plans’’, ‘‘expects’’, “indicative”, “intend”, ‘‘scheduled’’, “timeline”, ‘‘estimates’’, ‘‘forecasts”, “guidance”, “opportunity”, “outlook”,
“potential”, “projected”, “schedule”, “seek”, “strategy”, “study” (including, without limitation, as may be qualified by “feasibility” and “pre-feasibility”), “targets”, “models”, or
‘‘believes’’, or variations of or similar such words and phrases or statements that certain actions, events or results ‘‘may’’, ‘‘could’’, ‘‘would’’, or ‘‘should’’, ‘‘might’’, or ‘‘will be
taken’’, ‘‘occur’’ or ‘‘be achieved’’ and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by Belo Sun as of the date of such statements, are inherently subject to significant business, economic and
competitive uncertainties and contingencies. The estimates, models and assumptions of Belo Sun referenced, contained or incorporated by reference in this news release,
which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in our most recently filed Annual Information Form and our full-
year 2012 Management’s Discussion and Analysis as well as: (1) there being no significant disruptions affecting the operations of Belo Sun or any entity in which it now or
hereafter directly or indirectly holds an investment, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; (2) political
and legal developments in Brazil being consistent with Belo Sun’s current expectations; (3) the exchange rate between the Canadian dollar, Brazil Real and the U.S. dollar
being approximately consistent with current levels; (4) certain price assumptions for gold; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being
approximately consistent with current levels; (6) production and cost of sales forecasts for Belo Sun, and entities in which it now or hereafter directly or indirectly holds an
investment, meeting expectations; (7) the accuracy of the current mineral reserve and mineral resource estimates of Belo Sun (including but not limited to ore tonnage and
ore grade estimates) and any entity in which it now or hereafter directly or indirectly holds an investment; (8) labour and materials costs increasing on a basis consistent
with Belo Sun’s current expectations; (9) the viability of the Volta Grande Project (including but not limited to the impact of ore tonnage and grade variability reconciliation
analysis) as well as permitting, development and expansion being consistent with Belo Sun’s current expectations; and (10); access to capital markets. Known and
unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to:
fluctuations in the currency markets; fluctuations in the spot and forward price of gold or certain other commodities (such as diesel fuel and electricity); increases in the
discount rates applied to present value net future cash flows based on country-specific real weighted average cost of capital; declines in the market valuations of peer
group gold producers and Belo Sun, and the resulting impact on market price to net asset value multiples; changes in interest rates or gold rates; changes
Carlos Costa, P.Geo, an employee of the Company and a qualified person under NI43-101, has reviewed and approved the scientific and technical information herein.
Mineral resources that are not mineral reserves do not have demonstrated economic viability.
2TSX: BSX
Cautionary Notes
5. 5
Resource Expansion (2009 to 2013)
Verena (Pre
BSX)
• 170 Drill
Holes
Included in
Resource
• 42 Additional
Drill Holes
Included
in Resource
• 137
Additional
Drill Holes
Included
in Resource
• 112
Additional
Drill Holes
Included in
Resource
• 273 Additional
Drill Holes
Included in
Resource
Under Present Management
• 126 Additional
Drill Holes
Included in
Resource
TSX: BSX
• 94 Additional
Drill Holes
Included in
Resource
Under Present Management
6. 6TSX: BSX
Experienced Board & Management
BOARD OF DIRECTORS
Peter Tagliamonte (Chairman)
Engineer
Stan Bharti
Engineer
Jay Hodgson
Geologist
Clay Hoes
Geologist
Rui Santos
Lawyer
Catherine Stretch
Director
MANAGEMENT
BRAZIL OPERATIONS
Carlos Costa
Geologist (30 years experience)
Ricardo Lopes
Geologist (27 years experience)
Omar Antunes
Chemical Engineer
(30 years experience)
Octavio Guimaraes
Engineer (20 years experience)
TORONTO OFFICE
Ian Pritchard
Chief Operating Officer
Ryan Ptolemy
Chief Financial Officer
Mike Hoffman
Vice President of Engineering
Pat Gleeson
Corporate Secretary
Simon Marcotte
VP Corporate Development
Helia Bento
Marketing Manager
Mark Eaton
Director, President & CEO (25 years Capital Markets experience)
Helio Diniz
Director, VP Exploration (30 years experience)
7. Shares Outstanding No. 265.9 million
Fully Diluted No. 285.9 million
Share Price C$ $0.42 *
Market Capitalization C$ $111 million
52 Week High & Low C$ $1.83 - $0.38
Average Daily Volume
(3 month average)
No. 1,000,000
Cash & Cash Equivalents C$ $25 million **
7TSX: BSX
Capital Structure
*As at Oct 4th , 2013
**As at June 30th , 2013
10. 10
Volta Grande Main Deposits (October 2013)
TSX: BSX
Ouro Verde
Measured &
Indicated:
44.2 Mt (2.4M oz) @
1.70 g/t Au
Inferred:
23.4 Mt (1.2M oz) @
1.48 g/t Au
Grota Seca
Measured &
Indicated:
47.1 Mt (2.4M oz) @
1.59 g/t Au
Inferred:
18.9 Mt (1M oz) @
1.59 g/t Au
Volta Grande
Total
Measured &
Indicated:
93.8 Mt (5.1M oz) @
1.69 g/t Au
Inferred:
45.5 Mt (2.5M oz) @
1.75 g/t Au
* Details regarding the mineral resource estimate can be found in the Press Release dated Oct 3rd, 2013 that has been filed under the profile
of the Company on SEDAR.
12. Grota Seca
South Block
Ouro Verde
Exploration Camp
12
Brownfields Exploration
TSX: BSX
GRANDE
*South Block Inferred Resource Estimate
-Indicated Pit Constrained – 2.5M tonnes
@ 3.06 g/t Au containing 246k oz Au
-Inferred Pit Constrained – 2.9M tonnes
@ 3.94 g/t Au containing 370k oz Au
-Indicated Underground – 24k tonnes
@ 4.24 g/t Au containing 3k oz Au
- Inferred Underground – 193k tonnes
@ 4.05 g/t Au containing 25k oz Au
Target Areas for future
resource expansion
* Details regarding the mineral resource estimate can be found in the Press Release dated Oct 3rd, 2013 that has been filed under the profile
of the Company on SEDAR.
16. OURO VERDE
- Central portion of Domain-2
270m
HG zone inside of D2
Sec 975NW
Sec 475NW
17. GROTA SECA
- Central portion of Domain-1
- HG zone related to the general trend presented in slide 15
Sec 2050W Sec 1725W
Notes
- Cut-off: aprox. 1.50 ppm
- Num. drill holes: 41
- Num. samples: 487
- Thickness: max=16m, min=2m,
aver=8m
- HG zone near surface
325m
190m
HG zone inside of D1
18. GROTA SECA
- Portion along “Galo” area
- HG zone related to the “galo” trend presented in the slide 15
Sec 800W Sec 525W
Notes
- Cut-off: aprox. 1.50 ppm
- Num. drill holes: 42
- Num. samples: 377
- Thickness: need to be
modeled
- HG zones near surface
Main structural controls
TSX: BSX
23. 23
Project Performance (After Tax)
TSX: BSX
Project Data Prefeasibility Results
Production Data
Life of mine 10 Years
Annual Mine Throughput 7 million tpy
Metallurgical Recovery Au 94%
Average Annual Gold Production 313,100 oz
Average Waste to Ore Strip Ratio
Average Grade of M&I Resource
Average Grade after mining dilution
6.88:1
1.72 g/t
1.48 g/t
Life of Mine Operating Costs/Tonne Ore Milled
Mining US$17.36
Processing US$10.50
General and Administration US$2.52
Total Operating Cost/Ounce of Gold US$681.90
Cash Operating Costs including Royalties US$711.50
Capital Cost
Initial Investment Capital US$ 749,114,400
Average Sustaining Capital over life of mine
including closure costs
US$19.62 million per annum
24. 24
Operating Cost Breakdown
TSX: BSX
Category
Cost per tonne Ore in
US$
Cost per Ounce Produced
in US$
Mining Cost per Tonne material moved
Mining
2.26
17.36 389.60
Processing 10.50 235.70
General and Administrative 2.52 56.60
Total US$30.38 US$681.90
Strip Ratio 6.88:1
28. 28TSX: BSX
Regional Geology & BSX Sampling/Geophysics
Garimpinho
79.5 g/t Au in diorite
Javae
120.9 g/t quartz vein colluvium/alluvium
Surubim
Buma *
28 km road access from Itata to BUMA
BSX airborne survey limit
BSX airborne Mag/Rad Survey – covered 130km strike (pending data processing)
Eastern part of the greenstone was not covered in previous work
7 DDH = 1,100m + auger drilling
700,000t @ 0.8 g/t Au (oxide)
grab sample 60 g/t Au (VQz)
Jatoba
11 DDH = 2,389m + auger drilling
11m @ 0.3 % Cu (up to 1.38% Cu)
Geotem-mag airborne survey
grid soil sampling: up to 189 ppb Au
(1km line spacing)
* Historical Resource - Non NI 43-101 Compliant and should not be relied upon.
30. More than one million ounces of historical
gold production at Patrocinio
3.0 km by 1.5 km soil geochemical
anomaly defined
Grab samples have returned gold values up
to 37 g/t in granite and up to 67 g/t in veins
IP geophysical survey completed
1,500 meter drill program completed
One hole returned 23.35m of 1.35 g/t Au
2013 drill program – 5000 meters
16m of 5.2 g/t Au and 15m of 2.66 g/t Au
30TSX: BSX
Patrocinio
Tapajos District
32. Spot Au: (18%)
Emerging Gold Peers: (47%)
S&P/TSX Global Gold: (36%)
Belo Sun: (38%)
(80%)
(60%)
(40%)
(20%)
–
20%
40%
60%
Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13
1
Return Over Period
Producing Gold Peers: (49%)
32TSX: BSX
LTM Share Performance
September 4, 2012 – September 4, 2013
Source: TD Securities September 4, 2013, Bloomberg
(1) Producer gold peers index includes: Alamos, Argonaut, B2Gold, Centamin, Kirkland Lake, Rio Alto, San Gold and Semafo
(2) Developer gold peers index includes: Carpathian, Guyana Goldfields, Lydian, Rainy River, Romarco, Sandspring, Sulliden and Torex
33. 33TSX: BSX
Independent Research Coverage
Firm Analyst
TD Securities Dan Earle
CIBC Jeff Kileen
BMO Capital Markets John P. Hayes
National Bank Financial Shane Nagle
Cormark Securities Richard Gray
Canaccord Genuity Rahul Paul
Dundee Capital Markets Joseph Fazzini
Macquarie Capital Markets Michael Gray
Scotiabank Global Banking& Markets Ovais Habib
THE FOREGOING LIST INCLUDES THE NAMES OF ALL FIRMS CURRENTLY KNOWN BY THE COMPANY TO HAVE ANALYSTS COVERING THE COMPANY. THIS LIST MAY NOT BE COMPLETE AND IS SUBJECT TO CHANGE BY FIRMS' CHANGING OF
COVERAGE. PLEASE NOTE THAT ANY OPINIONS, ESTIMATES OR FORECASTS REGARDING THE COMPANY MADE BY THESE ANALYSTS ARE THEIRS ALONE AND MAY NOT REPRESENT THOSE OF THE COMPANY. THE COMPANY IS PROVIDING
THIS LISTING AS A SERVICE TO ITS STOCKHOLDERS AND, BY LISTING, IS NOT IMPLYING ITS ENDORSEMENT OF OR CONCURRENCE WITH SUCH ANALYST REPORTS. THOSE INTERESTED IN SUCH REPORTS SHOULD OBTAIN THEIR OWN
COPIES AND CONTACT THEIR BROKERS OR THE RESPECTIVE FIRMS.
Independent Research – Full Coverage
36. 0m
-200m 190m 50m
70m
SW NE
-400m
Block Size: 12.5 X 5.0 X 10.0 m
MR Open Pit
g/t Au
Mining - Saprolite US$/t 1.06
Mining - Fresh rock Open Pit US$/t 1.41
Processing US$/t 11.98
G & A US$/t 2.89
Au recovery - Saprolite % 94
Au recovery - Fresh Rock % 94
Selling cost US$ / Oz 13.82
Au Price US$ / Oz 1,400.00
36
Ouro Verde – Block Model Cross Section 900 NW
TSX: BSX
37. 0m
-200m
150m
120m
SW NE
60m
-400m
Block Size: 12.5 X 5.0 X 10.0 m
MR Open Pit g/t Au
Mining - Saprolite US$/t 1.06
Mining - Fresh rock Open Pit US$/t 1.41
Processing US$/t 11.98
G & A US$/t 2.89
Au recovery - Saprolite % 94
Au recovery - Fresh Rock % 94
Selling cost US$ / Oz 13.82
Au Price US$ / Oz 1,400.00
37
Ouro Verde – Block Model Cross Section 525 NW
TSX: BSX
38. 120m25m
SW NE
70m
0m
-400m
-200m
Block Size: 12.5 X 5.0 X 10.0 m
MR Open Pit g/t Au
Mining - Saprolite US$/t 1.06
Mining - Fresh rock Open Pit US$/t 1.41
Processing US$/t 11.98
G & A US$/t 2.89
Au recovery - Saprolite % 94
Au recovery - Fresh Rock % 94
Selling cost US$ / Oz 13.82
Au Price US$ / Oz 1,400.00
38
Ouro Verde – Block Model Cross Section 300 NW
TSX: BSX
39. 39
Grota Seca – Block Model Cross Section 2575 W
0m
-200m
30m 20m
25m
SSW NNE
MR Open Pit
Block Size: 12.5 X 5.0 X 10.0 m
g/t Au
Mining - Saprolite US$/t 1.06
Mining - Fresh rock Open Pit US$/t 1.41
Processing US$/t 11.98
G & A US$/t 2.89
Au recovery - Saprolite % 94
Au recovery - Fresh Rock % 94
Selling cost US$ / Oz 13.82
Au Price US$ / Oz 1,400.00
TSX: BSX
40. 40
Grota Seca – Block Model Cross Section 1875 W
0m
-200m
90m
30m
75m
SSW NNE
MR Open Pit
Block Size: 12.5 X 5.0 X 10.0 m
g/t Au
Mining - Saprolite US$/t 1.06
Mining - Fresh rock Open Pit US$/t 1.41
Processing US$/t 11.98
G & A US$/t 2.89
Au recovery - Saprolite % 94
Au recovery - Fresh Rock % 94
Selling cost US$ / Oz 13.82
Au Price US$ / Oz 1,400.00
TSX: BSX
41. 0m
-400m
-200m
190m
60m
130m
SSW NNE
Block Size: 12.5 X 5.0 X 10.0 m
MR Open Pit
g/t Au
Mining - Saprolite US$/t 1.06
Mining - Fresh rock Open Pit US$/t 1.41
Processing US$/t 11.98
G & A US$/t 2.89
Au recovery - Saprolite % 94
Au recovery - Fresh Rock % 94
Selling cost US$ / Oz 13.82
Au Price US$ / Oz 1,400.00
41
Grota Seca – Block Model Cross Section 825 W
TSX: BSX
43. TSX: BSX 43
THE RIGHT DEPOSIT…..
THE RIGHT PLACE …..
THE RIGHT TIME…..
THE RIGHT PEOPLE…..
44. 44TSX: BSX
Appendix
Volta Grande – Potential Crushing Plant
Crushing
Annual processing rate 7,000,000 t/y
Crushing availability 70.0 %
Nominal capacity 1,142 t/h
Installed power 375 kW
Type Gyratory Crusher
Feed top size 1,000 mm
Product P80 175 mm
Number of units 1 unit
Feed silo capacity: 128 t (86 m3) 5 min.
45. 45TSX: BSX
Appendix
Volta Grande – Potential Milling Plant
Milling Plant
Annual processing rate 7,000,000 t/y
Availability 90.0 %
Nominal capacity 888 t/h
Feed P80 175 mm
SAG discharge target P80 2.5 mm
Ball mill discharge target P80 0.074 mm
SAG mill 36 ft diam. X 20 ft EGL 1 unit
Ball mill 26 ft diam. X 33 ft EGL 2 units
Pebble crusher (Cone crusher) 2 units
Pebble crusher nominal capacity 373 t/h
Gravity concentrator 40" diameter 4 units
Gravity plant feed rate (30% Cyclone OF) 533 t/h
Bond ball mill work index 18.4 kWh/t
Abrasion index (AI) 0.647 -
Ore specific gravity 2.65 t/m3
46. 46TSX: BSX
Appendix
Volta Grande – Potential Leach Plant
Calculated leach plant recovery 89,23 - 90,91
Calculated gold produced/week 5,921 - 6,048
Calculated silver produced/week 7,240 -7,396
Leach Plant
Annual processing rate 7,000,000 t/y
Availability 90.0 %
Nominal capacity 888 t/h
Feed P80 0.074 mm
Leach feed thickener diameter 57.0 m
oz
%
oz
47. Life of Mine 10 years
Annual production throughput 7 million tpy
Metallurgical Recovery 94%
Avg annual gold production 313,100 oz/yr
Avg waste to ore strip ratio 6.88:1
Avg head grade 1.48 g/t
CAPEX US$ 749 million
OPEX US$ 31.70/t of Ore
Cost per ounce US$ 711.50
NPV @ 5% US$ 474 million
IRR 15.2%
47TSX: BSX
Appendix
Pre-feasibility
48. Mine Fleet
Trucks 180 t, Shovels 15m3
Process
Gyratory Crusher, SAG and 2 ball mills
Gravity Circuit
Carbon in Leach
Elution and Carbon Regeneration
Electrowinning
Smelting
Cyanide Destruct
Tailings Management Facility
Situated in a natural basin
48TSX: BSX
Appendix
Pre-feasibility
51. 51TSX: BSX
Appendix
Volta Grande Capital Cost Estimate
Area Description
Value without Taxes
(USDx1000)
Value with Taxes
(USDx1000)
% of CAPEX
General (Assemblies) 52,573 57,551 7.68%
Mine 121,528 126,127 16.84%
Plant – General 91,471 101,508 13.55%
Crushing 11,412 12,186 1.63%
Storage/Ore transference 5,087 5,537 0.74%
Grinding 70,178 75,724 10.11%
Leaching/Adsorption 30,037 33,057 4.41%
Elution 5,763 6,564 0.88%
Electrowinning 1,119 1,279 0.17%
Gold room 1,527 1,674 0.22%
Carbon regeneration 970 1,081 0.14%
Tailings treatment 3,186 3,877 0.52%
Lime preparation 1,491 1,698 0.23%
Tailings dam 10,788 12,641 1.69%
Ancillary facilities 48,507 55,493 7.41%
Water distribution system 2,868 3,512 0.47%
Compressed air system 1,111 1,189 0.16%
Reagents delivery, store and distribution 7,308 8,249 1.10%
Infrastructure 29,378 32,946 4.40%
Environment 1,018 1,174 0.16%
Engineering and Procurement (EP) 23,787 26,039 3.48%
Construction management (CM) 31,716 34,719 4.63%
Owner’s Costs 21,819 21,819 2.91%
Freight 8,223 8,223 1.10%
Erection supervision (Vendor
Representation)
3,721 4,340 0.58%
Spare parts 1,052 1,132 0.15%
Firts Fills 1,817 1,954 0.26%
Pre-Commissioning and training 3,721 4,340 0.58%
Engineering insurance 5,998 6,561 0.88%
Contingency 96,919 96,919 12.94%
Total 696,094 749,114 100%
52. 52
TSX: BSX
Appendix
Mineral Resource Estimate
VOLTA GRANDE PROJECT RESOURCE ESTIMATE
VOLTA GRANDE RESOURCE ESTIMATE MEASURED INDICATED
MEASURED +
INDICATED
INFERRED
Ouro Verde Pit Constrained Tonnes (‘000s) 24,036 20,087 44,123 22,602
Grade (g/t Au) 1.78 1.61 1.70 1.48
Ounces (‘000s) 1,379 1,037 2,416 1,079
Ouro Verde Underground Tonnes (‘000s) 64 64 831
Grade (g/t Au) 2.66 2.66 3.13
Ounces (‘000s) 5 5 84
Grota Seca Pit Constrained Tonnes (‘000s) 31,384 15,671 47,055 18,265
Grade (g/t Au) 1.61 1.56 1.59 1.59
Ounces (‘000s) 1,620 788 2,408 932
Grota Seca Underground Tonnes (‘000s) 53 53 695
Grade (g/t Au) 2.88 2.88 3.38
Ounces (‘000s) 5 5 75
South Block Pit Constrained Tonnes (‘000s) 2,503 2,503 2,921
Grade (g/t Au) 3.06 3.06 3.94
Ounces (‘000s) 246 246 370
South Block Underground Tonnes (‘000s) 24 24 193
Grade (g/t Au) 4.24 4.24 4.05
Ounces (‘000s) 3 3 25
Tonnes (‘000s) 55,420 38,402 93,822 45,507
TOTAL VG Grade (g/t Au) 1.68 1.69 1.69 1.75
Ounces (‘000s) 2,999 2,085 5,084 2,565
• Details regarding mineral resource estimate can be found in the press release dated October 3rd , 2013 that has been filed under the profile of the Company on SEDAR.
53. 53
Appendix
Mineral Resources Parameters
TSX: BSX
a) The gold mineralization envelopes were modelled into wireframe solids using a 0.5 g/t Au cut-off grade in fresh and saprolite rocks
utilizing vertical and horizontal sections. 3D shells were generated by linking horizontal sections each 10m apart.
b) A specific gravity of 2.75 was used for the Grota Seca (GS) and the Ouro Verde (OV) deposits and 2.77 for the South Block and 1.36
for the saprolite in both deposits.
c) Estimations are based on original samples capped at 6 - 40 g/t Au depending on the resource domain.
d) The database for the Ouro Verde Deposit includes 46 historical core boreholes (8,461 metres) and 267 boreholes (76,698 metres)
completed and assayed by Belo Sun since April 2010.
e) The mineralized zones at the Ouro Verde deposit extend for about 2,400 metres along strike. Eight gold mineralization domains were
modelled in fresh rock, and one saprolite domain was modelled. The gold mineralization thickness ranges from 2 to 60 metres. The
maximum allowed internal dilution is approximately 3 metres.
f) The database for the Grota Seca Deposit comprises 11 historical reverse circulation and 129 historical core boreholes (24,730
metres) and 48 reverse circulation and 345 core boreholes (102,103 metres) completed and assayed by Belo Sun since April 2010 .
g) The mineralized zones at the Grota Seca deposit extend 2,900 metres along strike. Seven gold mineralization domains were
modelled in fresh rock, and one saprolite domain was modelled. The gold mineralization thickness ranges from 2 to 70 metres. The
maximum allowed internal dilution is approximately 3 metres.
h) The database for the South Block Deposits comprises 22 historical core boreholes (3,370 metres and 86 core boreholes (20,539
metres) completed and assayed by Belo Sun since April 2010.
i) The mineralized zones at the South Block Deposits extend discontinuously for about 1,900 metres along strike. Three gold
mineralization domains were modelled in fresh rock, and one saprolite domain was modelled. The gold mineralization thickness
ranges from 2 to 16 metres. The maximum allowed internal dilution is approximately 3 metres.
j) Block model gold grades were estimated using ordinary kriging informed by 1.0 m capped composites. All estimations are based on
a percent block model with unitary dimension of 6 m E, 6 m N and 10 m elevation rotated -17° clockwise in the Ouro Verde and
Grota Seca deposits and -25° in the South Block.
k) “Open-pit” mineral resources are reported at a cut-off grade of 0.5 g/t Au. “Underground” mineral resources (outside pit shell) are
reported at a cut-off grade of 2.0 g/t Au.
l) Measured mineral resources include all mineralized blocks within one time of the variogram range and informed from a minimum of 3
boreholes in 3 octants.
m) Indicated mineral resources include all mineralized blocks estimated in the first or second estimation runs (within the variogram
range), whose estimation required a minimum of two drill holes.
n) Inferred mineral resources include all mineralized blocks not classified as Measured or Indicated in the first and second estimation
runs and all blocks estimated in the third estimation run (twice the variogram range).
54. 54
Appendix
Project Overview
TSX: BSX
Definitive Feasibility Study underway – AMEC, Oakville, Canada – Q1 2014
236,000 metres and 954 holes drilled to date
ACME Preparation Lab on site for assays – Construction Completed July 2011
Preliminary Mining Engineering Studies – NCL – Completed June 2011
Diagnostic Leach Test Work completed by TESTWORK Ltda (Walter de Moura).
Comminution and Process Development Test Work completed by HAD Ltda (Homero Delbony)
Initiated advanced Metallurgical testing by LAKEFIELD Chile
Environmental studies (EIA/RIMA) – BRANDT– Completed
Geotechnical, hydrologic and hydrogeologic studies – VOGBR – Ongoing
Regional geological studies and exploration program initiated
Community and social impact studies – INTEGRATIO initiated