Belo Sun Announces Signing of Definitive Use of Land Agreement With INCRA

TORONTO, Dec. 07, 2021 (GLOBE NEWSWIRE) -- Belo Sun Mining Corp. (“ Belo Sun ” or the “ Company ”) (TSX: BSX OTCQX:BSXGF) is pleased to announce that it has successfully concluded discussions with Instituto Nacional de Colonização e Reforma Agrária - National Institute of Colonization and Agrarian Reform (“ INCRA ”) on the land overlap at its Volta Grande Gold Project and has signed a definitive agreement for the use of the land during the mining operations of the Volta Grande Gold Project.

Peter Tagliamonte, President, CEO and Director of Belo Sun commented, “We are pleased to have successfully concluded discussions with INCRA and we look forward to a positive and ongoing relationship with INCRA that will bring benefits to the surrounding communities, local farmers, landholders and municipality. We feel that the Volta Grande Gold Project represents an outstanding opportunity that will benefit the region and all stakeholders as we advance the project.”

Belo Sun and INCRA entered into a use of land concession agreement that resolves a land overlap between a small portion of INCRA designated land and an area of land covered by Belo Sun mining concessions that will be affected by the mining operations of the Volta Grande Gold Project. Under the agreement, INCRA will provide Belo Sun access to the INCRA designated land for mining activities for 20 years once the mining license for the Volta Grande Gold Project is granted with the ability to extend the term beyond the initial 20 years. Belo Sun will provide ongoing program support during the operation of the mine including, among other commitments, assistance to small local landholders with the proper registration of their land, assisting the municipality with road and bridge maintenance, a transfer of land outside the project area to INCRA and the purchase of certain equipment to assist the local INCRA office in its activities. The agreement has been officially published in the Brazil Federal Gazette - Diário Oficial da União (Official Gazette of the Union).

Mr. Tagliamonte commented further, “The Belo Sun team in Brazil has done an outstanding job over the last few months, working with the Indigenous Communities to conclude the Indigenous Study, gaining strong Governmental support with the inclusion of the Volta Grande Gold Project into the Pro Minerals program and most recently working co-operatively with INCRA to complete a use of land agreement for the mining of the Volta Grande Gold Project.”

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 or contact Investor Relations at +1 (416) 309-2137.

Caution regarding forward-looking information:

T his press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of land agreement entered into between Belo Sun and INCRA and the terms and commitments thereunder. 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 and on the Company's website at . 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.

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