Mineral Resources

The current mineral resources on the Volta Grande Gold Project are subdivided in 2 areas - North Block and South Block. The North Block includes four zones; Ouro Verde, Junction, Grota Seca and Greia; the South Block is located approximately 10 km south. An updated mineral resource and reserve estimate was prepared by SRK in conjunction with the Feasibility Study during the first quarter of 2015 for selected zones in the North Block; these are detailed below. The latest mineral resource estimate for the South Block was prepared by SRK Consulting in March 2014 (the associated technical report can be found on Belo Sun’s profile on www.sedar.com).

Volta Grande Mineral Resources, March 2015

(North Block Area, including Ouro Verde, Junction, Grota Seca and Greia zones)

Classification Tonnes Gold Grade (g/t) Contained Gold (oz)
Measured 44,080,000 1.07 1,512,000
Indicated 112,518,000 0.95 3,444,000
Measured & Indicated 156,593,000 0.98 4,956,000
Inferred 39,767,000 0.90 1,151,000
*Mineral resources are not mineral reserves and have not demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates. Open pit mineral resources are reported at a cut-off grade of 0.4 g/t Au (based on a gold price of $1,400/oz). Please note that the Volta Grande mineral reserves reported in the feasibility study dated March 2015 are included in the mineral resources. The Qualified Person responsible for the preparation of the mineral resource is Dr. Jean-Francois Couture, P.Geo., and Dr. Oy Leuangthong, P.Eng. of SRK Consulting (Canada) Inc.
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