Welcome!

News Feed Item

Brigadier Gold to Acquire 80% Interest in Second Mozambican JV, and Raise $600,000 in a Private Placement

TORONTO, ONTARIO -- (Marketwire) -- 01/29/13 -- Brigadier Gold Limited (TSX VENTURE:BRG) (FRANKFURT:B7LN) has entered into a binding agreement with MMOC Minerais de Mozambique, Lda., of Maputo, Mozambique, to acquire an 80% interest in a joint venture to exploit additional resource properties located in the Tsiquire-Gorongosa area of Mozambique.

This agreement covers exploration licence 4365C. This particular licence is adjacent to the southwest of exploration licence 3474, the subject of a Letter of Intent to Acquire signed in October of 2012 between Brigadier Gold Limited and Anan Mining Lda and Jacoma Minerais Lda. Both of these properties are located in the Tsiquire-Gorongosa area of Mozambique. Arrangements are being made to produce a National Instrument 43-101 report on the 4365C property and on the 3474 property if and when a formal option agreement is obtained.

Under the agreement, Brigadier will issue 3,000,000 common shares and pay an initial $25,000 upon exchange approval of the transaction. Thereafter Brigadier will pay a further $475,000 over the next 48 months and expend $2 million on the properties over that period as well.

Brigadier is also announcing a private placement to finance this project and add to working capital. The placement will be up to $600,000 by issuing Units at $0.05 per Unit, where each unit consist of one common share and one half of a 24 month warrant exercisable at $0.10 per share.

Brigadier is negotiating to revise the Letter Of Intent regarding exploration licence 3474 announced last October to obtain more favourable terms as the December 20, 2012 date for an definitive agreement has passed. Negotiations are progressing favourably and Brigadier Gold Limited hopes to announce a definitive agreement on this valuable property in the very near future.

The Tsiquire-Gorongosa area of Mozambique is located near the town of Gorongosa, in Sofala province.

Gold mineralization has been discovered and is being exploited by artisanal miners on the Tsiquire property (exploration licence 3474) over an area with a 2.7-kilometre east-west and one-kilometre north-south extent. In total, 41 samples were collected (from the Tsiquire property) in October, 2012, in addition to the samples collected in June, 2012, during the initial property visit. The highest gold values were 170.8 grams per tonne, 86.5 g/t, 80.6 g/t, 69.3 g/t and 58.4 g/t gold. (see news release dated November 6/2012). The above samples were collected at the large, widely separated artisanal workings on the property. The sampled area comprised 1.2 square kilometres within the 25.6-square-kilometre Tsiquire property.

Six hand-dug open pits, up to 20 metres in depth and over several hectares in total area, have been excavated within the five artisanal areas. These pits, located as a result of the discovery of high gold values in soils and vein-quartz float, have been developed in areas amenable to easy extraction and are not necessarily indicative of better gold grades. At the largest of these pits, an extensive stockworks zone may have contributed to the positive relief, which aided both in the discovery and subsequent exploitation of the gold veins. Quartz float at Tsiquire is also found well away from the current diggings over an area of several square kilometres, with the full areal extent of the float yet to be defined. Quartz veining and stockworks ranging in thickness from millimetres to centimetres are readily apparent within the open pits. As well, the diggings are separated by drainages containing placer workings upstream from the pit areas, indicating as yet undefined mineralization.

An independent geologist will now carry out a more detailed examination of the property. Artisanal workings are also reported in the area, but the location and extent of these workings have yet to be determined.

Denis Hayes, President of Brigadier commented "The acquisition of this licence paves the way for Brigadier Gold to establish an even larger footprint in the a very favourable gold mining district in Mozambique. This new acquisition is very similar to licence 3474 with several artisanal mining sites located on the property. We look forward to the successful exploration and development of this and other properties in the area."

The Mozambican government is firmly committed to encouraging foreign investment in developing Mozambique's mining industry. To this end, a new mining and exploration policy has been implemented with the revision of the mining law and regulations. The new act and regulations have streamlined the licensing procedure, and introduced reasonable minimum constraints on prospecting and mining activities, which have provided security of tenure and created a more favourable investment and exploration environment.

Qualified person and quality assurance/quality control

Thomas H. Carpenter, BSc, PGeo, of Discovery Consultants and a qualified person as defined by NI 43-101, has supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Carpenter is not independent of Brigadier by virtue of being a holder of incentive stock options. Samples collected by Mr. Carpenter during a June, 2012, site visit were sealed and shipped via bonded courier to the facilities of Acme Analytical in Vancouver, B.C., for analyses. Acme's quality control system complies with International Standard ISO 9001:2000 requirements. Analytical accuracy and precision are monitored by the analyses of reagent blanks, reference materials and replicate samples. Quality control is further assured by the use of international and in-house standards.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
FinTech is the sum of financial and technology, and it’s one of the fastest growing tech industries. Total global investments in FinTech almost reached $50 billion last year, but there is still a great deal of confusion over what it is and what it means – especially as it applies to retirement. Building financial startups is not simple, but with the right team, technology and an innovative approach it can be an extremely interesting domain to disrupt. FinTech heralds a financial revolution that...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facing...
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...