Click here to close now.

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
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than
Agile, which started in the development organization, has gradually expanded into other areas downstream - namely IT and Operations. Teams – then teams of teams – have streamlined processes, improved feedback loops and driven a much faster pace into IT departments which have had profound effects on the entire organization. In his session at DevOps Summit, Anders Wallgren, Chief Technology Officer of Electric Cloud, will discuss how DevOps and Continuous Delivery have emerged to help connect dev...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the ...
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare...
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
The cloud has transformed how we think about software quality. Instead of preventing failures, we must focus on automatic recovery from failure. In other words, resilience trumps traditional quality measures. Continuous delivery models further squeeze traditional notions of quality. Remember the venerable project management Iron Triangle? Among time, scope, and cost, you can only fix two or quality will suffer. Only in today's DevOps world, continuous testing, integration, and deployment upend...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and easy to use. MangoApps has been named a "Market Leader" by Ovum Research and a "Cool Vendor" by Gartner. 20,000+ business custome...
SYS-CON Events announced today that JFrog, maker of Artifactory, the popular Binary Repository Manager, will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based in California, Israel and France, founded by longtime field-experts, JFrog, creator of Artifactory and Bintray, has provided the market with the first Binary Repository solution and a software distribution social platform.
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...