Belo Sun Reports That the Federal Court of Appeals Has Ruled to Uphold the Suspension Order Against the Volta Grande Project Construction Licence
BELO SUN REPORTS THAT THE FEDERAL COURT OF APPEALS HAS RULED
TO UPHOLD THE SUSPENSION ORDER AGAINST THE VOLTA GRANDE
PROJECT CONSTRUCTION LICENCE
Toronto, Ontario
December 6, 2017
Belo Sun Mining Corp. (“Belo Sun” or the “Company”) (TSX: BSX) reports that the Federal Court of
Appeals in Brasilia has decided to uphold the suspension of the Construction Licence (“ Licenca de
Instalacao” or “LI”) related to its Volta Grande Project. The Court has verbally advised the Company of
its decision, however it has yet to publish the written details of the ruling. Belo Sun will provide an
update on the ruling if the written decision is materially different than what was verbally announced by
the Court this morning once details of the decision have been published.
As previously announced on April 12, 2017, a judge from the Brazilian Federal Regional Court had issued
an interim order suspending the LI due to fact that Funai (Indigenous Affairs Agency of Brazil) had not
approved the indigenous studies that had been completed by Belo Sun.
According to the decision of the Federal Court of Appeals , Belo Sun will be required to complete an
indigenous study in accordance with F unai’s guidelines. The Company intends to continue negotiations
with Funai to complete an indigenous study that complies with the agency’s protocols. In parallel, all
possible legal options available to the Company will be evaluated, including appealing th e decision .
According to current Brazilian regulations, only projects located less than 10 kilometres from indigenous
lands require an indigenous study. In accordance with best practices, Belo Sun completed indigenous
studies on the two closest indigenous lands, despite the 12 and 16 kilometres distance from the Volta
Grande Project.
Peter Tagliamonte, President and CEO of Belo Sun , commented, "We are disappointed with the ruling ,
however we are confident that a resolution can be reached . We will continue working with Funai to
ensure that our indigenous study meets their requirements, and in parallel we intend to explore all legal
measures to appeal the decision."
About Belo Sun Mining
Belo Sun Mining Corp. is a Canadian -based mining company with a portfolio of gold -focused properties
in Brazil. The Company is currently focused on the development of its 100% -owned flagship Volta
Grande project. Belo Sun trades on the Toronto Stock Excha nge under the symbol “BSX”. For more
information, please visit www.belosun.com or contact Investor Relations at +1 (416) 309-2137.
Caution regarding forward-looking information:
This press release contains "forward looking information" within the meaning of applicable Canadian
securities legislation. Forward looking information includes , without limitation, statements regarding
the ruling by the Federal Court of Appeals in Brasilia related to the interim suspension order, next steps
for the Volta Grande property, the next steps to appeal the ruling or to negotiate a settlement with
Funai, the timetable for development, production forecast, infrastructure projections, progress in
development of mineral proper ties and the future financial or operating performance of the Company .
Generally, forward looking information can be identified by the use of forward-looking terminology such
as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved". The Company has based its production forecasts on the results of the
feasibility study (please see the related technical report available on www.sedar.com or the Company’s
website for details on the underlying assumptions and parameters. Forward-looking information is
subject to known and unknown risks, uncertainties and other factors that may cause t he 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, but not limited to: general business,
economic, competitive, geopoli tical and social uncertainties; the actual results of current exploration
activities; other risks of the mining industry and the risks described in the annual information form of the
Company. Although the Company has attempted to identify important factor s 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.