South Atlantic Provides Update and Permits Status on Pedra Branca Project
TSX-V: SAO
South Atlantic Provides Update and Permits Status on Pedra Branca Project
October 23, 2024 – Vancouver, British Columbia – South Atlantic Gold Inc. (TSX-V:SAO)
(“South Atlantic” or the “ Company”) is pleased t o provide a general status update on its
tenements and permitting status for the Pedra Branca project (the “ Project”) and the
advances that have been made throughout this year.
Highlights:
• Throughout the past 12 months, the Company has successfully submitted the ANM
with the National Mining Agency of Brazil which provides the guidance rules of the
Final Exploration Report (“ FER”)(“”) for 3 tenements (800.036/2016, 800.037/2016
and 800.341/2016) and has also submitted the Partial Exploration Report (“PER”) and
requested the permit extension of 1 tenement (800.385/2021) (the “Extension”).
• With regards to its 3 main tenements (Queimadas, Coelhos and Mirador):
o The Company has worked with Secretaria de Meio Ambiente do Estado do
Ceará the environmental agency of the state of Ceara (“SEMACE”) in the past
two years to present the Project and all necessary documentation to start the
licensing process. On April 30 th, 2024, SEMACE issued the Terms of
Reference stablishing the minimum requirements for the environmental studies
in the area of influence of the Project. The document is valid for one year.
▪ Previously, ANM has successfully approved the mine concession plan
of the Company which was filed back in 2019 for its 3 main tenements
(Queimadas, Coelhos and Mirador), with such approval, the Company
has received a request to advance the permit to an operational license
to be provided by SEMACE - . To achieve such license it is necessary
to provide an Environmental Impact Study (EIA) and respective
Environmental Impact Report (RIMA) based on the Terms of Reference
issued above.
o While environmental studies are being prepared, the Company is providing an
update to ANM every 180 days as part of the general compliance requirement.
• The Company is also working and is expected to submit the PER’s and request for
permit extension of another 5 tenements (800.431/2021, 800.432/2021,
800.433/2021, 800.434/2021 and 800.435/2021) by the end of November 2024 (the
“Additional Extensions”).
• The FER’s filed for 15 tenements in 2022 and 3 tenements in 2023 are still under
analysis by the ANM. There is no set deadline for a response from the government,
however the Company considers such areas a lower priority for exploration at this
stage.
• All tenements remain in good standing.
The Company is continuously looking for potential developments and advancements for
Pedra Branca, including an exploration plan as well as potential transactions with other
business and opportunities.
TSX-V: SAO
About South Atlantic Gold
South Atlantic Gold is an exploration company engaged in acquiring and advancing mineral
properties located in the Americas. Our flagship asset is the 100% -owned Pedra Branca
project, located 280 km southwest of Fortaleza, Ceará State, Brazil. South Atlant ic Gold is
focused on creating value for its shareholders by engaging in the development and
acquisition of high-quality mineral assets located in stable and mining -friendly jurisdictions.
South Atlantic Gold is based in Kelowna, British Columbia, and is listed on the TSX-V under
the symbol “SAO”.
ON BEHALF OF THE BOARD
Douglas Meirelles, President and CEO
For more information regarding this news release, please contact:
Douglas Meirelles, President and CEO
T: 250-762-5777
Email: [email protected]
Cautionary Note Regarding Forward-Looking Information This news release contains statements
that constitute "forward-looking Information", as such term is used in applicable Canadian securities laws . Such forward-
looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual
results, performance or achievements, or developments in the industry to differ materially from the anticipated result s,
performance or achievements expressed or implied by such forward -looking information. Forward -looking information
includes statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans,"
"anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditi ons
"will," "would," "may," "could" or "should" occur.
Although the Company believes the forward-looking information contained in this news release is reasonable based on
information available on the date hereof, by its nature forward-looking information involves assumptions and known and
unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or
achievements, or other future events, to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking information. There can be no assurance that the Company will receive the
Extension and Additional Extensions.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties
associated with general economic conditions; adverse industry events; the receipt of required regulatory approvals and the
timing of suc h approvals; that the Company maintains good relationships with the communities in which it operates or
proposes to operate, future legislative and regulatory developments in the mining sector; the Company ’s ability to access
sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining
industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition;
the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned
work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibilit y
that results will not be consistent w ith the Company’s expectations, as well as other assumptions risks and uncertainties
applicable to mineral exploration and development activities and to the Company, including as set forth in the Company’s
public disclosure documents filed on the SEDAR website at www.sedarplus.ca
THE FORWARD -LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE
EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS
SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON
FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFOR MATION AS OF ANY OTHER
DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT
ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
TSX-V: SAO
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