BMIX - Brazil Minerals Inc. Advances its Lithium Project
PASADENA, California, October 16, 2018 /PRNewswire/ --
Brazil Minerals, Inc. (OTC: BMIX) (the "Company" or "Brazil Minerals") announced today that it had been granted by the local mining authority the Exploration Permit for its 288-acre lithium project located in the region of Salinas, state of Minas Gerais, in Brazil.
With this new phase of the project, Brazil Minerals intends to proceed with a ground study campaign to start during the current quarter and be completed by the end of the first quarter of 2019. The Company's project is located within a mining district which was extensively researched by CPRM ("Companhia de Pesquisa de Recursos Minerais"), the government-funded Geological Survey of Brazil, and singled out for high levels of lithium mineralization. In this district, the identified lithium deposits are associated with pegmatite formations, and lepidolite, petalite, and spodumene mineralization.
Lucas Cordeiro Diniz, a mining engineer with the Company, commented: "Besides the strong CPRM results, there are lithium mining operations in areas near the Brazil Minerals claim. Global demand for lithium is growing rapidly, encouraging strong interest for new deposits."
Growth in demand for lithium is driven by its use in smart phones and electric vehicles. Approximately 46% of the lithium that is mined worldwide finds its use in lithium-ion batteries. This segment of the lithium market is growing at 16% annually and is expected to reach $69 billion in size by 2022.
Marc Fogassa, CEO of the Company, commented, "Today's announcement is an important milestone in enabling Brazil Minerals to advance its lithium project. The other strategic project that we have, as disclosed before, is in cobalt. We view our cobalt and lithium projects as potentially high return investments for us, as new areas with lithium or cobalt mineralization are rare."
Brazil Minerals has built a portfolio of high-quality mineral rights (the "BMIX Mineral Bank") and continues to add areas methodically. The Company regularly evaluates and prioritizes its research effort on such properties and utilizes its own team and equipment for drilling.
BMIX Mineral Claim Bank:
Gold: 119,989 acres
Diamond (kimberlites): 92,961 acres
Diamond (alluvial): 27,612 acres
Cobalt/Copper/Nickel: 5,011 acres
Iron/Titanium/Vanadium: 4,938 acres
Lithium: 288 acres
Manganese: 4,970 acres
Aquamarine/Beryl/Tourmaline: 288 acres
Sand (construction industry): 4,995 acres
About Brazil Minerals, Inc.
Brazil Minerals, Inc. (OTC: BMIX) along with its subsidiaries has a business model focused on: 1) mining specific areas for gold and diamonds, and 2) generating projects from its portfolio of high-quality mineral rights for transactions leading to attractive equity positions and/or royalties. Our first equity holding from such strategy is Jupiter Gold Corporation (OTC: JUPGF). More information on Brazil Minerals is at http://www.brazil-minerals.com. Follow us on Twitter: @BMIXstock.
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of Brazil Minerals, Inc.'s management and are subject to risks and uncertainties, which could cause actual results to differ from the forward- looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of production, reserves, sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Brazil, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in Brazil, general economic conditions, geopolitical events and regulatory changes, availability of capital, Brazil Minerals, Inc.'s ability to maintain its competitive position and dependence on key management. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. We advise U.S. investors that the claims listed in the BMIX Mineral Claim Bank are exploratory in nature, and as of now do not have "reserves" as such term is defined in the Securities and Exchange Commission's Industry Guide 7.
Contact:
UCS Advisors and IR, LLC
ir@brazil-minerals.com
+1-(213)590-2500
SOURCE Brazil Minerals, Inc.