Zinco Do Brasil Announces Equity Financing At $1.50 Per Share From Institutional Investor
NEW YORK, April 19, 2013 /PRNewswire/ -- Zinco do Brasil, Inc. (OTCQB: ZNBR) (the "Company") is pleased to announce that one of its institutional shareholders has subscribed for an additional $500,000 in the Company's current equity financing at $1.50 per share.
Zinco do Brasil Chairman and CEO Ryan E. Hart commented: "This is another strong signal to the market and shows how much faith the Company's investors have in the Company's business plan and management, as well as how dedicated they are to making Zinco do Brasil a great success."
About Zinco do Brasil, Inc.
Zinco do Brasil, Inc. ("Zinco") is a publicly listed company (Ticker: ZNBR). The Company acquired 99.9% of Zinco do Brasil Mineracao Ltda., which owns 30 mineral rights for a total of 44,665 hectares in the Brazilian state of Minas Gerais. The mineral rights are split between two projects: "Salobro", which consists of 2 mining rights for an area of 1,685 hectares, and "Gorutuba" with 28 mining rights for an area of 42,980 hectares. The Company expects the Salobro reserves to increase by 30 – 50% during the exploration drillings scheduled for Q3 and Q4 of 2013 to prove up reserves to 43-101 standard. The Salobro project is expected to go into production in Q3 of 2016 and to produce in excess of 30,000 metric tons of Zinc and 5,000 metric tons of Lead per year during the mine-life of 10 years (13 - 15 years after reserve increase of 30 - 50%), with an IRR of 24 - 71% and a payback of 1.4 to 3.5 years from commencement of operation.The Gorutuba project consists of 28 mining rights containing an area of 42,980 hectares in total. Geophysical interpretation of the area was developed based on data gained from airborne geophysical survey conducted by the State of Minas Gerais. The study revealed that the geophysical characteristics of the Salobro deposit are highly correlated with seven targets within the Gorutuba project area, showing similar anomalies like Salobro. The extent of the seven selected targets is 17 km (compared to 2.35km of Salobro) and a drill program is scheduled to start during 2013 to confirm each deposit. Initial geochemical studies indicated other anomalies of Copper and Gold within the Gorutuba projects/targets.
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