BZOFF: Acquires Mineral Rights to Entire Tocantinzinho Property in Braziladmin
Brazauro Resources Corporation (BZOFF) announced that mineral rights to the entire mineralized area identified at the Tocantinzinho property are now held by Brazilian companies that are, or will be, wholly-owned by Brazauro. Brazauro acquired Resource Holdings 2004 Inc. and has received all documents required to complete the transfer of ownership of 100% of Mineracao Cachambix Ltda. and Empresa Internacional de Mineracao do Brasil Ltda. to Brazauro or its subsidiaries in exchange for the issue of 13,150,000 shares and payment of US$900,000.
The shares were issued to BrazMin Corp. and US$850,000 was paid to the shareholders of Cachambix. In addition, US$50,000 was paid to BrazMin (BRZMF) to reimburse it for payments made to underlying mineral rights holders pending completion of the acquisition. The mineral rights held by Cachambix include rights to more than half of the mineralized area identified by Brazauro at the Tocantinzinho property and lie to the east of the central 4,000 hectare license area already held by Brazauro.