$BMIX High potential gold play with a starter position at $.0001
BRAZIL MINERALS, INC. LIGHTENS CONVERTIBLE DEBT LOAD
PASADENA, CA--(September 6, 2016) - Brazil Minerals, Inc. (OTC: BMIX) (the "Company" or "BMIX"
today announced that it had received a notice of conversion of debt to equity from St. George Investments, LLC ("SGI", one of its two remaining short-term oriented variable-rate noteholders. The notice indicated that after the conversion SGI would have only $11,726 remaining of BMIX's variable-rate debt. The Company believes that it will benefit from the extinguishment of such remaining debt and removal of this likely seller of its common stock.
In other news, the mechanical sieving system for gold retrieval being built at a third-party metalworking facility is scheduled to be delivered at BMIX on or around September 20, earlier than expected. After BMIX concluded its initial tests of alluvial material for gold using centrifuge-based recovery, this system was designed by a mining engineer and other consultants to support operational-scale processing of alluvial material containing gold.
Additionally, BMIX, through its gold-focused subsidiary Jupiter Gold Corporation, obtained in August of 2016 three new mineral claims for gold covering 69,330 acres in the southeastern part of the state of Amazonas in Brazil. This region is known for both alluvial and potential primary gold deposits, although no independent confirmation has been performed in the obtained claims. Their total area is very large; for comparison, it is equivalent to approximately 4.7 times the size of Manhattan island. These claims are part of a mineral rights bank of assets that should increase in value if research confirms the presence of gold. Depending on such research results and other variables, these rights could be developed, become part of royalty-based transactions, or sold; they were listed in BMIX's recently filed Form 10-Q for the second quarter of 2016.
BRAZIL MINERALS, INC. LIGHTENS CONVERTIBLE DEBT LOAD
PASADENA, CA--(September 6, 2016) - Brazil Minerals, Inc. (OTC: BMIX) (the "Company" or "BMIX"
today announced that it had received a notice of conversion of debt to equity from St. George Investments, LLC ("SGI", one of its two remaining short-term oriented variable-rate noteholders. The notice indicated that after the conversion SGI would have only $11,726 remaining of BMIX's variable-rate debt. The Company believes that it will benefit from the extinguishment of such remaining debt and removal of this likely seller of its common stock. In other news, the mechanical sieving system for gold retrieval being built at a third-party metalworking facility is scheduled to be delivered at BMIX on or around September 20, earlier than expected. After BMIX concluded its initial tests of alluvial material for gold using centrifuge-based recovery, this system was designed by a mining engineer and other consultants to support operational-scale processing of alluvial material containing gold.
Additionally, BMIX, through its gold-focused subsidiary Jupiter Gold Corporation, obtained in August of 2016 three new mineral claims for gold covering 69,330 acres in the southeastern part of the state of Amazonas in Brazil. This region is known for both alluvial and potential primary gold deposits, although no independent confirmation has been performed in the obtained claims. Their total area is very large; for comparison, it is equivalent to approximately 4.7 times the size of Manhattan island. These claims are part of a mineral rights bank of assets that should increase in value if research confirms the presence of gold. Depending on such research results and other variables, these rights could be developed, become part of royalty-based transactions, or sold; they were listed in BMIX's recently filed Form 10-Q for the second quarter of 2016.
