Brazilian Metals Group to acquire new iron ore properties

Tuesday, 13 September 2011 10:46:14 (GMT+2)

On Friday, September 9, Perth, Australia-based Brazilian Metals Group Limited (BMG) entered into an option agreement to acquire a block of iron ore properties in Northern Minas Gerais, Brazil known as the Catuti block. The properties would add to BMG's existing Rio Pardo iron project.

BMG is paying US$70,000 to receive the option to acquire the Catuti block and is also paying US$20,000 every month until March 2012 when the evaluation period of the property is complete.

Eventually BMG may choose to acquire 100 percent of the Catuti iron ore deposit in order to propel its long-term goal of developing a large-scale export mining operation.

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