Slide 1: The Largest Developing Gold Project in Brazil
TSX: BSX The LARGEST developing GOLD PROJECT in BRAZIL CORPORATE PRESENTATION March 2012
Slide 2: Cautionary Notes
Cautionary Notes This presentation contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the prospective mineralization of the properties, planned exploration pr
Slide 3: Experienced Board & Management
Experienced Board & Management BOARD OF DIRECTORS MANAGEMENT Peter Tagliamonte BRAZIL OPERATIONS TORONTO OFFICE Engineer Carlos Costa Ryan Ptolemy Geologist (30 years experience) Chief Financial Officer Stan Bharti Engineer Paulo Fernando Mike Hoffman Jay Hodgson Engineer (27 years experience) Vice
Slide 4: Capital Structure
Capital Structure Shares Outstanding No. 210 million Fully Diluted No. 240 million Share Price (March 1st, 2012) C$ $1.02 Market Capitalization C$ $214 million 52 Week High & Low C$ $1.54 - $0.86 Average Daily Volume No. 1,000,000 (3 month average) Cash & Cash Equivalents C$ $43 million (as at Septe
Slide 5: Key Projects
Key Projects Volta Grande (2.2 Moz M&I) (1.6 Moz Inf) TSX: BSX 5
Slide 6: Volta Grande Infrastructure
Volta Grande Infrastructure TSX: BSX 6
Slide 7: Volta Grande North Block
Volta Grande North Block Ouro Verde Ouro Verde Measured & Indicated: 21.07 Mt (1.2M oz) @ 1.70 g/t Au Inferred: 10.6 Mt (602M oz) @ 1.77 g/t Au Grota Seca Measured & Indicated: 20.7 Mt (1.0M oz) @ 1.61 g/t Au Grota Seca Inferred: 17.4 Mt (936k oz) @ 1.67 g/t Au Volta Grande Total Measured & Indicate
Slide 8: Volta Grande Topography
Volta Grande Topography View from Ouro Verde • Deposit located well above water line • Upstream damming of river will further reduce river level TSX: BSX 8
Slide 9: Volta Grande Vertical Cross Section
Volta Grande Vertical Cross Section Volta Grande Gold Project Ouro Verde Deposit – Cross Section 525NW A B TSX: BSX 9
Slide 10: Ouro Verde Deposit
Ouro Verde Deposit TSX: BSX 10
Slide 11: Ouro Verde – In House 3D Modeling
Ouro Verde – In House 3D Modeling TSX: BSX 11
Slide 12: Volta Grande Vertical Cross Sections
Volta Grande Vertical Cross Sections Volta Grande Gold Project Grota Seca Deposit – Cross Section 1950W A B TSX: BSX 12
Slide 13: Grota Seca Deposit
Grota Seca Deposit TSX: BSX 13
Slide 14: Grota Seca – In House 3D Modeling
Grota Seca – In House 3D Modeling TSX: BSX 14
Slide 15: 75,000 meters drilled in 2011
Resource Expansion 2009 – 2012 2,500,000 1.24 1.66 g/t Au g/t Au 2,000,000 2012–Ongoing Exploration 1.74 70,000 metres of drilling scheduled 75,000 meters drilled in 2011 g/t Au 0.95 8,000 metres drilling per month 1,500,000 g/t Au 1.39 g/t Au ACME prep-lab on site Au oz 1,000,000 1.11 g/t Au Indica
Slide 16: Volta Grande Drilling Program
Volta Grande Drilling Program 2010 – 2012 Infill Infill & Expansion TSX: BSX 16
Slide 17: Volta Grande North Block
Volta Grande North Block Resource Expansion Resource Expansion Resource Expansion Resource Expansion *Please see appendix slide 42 for full information regarding mineral resource estimates TSX: BSX 17
Slide 18: Project Overview
Project Overview Bankable Feasibility Study underway - AMEC Minproc Engenharia e Consultoria Limitada – Dec 2012 Pre-Feasibility Study underway – AMEC Minproc Engenharia e Consultoria Limitada – Aug 2012 70,000 m Drilling Program for 2012 ACME Preparation Lab on site for assays – Construction Comple
Slide 19: Project Timeline
, = 4 Project Timeline BELO nN MINING 2012 2013 2014 | 2015 Q2) Q3 | Q4) QI | Q2) Q3 | Q4 | QI Q2 Q3 | Q4 QI | Q2 | Q3_ Q4 ing (RFP+PAE) Preliminary License — LP (6 months - 1 year) Installation License — LI (6 months) | Prefeasibility Study Bankable Feasibility Study Operation License — LO (5 month
Slide 20: Volta Grande – Preliminary Project Layout
Volta Grande – Preliminary Project Layout TSX: BSX 20
Slide 21: Proposed Location of Plant Facility
Proposed Location of Plant Facility TSX: BSX 21
Slide 22: Historical Exploration
Historical Exploration Ouro Verde Grota Seca Exploration Camp South Block TSX: BSX 22
Slide 23: Regional Geography, Property and Claims Status
Volta Grande Regional Geography Property and Claims Status • Belo Sun claims cover 100km of greenstone belt including 16 known Au occurrences TSX: BSX 23
Slide 24: Volta Grande PEA
Volta Grande PEA Scott Wilson RPA Report, September 2009 Sept 2009 Preliminary NPV Sensitivity to Grade – Gold Price $900 Economic Assessment 500 450 400 1.6 1.5 Grade (g/t) 350 1.4 NPV 300 1.3 20,000 tpd operation producing 200,000 250 1.2 200 ounces/year (7 million tpa) 150 1.1 100 22% IRR and NPV
Slide 25: September 2009 PEA Extrapolation
September 2009 PEA Extrapolation Production Scenario Tonnes Mined 7,000,000 t Grade 1.66 g/t ¹ Mining Dilution 90% Metallurgical Recovery 90% Recovered Gold per Year 9,412,200 g Recovered Gold per Year 332,006 oz SWRPA PEA Inflated Case Double PEA (Sept 2009) (Brazil Inflation − 6.5% for 5 years) Go
Slide 26: Patrocinio Location Map
Patrocinio Location Map 18,750 Ha in the prolific Tapajos gold province TSX: BSX 26
Slide 27: Patrocinio
Patrocinio Tapajos District More than one million ounces of historical gold production at Patrocinio 3.0 km by 1.5 km soil geochemical anomaly defined Grab samples have returned gold values up to 37 g/t in granite and up to 67 g/t in veins IP geophysical survey completed 1,500 meter drill program co
Slide 28: Patrocinio Project Garimpeiro Mining
Patrocinio Project Garimpeiro Mining TSX: BSX 28
Slide 29: Trading History
Trading History Past Year 4,000,000 $1.60 3,500,000 $1.40 3,000,000 $1.20 2,500,000 $1.00 Share price Volume 2,000,000 $0.80 1,500,000 $0.60 1,000,000 $0.40 500,000 $0.20 0 $0.00 Volume Volume Close TSX: BSX 29
Slide 30: Belo Sun Peers – Share Price to NAV Ratio
Belo Sun Peers Share Price to NAV Ratio 1.2 1 0.8 0.6 P/NAV Multiple 0.4 0.2 0 Banro Keegan Romarco Teranga Orezone Canaco* Pretivm Belo Sun Detour Average Gabriel Trelawney Queenston** Rainy River Rubicon Gold Canyon* Source: Jeff Kileen, CIBC World Markets Inc., January 5, 2012 * Valuation based o
Slide 31: Independent Research Coverage
Independent Research Coverage Independent Research – Full Coverage Firm Analyst TD Securities Dan Earle CIBC Jeff Kileen BMO Capital Markets John P. Hayes National Bank Financial Shane Nagle Cormark Securities Richard Gray Independent Research – Research Notes Firm Analyst Dundee Capital Markets Ron
Slide 32: Site Photos
Volta Grande Site Photos TSX: BSX 32
Slide 33: Site Photos – Drill Rig at Volta Grande
Volta Grande Site Photos Drill Rig at Volta Grande TSX: BSX 33
Slide 34: Site Photos – Regional Topography
Volta Grande Site Photos Regional Topography Favorable for Mining TSX: BSX 34
Slide 35: Site Photos – Aerial View of Camp
Volta Grande Site Photos Arial View of Camp TSX: BSX 35
Slide 36: Site Photos – New Camp Facilities
Volta Grande Site Photos New Camp Facilities TSX: BSX 36
Slide 37: For more information, please contact
For more information, please contact: Phone: 416.309.2137 www.belosun.com TSX: BSX TSX: BSX 37
Slide 38: Belo Sun Community Initiatives
Belo Sun Community Initiatives The sign above reads, “Vila Ressaca’s Community clean up day. Join forces with Belo Sun and make a better future for everybody.” TSX: BSX 38
Slide 39: Belo Sun Community Initiatives
Belo Sun Community Initiatives TSX: BSX 39
Slide 40: Geology & Mineralization
Appendix Geology & Mineralization From Scott Wilson RPA Technical NI 43-101 Report, September 2009: The area of the Volta Grande property is underlain by Late Precambrian metavolcanic and metasedimentary rocks, which are intruded by dioritic and granodioritic plutons. The bulk of these rocks are als
Slide 41: Volta Grande PEA Sensitivity Analysis
Volta Grande PEA Sensitivity Analysis Table 1-2 Sensitivity Analysis Verena Minerals Corporation - Volta Grande Project PARAMETER VARIABLES UNITS -40(5)% -20(2.5)% BASE +20(2.5)% +40(5)% Au Grade g/t 0.61 0.81 1.01 1.22 1.42 Operating $/t 8.04 10.72 13.40 16.08 18.76 Capital $ Millions 177 236 295 3
Slide 42: Volta Grande Project Resource Estimate
Appendix Volta Grande Project Resource Estimate VOLTA GRANDE PROJECT RESOURCE ESTIMATE (as at January 2012) MEASURED + VOLTA GRANDE RESOURCES ESTIMATE MEASURED INDICATED INFERRED TOTAL INDICATED Ouro Verde Pit Constrained Tonnes 9,465,751 11,609,792 21,075,543 10,570,881 31,646,424 Ounces @ 0.5 g/t
Slide 43: Resource Depth
Appendix Resource Depth Approximately 79% (55 million tonnes) of the resource occurs within 200 meters from surface TSX: BSX 43
Slide 44: Local Geology
Appendix Local Geology Gold mineralization is associated with a major shear zone and is hosted in intense hydrothermally altered rocks with close association with disseminated sulphides (py/apy): Intense silicification with fine- grained sulphide (mainly apy) within strongly sheared diorite – Grota