Belo Sun Mining Corp. · TSX:BSX
Belo Sun Mining — Investor Presentation (November 2013)
53 slides from Belo Sun Mining's investor presentation, November 2013
Slide 1: The Largest Developing Gold Project in Brazil
TSX: BSX The LARGEST developing GOLD PROJECT in BRAZIL CORPORATE PRESENTATION November 2013
Slide 2: Cautionary Notes
Cautionary Notes All statements, other than statements of historical fact, contained or incorporated by reference in this presentation, but not limited to, any information as to the future financial or operating performance of Belo Sun, constitute ‘‘forward-looking information’’ or ‘‘forward-looking
Slide 3: BSX Opens TSX April 30th, 2012
BSX Opens TSX April 30th, 2012 TSX: BSX 3
Slide 4: Key Projects
Key Projects Volta Grande (5.1 Moz M&I) (2.5 Moz Inf) TSX: BSX 4
Slide 5: Resource Expansion (2009 to 2013)
Resource Expansion (2009 to 2013) Under Present Management Under Present Management Verena (Pre • 42 Additional • 137 • 112 • 273 Additional • 126 Additional • 94 Additional BSX) Drill Holes Additional Additional Drill Holes Drill Holes Drill Holes • 170 Drill Included Drill Holes Drill Holes Includ
Slide 6: Experienced Board & Management
Experienced Board & Management BOARD OF DIRECTORS MANAGEMENT Peter Tagliamonte (Chairman) BRAZIL OPERATIONS TORONTO OFFICE Engineer Stan Bharti Carlos Costa Ian Pritchard Engineer Geologist (30 years experience) Chief Operating Officer Jay Hodgson Ricardo Lopes Ryan Ptolemy Geologist Geologist (27 y
Slide 7: Capital Structure
Capital Structure Shares Outstanding No. 265.9 million Fully Diluted No. 285.9 million Share Price C$ $0.40 * Market Capitalization C$ $106 million 52 Week High & Low C$ $1.83 - $0.34 Average Daily Volume No. 1,000,000 (3 month average) Cash & Cash Equivalents C$ $25 million ** *As at Nov 4th , 2013
Slide 8: Volta Grande Infrastructure
Volta Grande Infrastructure TSX: BSX 8
Slide 9: Belo Monte Dam Construction
Belo Monte Dam Construction 9
Slide 10: Volta Grande Main Deposits (October 2013)
Volta Grande Main Deposits (October 2013) Ouro Verde Measured & Indicated: 44.2 Mt (2.4M oz) @ 1.70 g/t Au Inferred: 23.4 Mt (1.2M oz) @ 1.48 g/t Au Grota Seca Measured & Indicated: 47.1 Mt (2.4M oz) @ 1.59 g/t Au Inferred: 18.9 Mt (1M oz) @ 1.59 g/t Au Volta Grande Total Measured & Indicated: 93.8
Slide 11: Volta Grande
Volta Grande Topography View from Ouro Verde • Deposit located well above water line • Upstream damming of river will further reduce river level TSX: BSX 11
Slide 12: Brownfields Exploration
Brownfields Exploration Ouro Verde Grota Seca Target Areas for future resource expansion *South Block Inferred Resource Estimate -Indicated Pit Constrained – 2.5M tonnes Exploration Camp @ 3.06 g/t Au containing 246k oz Au -Inferred Pit Constrained – 2.9M tonnes @ 3.94 g/t Au containing 370k oz Au -
Slide 13: Grande Artisanal Mine
Grande Artisanal Mine Quartz veins – N60E/45SE TSX: BSX 13
Slide 14: South Block Garimpo Operations - 1980
South Block Garimpo Operations - 1980 TSX: BSX 14
Slide 15: Volta Grande
4 Wi Volta Grande BELO enn , MINING TSX: BSX
Slide 16: Ouro Verde - Central portion of Domain-2
OURO VERDE - Central portion of Domain-2 270 m HG zone inside of D2 Sec 975NW Sec 475NW
Slide 17: Grota Seca - Central portion of Domain-1
GROTA SECA - Central portion of Domain-1 - HG zone related to the general trend presented in slide 15 Sec 2050W Sec 1725W 190m Notes - Cut-off: aprox. 1.50 ppm HG zone inside of D1 - Num. drill holes: 41 - Num. samples: 487 - Thickness: max=16m, min=2m, aver=8m - HG zone near surface 325m
Slide 18: Grota Seca - Portion along Galo area
GROTA SECA - Portion along “Galo” area - HG zone related to the “galo” trend presented in the slide 15 Sec 800W Sec 525W Main structural controls Notes - Cut-off: aprox. 1.50 ppm - Num. drill holes: 42 - Num. samples: 377 - Thickness: need to be modeled TSX: BSX - HG zones near surface
Slide 19: Galo - Garimpo U/G Operations
Galo – Garimpo U/G Operations TSX: BSX 19
Slide 20: Artisanal Mining
Artisanal Mining TSX: BSX 20
Slide 21: Artisanal Mining
Artisanal Mining Garimpo TSX: BSX 21
Slide 22: Garimpo Mine - Galo
Garimpo Mine - Galo TSX: BSX 22
Slide 23: Project Performance (After Tax)
Project Performance (After Tax) Project Data Prefeasibility Results Production Data Life of mine 10 Years Annual Mine Throughput 7 million tpy Metallurgical Recovery Au 94% Average Annual Gold Production 313,100 oz Average Waste to Ore Strip Ratio 6.88:1 Average Grade of M&I Resource 1.72 g/t Averag
Slide 24: Operating Cost Breakdown
Operating Cost Breakdown Cost per tonne Ore in Cost per Ounce Produced Category US$ in US$ Mining Cost per Tonne material moved 2.26 Mining 17.36 389.60 Processing 10.50 235.70 General and Administrative 2.52 56.60 Total US$30.38 US$681.90 Strip Ratio 6.88:1 TSX: BSX 24
Slide 25: Brazilian Reais
Brazilian Reais Sept 2012 – Sept 2013 2.6 2.5 2.4 BRAZILIAN REAIS 2.3 2.2 2.1 2 1.9 Source: Bloomberg September 17th, 2013 TSX: BSX 25
Slide 26: Sensitivities
Sensitivities After Tax Discount at 5% CAPEX US$ OPEX US$ R$ to US$ IRR % NPV US$ Payback Millions Millions Years Base Case 749.1 711.5 2.08 15.2 474 4.5 CAPEX Reduced by 5% 711.7 711.5 16.3 507 4.3 CAPEX Reduced by 10% 674 711.5 17.4 535 4.1 CAPEX Reduced by 15% 636 711.5 18.6 565 3.9 OPEX Reduced
Slide 27: Volta Grande - Preliminary Project Layout
Volta Grande – Preliminary Project Layout TSX: BSX 27
Slide 28: Proposed Location of Plant Facility
Proposed Location of Plant Facility TSX: BSX 28
Slide 29: Regional Geology & BSX Sampling/Geophysics
Regional Geology & BSX Sampling/Geophysics Jatoba BSX airborne survey limit 11 DDH = 2,389m + auger drilling 11m @ 0.3 % Cu (up to 1.38% Cu) Geotem-mag airborne survey 28 km road access from Itata to BUMA grid soil sampling: up to 189 ppb Au (1km line spacing) Garimpinho 79.5 g/t Au in diorite
Slide 30: Artisanal Workings
Artisanal Workings TSX: BSX 30
Slide 31: Patrocinio Tapajos District
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 32: Patrocinio Project Garimpeiro Mining
Patrocinio Project Garimpeiro Mining TSX: BSX 32
Slide 33: LTM Share Performance
LTM Share Performance September 4, 2012 – September 4, 2013 60% Return Over Period 40% 20% – Spot Au: (18%) (20%) S&P/TSX Global Gold: (36%) (40%) Belo Sun: (38%) Emerging Gold Peers: (47%) Producing Gold Peers: (49%) (60%) (80%) Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 1 Source: TD Securiti
Slide 34: 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 Canaccord Genuity Rahul Paul Dundee Capital Markets Joseph Fazzini Macquarie
Slide 35: Camp Site
Camp Site Acampamento da Bel TSX: BSX 35
Slide 36: Aerial View
Aerial View Four Aérea Si Regiao TSX: BSX
Slide 37: Ouro Verde - Block Model Cross Section 900 NW
Ouro Verde – Block Model Cross Section 900 NW SW NE 0m MR Open Pit 70m Mining - Saprolite US$/t 1.06 Mining - Fresh rock Open Pit US$/t 1.41 g/t Au Processing US$/t 11.98 G&A US$/t 2.89 50m -200m 190m Au recovery - Saprolite % 94 Au recovery - Fresh Rock % 94 Selling cost US$ / Oz 13.82 Au Price US$
Slide 38: Ouro Verde - Block Model Cross Section 525 NW
Ouro Verde – Block Model Cross Section 525 NW SW NE 120m 0m 60m MR Open Pit g/t Au 150m Mining - Saprolite US$/t 1.06 Mining - Fresh rock Open Pit US$/t 1.41 Processing US$/t 11.98 G&A US$/t 2.89 -200m Au recovery - Saprolite % 94 Au recovery - Fresh Rock % 94 Selling cost US$ / Oz 13.82 Au Price US
Slide 39: Ouro Verde - Block Model Cross Section 300 NW
Ouro Verde – Block Model Cross Section 300 NW SW NE 0m 25m 120m MR Open Pit g/t Au Mining - Saprolite US$/t 1.06 70m Mining - Fresh rock Open Pit US$/t 1.41 Processing US$/t 11.98 G&A US$/t 2.89 Au recovery - Saprolite % 94 Au recovery - Fresh Rock % 94 -200m Selling cost US$ / Oz 13.82 Au Price US$
Slide 40: Grota Seca - Block Model Cross Section 2575 W
Grota Seca – Block Model Cross Section 2575 W SSW NNE MR Open Pit Mining - Saprolite US$/t 1.06 Mining - Fresh rock Open Pit US$/t 1.41 Processing US$/t 11.98 G&A US$/t 2.89 Au recovery - Saprolite % 94 Au recovery - Fresh Rock % 94 Selling cost US$ / Oz 13.82 Au Price US$ / Oz 1,400.00 Block Size:
Slide 41: Grota Seca - Block Model Cross Section 1875 W
Grota Seca – Block Model Cross Section 1875 W SSW NNE 75m 0m g/t Au 90m MR Open Pit Mining - Saprolite US$/t 1.06 -200m Mining - Fresh rock Open Pit US$/t 1.41 Processing US$/t 11.98 G&A US$/t 2.89 Au recovery - Saprolite % 94 Au recovery - Fresh Rock % 94 30m Selling cost US$ / Oz 13.82 Au Price US
Slide 42: Grota Seca - Block Model Cross Section 825 W
Grota Seca – Block Model Cross Section 825 W SSW NNE 130m 190m g/t Au 0m MR Open Pit -200m Mining - Saprolite US$/t 1.06 Mining - Fresh rock Open Pit US$/t 1.41 60m Processing US$/t 11.98 G&A US$/t 2.89 Au recovery - Saprolite % 94 Au recovery - Fresh Rock % 94 Selling cost US$ / Oz 13.82 Au Price U
Slide 43: Breakdown by Elevation
Breakdown by Elevation VGP - Pit Constrained MR – Sep 2013 (Belo Sun) Tonnage AU_CUT_OK ELEVATION Au Oz T x 1000 g/t 100MD 2,064.839 1.65 109,696 90MD 2,483.037 1.63 130,030 80MD 2,799.670 1.68 150,979 70MD 3,078.703 1.71 169,315 60MD 3,197.871 1.73 177,571 50MD 3,158.016 1.73 175,800 40MD 3,081.058
Slide 44: The Right Deposit, Place, Time, People
THE RIGHT DEPOSIT….. THE RIGHT PLACE ….. THE RIGHT TIME….. THE RIGHT PEOPLE….. TSX: BSX 44
Slide 45: Volta Grande - Potential Crushing Plant
Appendix Volta Grande – Potential Crushing Plant Crushing Annual processing rate 7,000,000 t/y Crushing availability 70.0 % Nominal capacity 1,142 t/h Installed power 375 kW Type Gyratory Crusher Feed top size 1,000 mm Product P80 175 mm Number of units 1 unit Feed silo capacity: 128 t (86 m3) 5 min
Slide 46: Volta Grande - Potential Milling Plant
Appendix Volta Grande – Potential Milling Plant Milling Plant Annual processing rate 7,000,000 t/y Availability 90.0 % Nominal capacity 888 t/h Feed P80 175 mm SAG discharge target P80 2.5 mm Ball mill discharge target P80 0.074 mm SAG mill 36 ft diam. X 20 ft EGL 1 unit Ball mill 26 ft diam. X 33 f
Slide 47: Volta Grande - Potential Leach Plant
Appendix Volta Grande – Potential Leach Plant Leach Plant Annual processing rate 7,000,000 t/y Availability 90.0 % Nominal capacity 888 t/h Feed P80 0.074 mm Leach feed thickener diameter 57.0 m Calculated leach plant recovery 89,23 - 90,91 % Calculated gold produced/week 5,921 - 6,048 oz Calculated
Slide 48: Appendix Pre-feasibility
Appendix Pre-feasibility Life of Mine 10 years Annual production throughput 7 million tpy Metallurgical Recovery 94% Avg annual gold production 313,100 oz/yr Avg waste to ore strip ratio 6.88:1 Avg head grade 1.48 g/t CAPEX US$ 749 million OPEX US$ 31.70/t of Ore Cost per ounce US$ 711.50 NPV @ 5% U
Slide 49: Appendix Pre-feasibility
Appendix Pre-feasibility Mine Fleet Trucks 180 t, Shovels 15m3 Process Gyratory Crusher, SAG and 2 ball mills Gravity Circuit Carbon in Leach Elution and Carbon Regeneration Electrowinning Smelting Cyanide Destruct Tailings Management Facility Situated in a natural basin TSX: BSX 49
Slide 50: Appendix Pre-feasibility
Appendix Pre-feasibility CRUSHING THICKENING STOCKPILE CARBON IN LEACH CYANIDE DETOX SEMI AUTOGENOUS ELUTION CARBON MILLING, BALL REGENERATION MILLING TAILINGS TREATMENT GRAVITY SEPARATION ELECTROWINNING INTENSIVE LEACHING SMELTING DORE BARS TSX: BSX 50
Slide 51: Appendix Comparing PFS x April 2013 (CF)
Appendix Comparing PFS x April 2013 (CF) TSX: BSX
Slide 52: Volta Grande Capital Cost Estimate
Appendix Volta Grande Capital Cost Estimate Value without Taxes Value with Taxes Area Description % of CAPEX (USDx1000) (USDx1000) General (Assemblies) 52,573 57,551 7.68% Mine 121,528 126,127 16.84% Plant – General 91,471 101,508 13.55% Crushing 11,412 12,186 1.63% Storage/Ore transference 5,087 5,
Slide 53: The Largest Developing Gold Project in Brazil
TSX: BSX The LARGEST developing GOLD PROJECT in BRAZIL Corporate Headquarters Helia Bento 65 Queen Street West Investor Relations Suite 815, P.O. Box 75 416-309-2137 Toronto, Ontario M5H 2M5
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