TORONTO, ONTARIO--(Marketwire - Sept. 4, 2012) - Belo Sun Mining Corp. (TSX:BSX) (the "Company" or "Belo Sun") is pleased to announce that it has completed 81,664 meters of Diamond drilling in 292 holes at its Volta Grande Gold Project since December 2011. The drilling program just completed was designed to expand and upgrade the mineral resources that will support the definitive feasibility study for the development of the project. The Company will freeze the data base upon receipt of all assays from this program and this will become the basis for completing the prefeasibility and feasibility studies. The new resource estimate is scheduled to be released in Q4 2012.

A summary of the drilling is presented below:

This represents a very important milestone for the Company and the new resource estimate update, which will be the fourth update released this year, is the largest in terms of number of holes and meters in the history of the Volta Grande Project. Since it is expected that there will be a substantial upgrade and an increase in the measured and indicated resource categories, the Company will wait for the completion of the resource modeling to support the mine development plan in the pre-feasibility studies currently in progress. The pre-feasibility study (PFS) is now scheduled to be completed at the end of Q4 2012 or early next year.

Mark Eaton, CEO of Belo Sun comments; "If we were to complete the PFS with such a high volume of data pending, the study would be out of date before it was finished. We are fortunate to be confronted with a deposit such as at Volta Grande that continues to expand."

Included in this release are the assay results from 68 additional drill holes from this program, of which 39 are from the Grota Seca deposit, 19 from the Ouro Verde deposit and 10 from the South block area. The complete results and selected cross sections are presented below. Highlights from the holes included in this release include:

• Hole VVGD-380 (Grota Seca Cross Section 725W) intersected multiple mineralized zones such as 19.24 meters grading 5.31 g/t Au (from 237.50 meters) including 9.77 meters grading 10.08 g/t Au (from 240.11 meters).
• Hole VVGD-462 (Grota Seca Cross Section 1300 W) intersected multiple mineralized zones such as 10.80 meters grading 15.42 g/t Au.
• Significant down dip intercepts at Ouro Verde deposit such as in hole VVGD-417 at section 800 NW with 58.00 meters grading 1.10 g/t Au (from 234.00 meters) including 17.30 meters grading 2.20 g/t Au (from 259.70 meters).
• At the South Block, Grande Deposit the highlight is hole VVGD-443 with 5.15 meters grading 12.97 g/t Au.

Helio Diniz, the Vice President, Exploration for Belo Sun, stated, "We are very pleased with the terrific work done by our exploration team. It is an outstanding achievement to complete all this drilling in a relatively short time frame. We are confident that the new resource estimate will provide for a robust pre-feasibility study in support of the development plan. Drilling continues at the Volta Grande Gold project with a focus on identifying additional mineral resources throughout the Três Palmeiras greenstone belt. The holes reported here are the final holes to be incorporated in support of the PFS."

Quality Assurance and Quality Control

The scientific and technical information in this press release has been reviewed and approved by David Gower, P. Geo., an advisor to Belo Sun and a Qualified Person as defined by National Instrument 43-101. The exploration program is directly supervised by Mr. Carlos Cravo, P. Geo., Belo Sun's exploration manager. Belo Sun's procedures for handling drill core comprise initial description and logging into a Microsoft Access database. Mineralized, suspected mineralized or not intervals in the drill holes are described in detail and marked for sampling. Core is then cut in half with the right-hand portion of the core put into plastic sample bags and sealed. The left-hand portion is returned to the core box and is stored for future reference or study. Assay standard and "Blank" samples are inserted every 20th sample. These samples are then delivered to ACME Labs sample preparation facility at the Project site. The assay samples are then fine-crushed to better than 80% passing 10 mesh screens, with an assay pulp split of up to 1000 grams pulverized to better than 85% passing 200 mesh screen. Samples are assayed at ACME Labs in Santiago, Chile, using a 50 gram fire assay with AAS finish. These QA/QC procedures provide several measures of data quality and assure the Company that the assay data is representative of the original sample.

About the Company

Belo Sun Mining Corp. is a Canadian-based mineral exploration company with a portfolio of properties focused on gold in Brazil. Belo Sun's primary focus is on advancing and expanding its 100% owned Volta Grande Gold Project, located in Para State. Belo Sun trades on the TSX under the symbol "BSX". For more information about Belo Sun please visit www.belosun.com.

Cautionary Statement on Forward Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the impact of these drill results on the Company and its understanding of the project; statements with respect to the development potential and timetable of the project; the estimation of mineral resources; realization of mineral resource estimates; the timing and amount of estimated future exploration; the timing of future resource estimates and the prefeasibility study; costs of future activities; capital and operating expenditures; success of exploration activities; currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com and on the Company's website at www.belosun.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

To view the figures associated with this release, please visit the following links:

Figure 1: http://file.marketwire.com/release/BSXFig1.bmp

Figure 2: http://file.marketwire.com/release/BSXFig2.bmp

Figure 3: http://file.marketwire.com/release/BSXFig3.bmp

Figure 4: http://file.marketwire.com/release/BSXFig4.bmp

Figure 5: http://file.marketwire.com/release/BSXFig5.bmp

Figure 6: http://file.marketwire.com/release/BSXFig6.bmp

Figure 7: http://file.marketwire.com/release/BSXFig7.bmp

Figure 8: http://file.marketwire.com/release/BSXFig8.bmp