TORONTO, ONTARIO--(Marketwired - April 15, 2013) - Belo Sun Mining Corp. (TSX:BSX) has completed an interim updated, mineral resource statement for its 100%-owned Volta Grande gold project in Para State, Brazil. This updated mineral resource statement includes results from 72 additional drill holes (19,669 meters of drilling), for which the results were received prior to January 30, 2013. These drill holes were completed subsequent to the mineral resource statement announced in December 2012.

The results represent an important increase in measured and indicated categories of Belo Sun's estimated mineral resources for the Volta Grande gold project as follows (see Table below for resource estimate details):

• Measured and Indicated Pit Constrained Mineral Resources of 4.7 Million Ounces of gold at an average grade of 1.68 g/t Au, which represents an increase of 16% in these resource categories (from 4.1 Million Ounces) compared with the previous December 2012 update.
  
  
  
  
• Inferred Pit Constrained Mineral Resources of 2.2 Million Ouncesof gold at an average grade of 1.85g/t Au; and
  
  
  
  
• Underground resources of 16,000 ounces of gold at an average grade of 3.33 g/t Au in the Indicated category and 228,000 ounces at an average grade of 3.41 g/t Au in the Inferred category.
  
  
  
  

Mark Eaton, CEO of Belo Sun, commented: "Belo Sun expects to shortly issue a Pre-Feasibility Study based on the December 2012 results and anticipates one more resource update in early Q3 2013 which will be used as the basis for the Definitive Feasibility Study."

The mineral resource statement is reported in compliance with National Instrument 43-101 guidelines; the corresponding Technical Report will be filed under Belo Sun's profile on SEDAR in due course. This is an update incorporating drilling completed since the previously reported resource statement which was issued in December 2012. This resource statement was calculated using the same modeling parameters as were used to complete the December 2012 update. Note key parameters below. The mineral resource model was completed by the Belo Sun team under supervision of David Gower, P.Geo, and Carlos Costa, P.Geo. each of whom is a Qualified Person as defined by National Instrument 43-101.

Some of the more relevant parameters utilized in the current resource estimate are listed below:

Belo Sun is continuing the drilling program to upgrade and expand mineral resources further.

The Mineral Resource Statement ⁽¹⁾ for Volta Grande is presented below

⁽¹⁾ The effective date of the audited mineral resource statement is April 16, 2013. Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates.

Open pit mineral resources are reported at a cut-off grade of 0.5 g/t gold, and underground mineral resources are reported at a cut-off grade of 2.0 g/t gold. Cut-off grades are based on a number of parameters and assumptions including gold price of US$1,400 per troy ounce, 94% metallurgical gold recovery for weathered and unweathered rock, open pit mining costs of US$1.41/tonne, process costs of US$11.98/ tonne, General & Administrative costs of US$2.89/tonne and selling costs (refining, transport, insurance and environment) of US$13.82 per troy ounce.

The quantity and grade of the reported inferred mineral resources are uncertain in nature and there has been insufficient exploration to define the inferred mineral resources as indicated or measured mineral resources and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

The mineral resources have been classified according to the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves (November 2010).

Certain mineral resource estimation parameters:

1. The gold mineralization envelopes were modelled into wireframe solids using a 0.5 g/t Au cut-off grade in fresh and saprolite rocks utilizing vertical and horizontal sections. 3D shells were generated by linking horizontal sections each 10m apart.
2. A specific gravity of 2.75 was used for the Grota Seca and the Ouro Verde deposits and 2.77 for the South Block and 1.36 for the saprolite in both deposits.
3. Estimations are based on original samples capped at 9 - 40 g/t Au depending on the resource domain.
4. The database for the Ouro Verde deposit includes 46 historical core boreholes (8,461 metres) and 232 boreholes (67,054 metres) completed and assayed by Belo Sun since April 2010.
5. The mineralized zones at the Ouro Verde deposit extend for about 2,400 metres along strike. Eight gold mineralization domains were modelled in fresh rock, and one saprolite domain was modelled. The gold mineralization thickness ranges from 2 to 60 metres. The maximum allowed internal dilution is approximately 3 metres.
6. The database for the Grota Seca deposit comprises 11 reverse circulation and 129 historical core boreholes (24,730 metres) and 48 reverse circulation and 332 core boreholes (98,786 metres) completed and assayed by Belo Sun since April 2010 .
7. The mineralized zones at the Grota Seca deposit extend 2,900 metres along strike. Seven gold mineralization domains were modelled in fresh rock, and one saprolite domain was modelled. The gold mineralization thickness ranges from 2 to 70 metres. The maximum allowed internal dilution is approximately 3 metres.
8. The database for the South Block deposits comprises 22 historical core boreholes (3,370 metres and 40 core boreholes (10,905 metres) completed and assayed by Belo Sun since April 2010.
9. The mineralized zones at the South Block deposits extend discontinuously for about 1,900 metres along strike. Three gold mineralization domains were modelled in fresh rock, and one saprolite domain was modelled. The gold mineralization thickness ranges from 2 to 16 metres. The maximum allowed internal dilution is approximately 3 metres.
10. Block model gold grades were estimated using ordinary kriging informed by 1.0 m capped composites. All estimations are based on a percent block model with unitary dimension of 12.5 m E, 5.0 m N and 10 m elevation rotated -17° clockwise in the Ouro Verde and Grota Seca deposits and -25° in the South Block.
11. "Open-pit" mineral resources are reported at a cut-off grade of 0.5 g/t Au. "Underground" mineral resources (outside pit shell) are reported at a cut-off grade of 2.0 g/t Au.
12. Measured mineral resources include all mineralized blocks within one time of the variogram range and informed from a minimum of 3 boreholes in 3 octants.
13. Indicated mineral resources include all mineralized blocks estimated in the first or second estimation runs (within the variogram range), whose estimation required a minimum of two drill holes.
14. Inferred mineral resources include all mineralized blocks not classified as Measured or Indicated in the first and second estimation runs and all blocks estimated in the third estimation run (twice the variogram range).

Quality Assurance and Quality Control

The scientific and technical information in this press release has been reviewed and approved by Carlos Cravo, P.Geo, Project Manager for Belo Sun and David Gower, P.Geo., an advisor to Belo Sun, who are Qualified Persons as defined by National Instrument 43-101. The exploration program is directly supervised by Mr. Carlos Cravo, P.Geo., Belo Sun's Project Manager. Belo Sun's procedures for handling drill core comprise initial description and logging into a Microsoft Access database. Mineralized, suspected mineralized or unmineralized 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 20^th 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 1,000 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 procedure with atomic absorption spectrometry finish. Belo Sun implements analytical quality control measures that include the use of control samples (blanks reference material, duplicates). Those procedures were audited by SRK and found to be consistent with generally recognized international industry best practices for pre-development exploration projects.

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 drill results and this mineral resources estimate on the company, the projected economics of the project, and the company's 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; 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.