Belo Sun Presentation January 2013

CORPORATE PRESENTATION December 2012

The LARGEST developing

GOLD PROJECT in BRAZIL

TSX: BSX

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 programs,

anticipated permitting and production timetables, and the prospective nature of the Company’s projects. 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 that state that certain

actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are based on

management’s expectations and reasonable assumptions at the time such statements are made. Estimates regarding the anticipated timing,

amount and cost of exploration and development activities are based on assumptions underlying mineral resource estimates and the realization of

such estimates are set out herein. Capital and operating cost estimates are based on historical research of the Corporation and external

consultants, which needs to be updated. 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 but not limited to: general business, economic, competitive, geopolitical and social

uncertainties; reliance on contractors; the actual results of current exploration activities; foreign operations risks; other risks of the mining industry

and those other risk factors that are described in the annual information form. 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.

Carlos Costa, P.Geo, an employee of the Company and a qualified person under NI43-101, has reviewed and approved the scientific and technical

information herein.

2 TSX: BSX

Cautionary Notes

3 TSX: BSX

BSX Opens TSX April 30th, 2012

2012 Summary

2012 Estimated Resource Updates

January 23rd, 2012* - Measured and Indicated Mineral Resources of 2.22M oz @ 1.65 g/t Au, representing 70% increase

- Inferred Mineral Resources of 1.53M oz @ 1.71 g/t Au, representing 38% increase in average gold grade

April 25th, 2012** - Measured and Indicated Mineral Resources of 2.85M oz @ 1.69 g/t Au, representing 28% increase

- Inferred Mineral Resources of 1.97M oz @ 1.70 g/t Au, representing 28% increase

South Block*** - Inferred Pit Constrained Mineral Resources of 3,650,000 tonnes @ 2.64 g/t Au containing 309,700 oz Au

- Inferred Underground Mineral Resources of 381,000 tonnes @ 3.82 g/t Au containing 46,900 oz Au

Dec 18th, 2012**** - Measured and Indicated Mineral Resources of 4.1M oz @ 1.73 g/t Au, representing 44% increase

- Inferred Mineral Resources of 2.8M oz @ 1.96 g/t Au, representing 20% increase

Strengthened Management Team with addition of engineering staff in both Toronto and Belo Horizonte offices

Mike Hoffman as VP of Engineering

Ian Pritchard as COO, Toronto

Joaquim Alvarenga as General Manager of Operations, Brazil

Donald Clarke as advisor to Belo Sun

Graduated to the TSX February 16th, 2012

Reached 190km, 788 holes of drilling October, 2012

4 TSX: BSX

2012 Overview

* Details regarding mineral resource estimate can be found in the Press Release dated January 23rd, 2012 that has been filed under the profile of the Company on SEDAR.

Please see slide 46 for full information regarding mineral resource estimates.

** Details regarding mineral resource estimate can be found in the Press Release dated April 25 th, 2012 that has been filed under the profile of the Company on SEDAR.

*** Details regarding mineral resource estimate can be found in the Press Release dated June 11th, 2012 that has been filed under the profile of the Company on SEDAR.

**** Details regarding mineral resource estimate can be found in the Press Release dated Dec 18 th, 2012 that has been filed under the profile of the Company on SEDAR.

5 TSX: BSX

Experienced Board & Management

BOARD OF DIRECTORS

Peter Tagliamonte (Chairman) Engineer

Stan Bharti

Engineer

Jay Hodgson Geologist

Clay Hoes Geologist

Rui Santos Lawyer

Catherine Stretch

Director

MANAGEMENT

BRAZIL OPERATIONS

Carlos Costa Geologist (30 years experience)

Paulo Fernando Engineer (27 years experience)

Ricardo Lopes Geologist (27 years experience)

Omar Antunes Chemical Engineer (30 years experience)

Joaquim Alvarenga Engineer (15 years experience)

TORONTO OFFICE

Ian Pritchard Chief Operating Officer

Ryan Ptolemy Chief Financial Officer

Mike Hoffman Vice President of Engineering

Pat Gleeson Corporate Secretary

Simon Marcotte VP Corporate Development

Helia Bento Marketing Manager

Mark Eaton President & CEO (25 years Capital Markets experience)

Helio Diniz VP Exploration (30 years experience)

Shares Outstanding No. 265.9 million

Fully Diluted No. 285.9 million

Share Price C$ $1.70 *

Market Capitalization C$ $452 million

52 Week High & Low C$ $1.73 - $0.76

Average Daily Volume (3 month average)

No. 1,000,000

Cash & Cash Equivalents

C$ $55.9 million **

6 TSX: BSX

Capital Structure

*As at Nov 19th , 2012

**As at Sept 30th , 2012 (plus net proceeds of Oct 2012 closing)

Volta Grande

(4.1 Moz M&I)

(2.6 Moz Inf)

7 TSX: BSX

Key Projects

8

Volta Grande Infrastructure

TSX: BSX

*Please see slide 53 for full information regarding mineral resource estimates

9

Volta Grande

TSX: BSX

Ouro Verde

Measured & Indicated:

37.8 Mt (2.2M oz) @

1.78 g/t Au

Inferred:

19.6 Mt (1.1M oz) @

1.71 g/t Au

Grota Seca


35.9 Mt (1.9M oz) @

1.67 g/t Au

Inferred:

18.9 Mt (1.2M oz) @

1.83 g/t Au

South Block

Inferred:

5.8 Mt (522k oz) @

2.73 g/t Au

Ouro Verde

Grota Seca


73.8 Mt (4.1M oz) @1.73 g/t Au

Inferred:

44.2 Mt (2.8M oz) @ 1.96 g/t Au

10

Volta Grande Topography

TSX: BSX

View from Ouro Verde

• Deposit located well above

water line

• Upstream damming of river

will further reduce river level

0

500

1,000

1,500

2,000

2,500

3,000

Au

oz (

00

0s

)

Indicated Resources (oz)

Inferred Resources (oz)

Measured Resources (oz)

1.66 g/t Au

1.74 g/t Au

1.69 g/t Au

1.81 g/t Au

New Resource

Q4 2012

Resource Expansion 2009 – 2012

Under Present Management

1.11

g/t Au

0.95 g/t Au

1.24 g/t Au

1.39 g/t Au

Verena (Pre BSX)

• 170 Drill Holes

Included in

Resource

• 42 Additional

Drill Holes

Included

in Resource

• 137 Additional

Drill Holes

Included

in Resource

Sept 2009 Apr 2011 Jan 2012

11 TSX: BSX

Apr 2012

• 112 Additional

Drill Holes

Included in

Resource

75

,00

0 m

etr

es d

rille

d in 2

011

12 TSX: BSX

Mineral “In Situ” Resources Sensitivity

13 TSX: BSX

Volta Grande Drilling Program 2010 – 2012

+ 193,000 meters (788 holes)

Completed since April 2010

Grota Seca

South Block

Ouro Verde

Exploration Camp

14

Brownfields Exploration

TSX: BSX

GRANDE

*South Block Inferred Resource Estimate

-Inferred Pit Constrained – 5.4M tonnes

@ 2.73 g/t Au containing 471k oz Au

- Inferred Underground – 408k tons @ 3.89

g/t Au containing 51k oz Au

* Details regarding mineral resource estimate can be found in the Press Release dated Dec 18th , 2012 that has been filed under the profile

of the Company on SEDAR.

Target Areas for future

resource expansion

15 TSX: BSX

Regional Geology & BSX Sampling/Geophysics

Garimpinho

79.5 g/t Au in diorite

Javae

120.9 g/t quartz vein colluvium/alluvium

Surubim Buma *

28 km road access from Itata to BUMA

BSX airborne survey limit

BSX airborne Mag/Rad Survey – covered 130km strike (pending data processing)

Eastern part of the greenstone was not covered in previous work

7 DDH = 1,100m + auger drilling

700,000t @ 0.8 g/t Au (oxide)

grab sample 60 g/t Au (VQz)

Jatoba

11 DDH = 2,389m + auger drilling

11m @ 0.3 % Cu (up to 1.38% Cu)

Geotem-mag airborne survey

grid soil sampling: up to 189 ppb Au

(1km line spacing)

* Historical Resource - Non NI 43-101 Compliant and should not be relied upon.

16 TSX: BSX

Ouro Verde – Block Model Cross Section 900 NW

0m

-200m

105m

35m

50m

SW NE

-100m

100m

-300m

Block Size: 12.5 X 5.0 X 10.0 m

MR Open Pit

Mining - Saprolite US$/t 1.05

Mining - Fresh rock Open Pit US$/t 1.30

Processing US$/t 8.00

G & A US$/t 2.00

Au recovery - Saprolite % 90

Au recovery - Fresh Rock % 95

Au Price US$ / Oz 1,300.00

g/t Au

17 TSX: BSX


0m

-200m

-100m

150m

35m

50m

SW NE

50m

-300m

100m

Block Size: 12.5 X 5.0 X 10.0 m

MR Open Pit




G & A US$/t 2.00




g/t Au

18 TSX: BSX


95m

25m

SW NE

40m

0m

-200m

-100m

100m

Block Size: 12.5 X 5.0 X 10.0 m

MR Open Pit




G & A US$/t 2.00




g/t Au

19 TSX: BSX

Grota Seca – Block Model Cross Section 2575 W

0m

-100m

-200m

65m

40m

30m

20m

100m

SSW NNE

MR Open Pit




G & A US$/t 2.00




Block Size: 12.5 X 5.0 X 10.0 m

g/t Au

-400m

20 TSX: BSX


0m

-200m

90m

40m

20m

75m

200m SSW NNE

MR Open Pit




G & A US$/t 2.00




Block Size: 12.5 X 5.0 X 10.0 m

g/t Au

21


TSX: BSX

0m

-400m

-200m

150m

60m

20m

90m

200m

SSW NNE

Block Size: 12.5 X 5.0 X 10.0 m

MR Open Pit




G & A US$/t 2.00




g/t Au

22 TSX: BSX

MR Expansion – OV Non Estimated Solids

Measured

Indicated

Inferred

800NW

Already drilled

23 TSX: BSX

MR Expansion & Classification - OV

Cross Sec 775NW

Measured

Indicated

Inferred

Current Situation

MR Open Pit

0m

-200m

-400m

24 TSX: BSX

MR Expansion – GS Non Estimated Solids

500 m

100 m

Measured

Indicated

Inferred Drill holes Already Planned

2200W

25 TSX: BSX

MR Expansion & Classification - GS

Cross Sec 725W

Measured

Indicated

Inferred

Current Situation

MR Open Pit

0m

-200m

-400m

200m

Percent Block Model

(% of 3D Solid inside of each block)

Advantages:

1- No difference between the volume of Solids and Blocks

2- Best block model type to calculate dilution during the mining studies

3- All geological interpretation is covered by blocks

Percent Block Model Type

27 TSX: BSX

Volta Grande – Preliminary Project Layout

28 TSX: BSX

Proposed Location of Plant Facility

29 TSX: BSX

Project Timeline

Preliminary License – LP

Installation License – LI

Definitive Feasibility Study

Detailed Engineering

Order Long Lead Time Items

Construction

Production Start Up ¹

Operation License – LO

Updated Resource Estimate

¹ Anticipated timeline is subject to completing a positive feasibility study and a decision by the board to begin production.

30 TSX: BSX

Breakdown by Elevation

VGP - Pit Constrained MR - Apr_2012 (Belo Sun)

ELEVATION Tonnage AU_CUT_OK

Au Oz T x 1000 g/t

100MD 2,135.787 1.57 107,947

90MD 2,575.962 1.55 128,338

80MD 2,908.453 1.59 148,862

70MD 3,163.029 1.62 164,690

60MD 3,286.139 1.61 170,264

50MD 3,316.202 1.63 173,784

40MD 3,324.782 1.65 176,134

30MD 3,317.780 1.65 176,190

20MD 3,266.704 1.62 170,277

10MD 3,212.309 1.62 166,952

0MD 3,180.902 1.65 168,877

-10MD 3,120.397 1.67 167,479

-20MD 3,029.636 1.69 165,074

-30MD 2,969.356 1.72 164,354

-40MD 2,894.970 1.73 160,901

-50MD 2,802.297 1.74 156,537

-60MD 2,723.706 1.74 152,724

-70MD 2,625.806 1.74 147,094

-80MD 2,503.253 1.76 142,042

-90MD 2,367.945 1.79 135,983

-100MD 2,245.457 1.80 129,940

-110MD 2,124.432 1.79 122,596

-120MD 1,990.277 1.75 112,275

-130MD 1,857.414 1.77 105,407

-140MD 1,732.435 1.80 100,167

31 TSX: BSX

Ouro Verde - Block Model 3D View

45 m

110 m

35 m

45 m

LOOKING SE (Pit year 2)

32 TSX: BSX

Grota Seca - Block Model 3D View

105 m

25 m

CENTRAL PORTION - LOOKING NW (Pit Year 5)

35 m

35 m

20 m

33 TSX: BSX

Patrocinio Location Map

18,750 Ha in the prolific Tapajos gold province

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 completed

One hole returned 23.35m of 1.35 g/t Au

Next phase of drilling planned – 3000m

Q1 2013 34 TSX: BSX

Patrocinio Tapajos District

Patrocinio Project Garimpeiro Mining

35 TSX: BSX

36 TSX: BSX

Top 12 Countries for Mining Investment

Country 2012 Total

Points

2012 Change

vs 2011

2011 Total

Points

2010 Total

Points

Australia 57 0 57 61

Canada 52 0 52 56

Chile 51 0 51 49

Brazil 45 0 45 42

Mexico 43 (-1) 44 45

United States 41 0 41 42

Colombia 39 0 39 39

Botswana 37 0 37 36

Peru 36 (-1) 37 33

Ghana 36 2 34 36

Namibia 33 2 31 31

Tanzania 32 0 32 32

Source: Behre Dolbear Group Inc. – www.dolbear.com

37 TSX: BSX

Historical Gold Price in Brazilian Reais

Spot Au: 1%

Emerging Gold Peers: (13%)

S&P/TSX Global Gold: (22%)

Belo Sun: 44%

Producing Gold Peers: (15%)

(40%)

(30%)

(20%)

(10%)

–

10%

20%

30%

40%

50%

Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12

1

Return Over Period

38 TSX: BSX

LTM Share Performance

November 19, 2011 – November 19, 2012

Source: TD Securities November 19, 2012, Bloomberg

(1) Producer gold peers index includes: Alamos, Argonaut, Aurizon, B2Gold, Centamin Egypt, Kirkland Lake, Rio Alto, San Gold and Semafo

(2) Developer gold peers index includes: Carpathian, Guyana Goldfields, Lydian, Rainy River, Romarco, Sandspring, Sulliden and Torex

39 TSX: BSX

Belo Sun Peers Share Price to NAV Ratio

0.00

0.20

0.40

0.60

0.80

1.00

1.20

Be

lo S

un

Go

ld C

an

yo

n

Ore

zo

ne

Pre

mie

r

No

n-P

rod

uce

r A

ve

rage

Rain

y R

ive

r

Qu

ee

nsto

n

Ke

ega

n

Pilo

t

Pre

tivm

Ca

na

co

Deto

ur

Pro

du

ce

r A

ve

rage

P/N

AV

Mu

ltip

le A

t U

S$

1,5

00

/oz. G

old

Source: Jeff Kileen, CIBC World Markets Inc., Nov 21st, 2012

40 TSX: BSX

Independent Research 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 Capital Markets Michael Gray

THE FOREGOING LIST INCLUDES THE NAMES OF ALL FIRMS CURRENTLY KNOWN BY THE COMPANY TO HAVE ANALYSTS COVERING THE COMPANY. THIS LIST MAY NOT BE COMPLETE AND IS SUBJECT TO

CHANGE BY FIRMS' CHANGING OF COVERAGE. PLEASE NOTE THAT ANY OPINIONS, ESTIMATES OR FORECASTS REGARDING THE COMPANY MADE BY THESE ANALYSTS ARE THEIRS ALONE AND MAY NOT

REPRESENT THOSE OF THE COMPANY. THE COMPANY IS PROVIDING THIS LISTING AS A SERVICE TO ITS STOCKHOLDERS AND, BY LISTING, IS NOT IMPLYING ITS ENDORSEMENT OF OR CONCURRENCE

WITH SUCH ANALYST REPORTS. THOSE INTERESTED IN SUCH REPORTS SHOULD OBTAIN THEIR OWN COPIES AND CONTACT THEIR BROKERS OR THE RESPECTIVE FIRMS.

Independent Research – Full Coverage

Independent Research – Research Notes

Firm Analyst

Exploration Insights Brent Cook

41 TSX: BSX

Camp Site

42 TSX: BSX

Aerial View

43 TSX: BSX

Artisanal Mining

44 TSX: BSX

Artisanal Mining

45 TSX: BSX

Artisanal Mining

For more information,

please contact:

Phone: 416.309.2137

www.belosun.com

TSX: BSX

46 TSX: BSX

47 TSX: BSX

Volta Grande Potential Plant Process Flowsheet

Bullion

Leaching/Adsorption (CIP) Cyanide Destruction

Caustic Soda/Cyanide

Elution & Electrowinning

Fluxes (Silica,Borax, etc)

Electrowinning Cathode Treatment & Smelt Hydrogen Peroxyde

Thickening Tailings Dam

Rich Solution Tailings SlurryLime/Cyanide Tailings Slurry

Concentrate RejectsLime/Cyanide Flocculant

Intensive Leach of Conc. Reagents

Mine (7,000,000 t/year)

Crushing/Stockpiling

Milling (SABC)Rejects Tailings Dam Water Recycle to Plant

Gravity Circuit Cyclones

48 TSX: BSX

Volta Grande Potential Metallurgical Plant

Gold production 308,718 - 315,358

Metallurgical PlantPlant feed grade 1.475 g/tOverall plant recovery 93.0 - 95.0 %

oz/yAnnual processing rate 7,000,000 t/yCrushing availability 70.0 %Milling availability 90.0 %Gravity circuit availability 90.0 %Gravity gold recovery 35.0 - 45.0 %

oz/yGravity circuit production 116,185 - 149,380Leach plant availability 90.00 %

oz/yLeach circuit production 192,532 - 165,978

49 TSX: BSX

Volta Grande – Potential Crushing Plant

CrushingAnnual processing rate 7,000,000 t/yCrushing availability 70.0 %Nominal capacity 1,142 t/hInstalled power 375 kWType Gyratory CrusherFeed top size 1,000 mmProduct P80 175 mmNumber of units 1 unitFeed silo capacity: 128 t (86 m3) 5 min.

50 TSX: BSX

Volta Grande – Potential Milling Plant

Milling PlantAnnual processing rate 7,000,000 t/yAvailability 90.0 %Nominal capacity 888 t/hFeed P80 175 mmSAG discharge target P80 2.5 mmBall mill discharge target P80 0.074 mmSAG mill 36 ft diam. X 20 ft EGL 1 unitBall mill 26 ft diam. X 33 ft EGL 2 unitsPebble crusher (Cone crusher) 2 unitsPebble crusher nominal capacity 373 t/hGravity concentrator 40" diameter 4 unitsGravity plant feed rate (30% Cyclone OF) 533 t/hBond ball mill work index 18.4 kWh/t

Abrasion index (AI) 0.647 -

Ore specific gravity 2.65 t/m3

51 TSX: BSX

Volta Grande – Potential Leach Plant

Calculated leach plant recovery 89,23 - 90,91Calculated gold produced/week 5,921 - 6,048Calculated silver produced/week 7,240 -7,396

Leach PlantAnnual processing rate 7,000,000 t/yAvailability 90.0 %Nominal capacity 888 t/hFeed P80 0.074 mmLeach feed thickener diameter 57.0 m

oz

%oz

52 TSX: BSX

Mineral Resource Estimate

VOLTA GRANDE PROJECT RESOURCE ESTIMATE

VOLTA GRANDE RESOURCE ESTIMATE MEASURED INDICATED MEASURED +

INDICATED INFERRED

Ouro Verde Pit Constrained Tonnes (‘000s) 20,789 17,034 37,823 18,640

Grade (g/t Au) 1.85 1.69 1.78 1.71

Ounces (‘000s) 1,237 926 2,162 1,025

Ouro Verde Underground Tonnes (‘000s) 38 38 954

Grade (g/t Au) 2.78 2.78 2.94

Ounces (‘000s) 3 3 90

Grota Seca Pit Constrained Tonnes (‘000s) 21,629 14,133 35,762 18,124

Grade (g/t Au) 1.61 1.77 1.67 1.83

Ounces (‘000s) 1,120 804 1,924 1,066

Grota Seca Underground Tonnes (‘000s) 161 161 752

Grade (g/t Au) 3.37 3.37 3.64

Ounces (‘000s) 17 17 88

South Block Pit Constrained Tonnes (‘000s) 5,368

Grade (g/t Au) 2.73

Ounces (‘000s) 471

South Block Underground Tonnes (‘000s) 408

Grade (g/t Au) 3.89

Ounces (‘000s) 51

Tonnes (‘000s) 42,418 31,366 73,784 44,246

TOTAL VG Grade (g/t Au) 1.73 1.74 1.73 1.96

Ounces (‘000s) 2,356 1,751 4,107 2,791

• Details regarding mineral resource estimate can be found in the press release dated Dec 18th, 2012 that has been filed under the profile of the Company on SEDAR.

53

Appendix

Mineral Resources Parameters

TSX: BSX

a) 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 the sections.

b) A specific gravity of 2.75 was used for the Grota Seca (GS) and the Ouro Verde (OV) deposits and 2.77 for the South

Block and 1.36 for the saprolite in both deposits.

c) Estimations are based on original samples capped at 9 - 40 g/t Au depending on the resource domain.

d) The database for the Ouro Verde Deposit includes 45 historical core boreholes (8,190 metres) and 214 boreholes (61,284

metres) completed and assayed by Belo Sun since April 2010.

e) 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 55 metres. The maximum allowed internal dilution is approximately 3 metres.

f) The database for the Grota Seca Deposit comprises 11 reverse circulation and 129 historical core boreholes (24,730

metres) and 48 reverse circulation and 279 core boreholes (85,155 metres) completed and assayed by Belo Sun since

April 2010 .

g) 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.

h) 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.

i) 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.

j) 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.

k) “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.

l) 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.

m) Indicated mineral resources include all mineralized blocks within one time of the variogram range and informed from a

minimum of 2 boreholes using an elliptical search.

n) Inferred mineral resources include all mineralized blocks estimated during the first and second estimation runs using full

variogram ranges and blocks estimated within two times of the variogram range and informed from a minimum of 2

boreholes.

Approximately 74% (65 million tonnes) of the resource occurs within

200 meters from surface

54 TSX: BSX

Appendix Resource Depth

100

74

55

35

15

0 10 20 30 40 50 60 70 80 90 100

> 200m

< 200m

< 150m

< 100m

< 50m

Me

ters

be

low

actu

al

top

ogra

ph

ic s

urf

ace

Cumulative Tons (%)

13M tonnes

31M tonnes

49M tonnes

65M tonnes

89M tonnes

55 TSX: BSX

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 Seca

Weak to moderate

silicification in diorite with

minor sulphides (mainly py) –

Ouro Verde

Intense silicification

overprinted by sulphide

alteration (py) and potassium

alteration (sericitization)

– South Block

56

Appendix Project Overview

TSX: BSX

Definitive Feasibility Study underway - AMEC Minproc Engenharia e Consultoria Limitada – Q3 2013

193,000 metres and 788 holes drilled to date

ACME Preparation Lab on site for assays – Construction Completed July 2011

Preliminary Mining Engineering Studies – NCL – Completed June 2011

Diagnostic Leach Test Work completed by TESTWORK Ltda (Walter de Moura).

Comminution and Process Development Test Work completed by HAD Ltda (Homero Delbony)

Initiated advanced Metallurgical testing by LAKEFIELD Chile

Environmental studies (EIA/RIMA) – BRANDT– Completed

Geotechnical, hydrologic and hydrogeologic studies – VOGBR – Ongoing

– Completion expected Q4 2012

Regional geological studies and exploration program initiated

Community and social impact studies – INTEGRATIO initiated

Belo Sun Presentation January 2013

Documents

mineral resources

forwardlooking information

mineral resource estimates

technical information

forwardlooking statements

annual information form

press release

operating cost estimates