April 25, 2011 / 12:39 PM / in 7 years

UPDATE 1-Belo Sun to expand resources, fund study at Brazil gold project

* Says will expand operations at Volta Grande gold project

* To invest $12.5 mln for feasibility, engineering studies (Follows alerts)

April 25 (Reuters) - Canadian miner Belo Sun Mining Corp said it will expand its drilling operations to increase the resources at its flagship gold project in Brazil, and will also fund a feasibility study at the project.

The company said it will fund the drill program at the Volta Grande gold project in Para State with funds it raised in a bought deal in March.

It will invest $12.5 million for the completion of a bankable feasibility study and basic engineering studies, the company said in statement.

Earlier this month, Belo Sun had announced a 23 percent increase in the indicated contained ounces and a 5 percent increase in the inferred mineral resources at the project.

Belo Sun, formerly known as Verena Minerals Corp, has two other gold properties in Brazil, the Rainbow Alexandrite project in Goias state and the Patrocinio Gold project in Para State.

Shares of the Toronto-based gold miner closed at C$1.24 on Thursday on the Toronto Venture Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Sriraj Kalluvila)

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