China Digital Venture Corp has signed a memorandum of understanding (MoU) with the shareholder group of Sao Camilo Mineradora Group to acquire an equity stake in Sao Camilo, an open pit mining project.
The project will produce and export pellet feeds from iron ore and manganese mining resources located near the city of Sao Raimundo Nonato, south of Piaui State, northeast Brazil.
China Digital Venture Corp director and chief executive officer Robert Price said, "Following our recent investment in Arnevut Resources (a US gold exploration and mining company), our interests in the Sao Camilo Project will definitely be an important step to position ourselves as a unique investment platform into attractive resource projects worldwide."
The 412mm m³ of iron ore reserves are characterised by banded iron formations interspersed with small bands of ferruginous quartzite, while the 50 k tonnes manganese ores are represented by tabular bodies of proto ore silicate.
Sao Camilo has acquired two farms totalling 690 hectares, which cover most of the mining rights, including a location for the construction of plant facilities, piling stocks and tailings dam.
Since it started its exploratory activities in mid-2005, Sao Camilo has developed several research activities aimed at investigating the quality and the volume of the iron and manganese ores.