Volta Grande, the Company's primary focus, is an advanced-stage exploration project where an indicated and inferred gold resource has already been delineated. The resource is comprised of 4.7 million measured & indicated ounces of gold (average grade of 1.68 g/t) and 2.4 million inferred ounces of gold (average grade of 1.93 g/t) using a 0.50 g/t cut-off for open pit mineral resources and a 2.0 g/t cut-off for underground mineral resources) (for additional details, see Belo Sun's press release dated April 15, 2013). This resource has been prepared with NI 43-101 standards.

In order to move the Volta Grande Project towards feasibility, Belo Sun launched a large diamond drill program in 2010 aiming at the upgrade and expansion of the current resources. Drill results continue to confirm the potential for further increasing the resources at Volta Grande, 213,300 metres have been drilled to date (as at April 2013). In addition, the environmental permitting process has begun, including further geotechnical and hydrological data collection to advance the mining plan. These studies will serve as the environmental basis for the reference term to be discussed and settled by the competent environmental state agency (SEMA-PA). With the progress of the drilling and increased knowledge of the mineralization model, preliminary metallurgical results were released on October 18, 2011 and additional metallurgical tests are anticipated for further confirmation of the production process and recoveries as part of the Definitive Feasibility Study.

It is important to emphasize that the current resource estimate is limited to a vertical depth of approximately 350m and restricted to 5 km strike length from Ouro Verde and Grota Seca deposits as well as a minor portion at the Bloco Sul target.

Several sections show significant intercepts below this depth indicating very good potential for adding higher grade resources to be developed by underground mining. In addition, there are indications from soil and rock geochemistry anomalies that the mineralization extends to NW and East. As stated previously, a diamond drilling program is currently in progress to test this possibility.

Widespread gold mineralization was identified in the 1990s by past operators TVX Gold (now part of Kinross) and Battle Mountain Exploration (now part of Newmont). Combined, their efforts included more than 27,000 meters of combined core, auger, and reverse circulation drilling and several thousand channel and soil samples. Preliminary metallurgical work indicated that Volta Grande mineralization is amenable to conventional processing methods, with gold recoveries of up to 95% in bottle roll tests.

The shear-hosted resource at Volta Grande is contained in three main areas (Ouro Verde and Grota Seca at the North Block and the South Block), all of them developed by artisanal workings. Within these areas, there are many narrow zones of high-grade gold mineralization, open along strike and at depth, with excellent potential for expansion. There is also potential for the discovery of additional mineralized zones within the large alteration envelope in the host intrusive which has been traced for more than three kilometers along strike. Two types of gold mineralization are present: primary gold in intrusive rocks and secondary gold in an extensive saprolitic zone overlying the primary mineralization.

The property has been mined historically by garimpeiros (artisanal miners) for several decades using both open pit and underground mining methods with several shafts of 80 to 200 meters along high-grade veins. Grab samples from these shafts have assayed as high as 474.9 g/t.

Ongoing Drill Program

There are currently four drill rigs on site and one drilling a regional target. 203,000 metres, 760 holes have been drilled to date (as at April 2013).

Resource Depth

The resource estimate is limited to a vertical depth of approximately 350m is and restricted to 5 km strike length from Ouro Verde and Grota Seca deposits as well as a minor portion at the Bloco Sul target.

Several sections show significant intercepts below this depth indicating very good potential for adding higher grade resources to be developed by underground mining. In addition, there are indications from soil and rock geochemistry anomalies that the mineralization extends to NW and East.

Environmental Permitting and Metallurgy

In addition, the environmental permitting process has begun, including further geotechnical and hydrological data collection to advance the mining plan. These studies will serve as the environmental basis for the reference term to be discussed and settled by the competent environmental state agency (SEMA-PA). With the progress of the drilling and increased knowledge of the mineralization model, additional metallurgical tests are anticipated for confirmation of the production process and recoveries.

The Belo Monte Hydro Dam:

The Belo Monte project is located 20 kilometers upstream of the Volta Grande Project and is presently targeted for commissioning in 2016. Belo Sun anticipates the concurrent development of Belo Monte and Volta Grande will provide great benefit to the development of Volta Grande through several important factors:

1) the creation of additional infrastructure; although Altamira and the surrounding region presently provides suitable infrastructure for the development of the project, additional infrastructure will be established to support the size and scale of the very large Belo Monte construction project in the immediate vicinity of Volta Grande. In particular, established roads and transportation centers will be significantly upgraded. At some stage prior to the commissioning of the Dam, access to the Volta Grande project via the Xingu river may be slightly minimized, however, access by road will be greatly increased. At this early stage of Belo Monte's development, it is undecided which road will be upgraded to service the Belo Monte Project, though the available information regarding Belo Monte suggests that both potential options (see map above) will provide Belo Sun with suitable, and increased access to Volta Grande at no additional cost to Belo Sun.

2) upon dam completion, access to alternative low-cost electricity at an anticipated rate of $0.055 per kilowatt hour; Para State is one of the lowest cost regions of Brazil with regard to power - with access to a 230 kilowatt power line, at present (pre-dam) rates of $0.07 per kilowatt hour, Belo Sun is well situated to enjoy low-cost power with limited addition to initial capital expenditures. Belo Sun anticipates that it will draw its electricity from the power line to be constructed to support the dam construction (138 kV), which will be located a brief distance from Volta Grande in order to reduce ongoing operating expenditures for power.

3) Reduction of river levels; through the development of the Belo Monte Dam which will be built upstream of the Volta Grande Project, river levels will be maintained at the "low-level" point consistently throughout the year. Although the Volta Grande project is situated well above the "high-level" river line, the consistent reduction in water levels will potentially further benefit Belo Sun's access to resources at the Ouro Verde deposit (see photo taken from Ouro Verde below).

In Brazil, mining is permitted close to a river since an "environmental compensation" is applied. A minimum distance from the pit to the river, imposed by safety restrictions, can result in a minimal (at present, approximately 4%) reduction in potential resources at Ouro Verde due to the distance of some discovered resources from the river. Belo Sun has continued to demonstrate the expansion of the Ouro Verde deposit to both the south and the west (away from the river) and continues to drill in this area with the goal of further expanding resources in this direction. The permanent reduction in river levels that will result from damming upstream, may potentially open up resources for discovery to the north in future. It is important to note that the presently defined Grota Seca deposit is not affected by this restriction as it is located well beyond the defined distance from the river line and likewise remains open for further discovery and mining of resources in all directions. (see map below for deposit locations)

Belo Sun anticipates that ample skilled and unskilled laborers will be attracted to the region through the development of the large construction projects which will encompass the Dam's construction.

Past Exploration

From 1996 to 1998, TVX and Battle Mountain Gold Mineração (BMG), in joint venture with Companhia Nacional de Mineração (CNM), carried out systematic exploration including reconnaissance geological mapping, stream sediment geochemical sampling, auger drilling, reverse circulation drilling, and diamond drilling. TVX, on behalf of the other two companies, completed some 21,920 metres of diamond drilling and outlined preliminary pits for development in four target areas. In 2004, TVX was merged with Kinross Gold Corporation (Kinross) and BMG was acquired by Newmont Mining Corporation (Newmont).

In 1998, TVX terminated its joint venture agreement with CNM and transferred all its interests regarding the Volta Grande Property to Confab, the original owner. In 2003, Belo Sun (then Verena) optioned the property and is the current operator. Detailed account of past exploration is provided in a previous Technical Report by Scott Wilson RPA (Agnerian, 2004).

Exploration by Verena

Since 2004, Verena has conducted systematic exploration on the Volta Grande Property. This consisted of soil sampling surveys, auger drilling, detailed topographic surveys, diamond drilling mainly in the North Block, and limited drilling in the South Block.the Eastern Amazonian Craton. In this part of the Amazonian Craton, the regional structures have a northwesterly trend. In the area west of Belém, the southern segment of the Amazonian Craton is underlain by east-northeasttrending Phanerozoic cover rocks of the Amazon Basin.

The Volta Grande Project area is located in the western portion of a west-northwest trending Três Palmeiras greenstone belt, which surrounds the Xingú Complex in central State of Pará, of the Brazilian Shield. The greenstone belt is 3 km to 10 km wide and extends to about 70 km along strike. It comprises Upper Proterozoic metavolcanic and metasedimentary rocks enveloping linear granodioritic to dioritic domes, interpreted to be syntectonic plutons of Proterozoic age.

The Xingú Complex comprises basement granitic gneisses, and all rocks in the area exhibit strong foliation with a number of mylonitic zones and a steeply dipping attitude to the south. Other structures in the area include northeast, north-northeast, north-northwest, and east trending faults.

Rocks of the Xingú Complex are predominantly Archean gneisses originating from tonalite, trondjemite, and granodiorite. In places, they may be migmatitic. The Xingú Complex is subdivided into different groups, including the Igarapé Salobo Group, Igarapé Pojuca Group, Igarapé Bahia Group, Grão Pará Group, Buritirama Group, and Rio FrescoGroup. All of the above Archean-age rocks are intruded by anorogenic granitic bodies, which have an approximate age of 1.86 Ga.

Occasional chert horizons (chemical sediments) and banded iron formation (BIF) are also present within the metasedimentary sequence. A number of anorogenic granitic plutons are also present along the southern contact of the greenstone belt.

In the Volta Grande area, the Três Palmeiras greenstone belt is interpreted to consist of a basal portion of predominantly metasedimentary rocks in the southern part of the belt, mafic volcanic rocks in the northern part of the belt, and synvolcanic intrusions. The sedimentary assemblage includes thin units of chemical sediments (cherts, graphitic sediments and lean oxide-facies iron formation), which serve as marker horizons in the interpretation of the local geology. Both assemblages commonly exhibit strong penetrative fabric (foliation and lineation) as well as metamorphic banding.

In places, where the rock has undergone migmatization, mylonitic zones with associated silicification are commonly observed. Surficial alteration is present in an extensive layer of red saprolite, which covers the entire property, including topographic highs and lows. In general, the subsurface geology can be interpreted from the subtle color differences of the overlying saprolitic material, as follows:

• Dark brick red to brown color resulting from the weathering of underlying metavolcanic and metasedimentary rocks.
• Red to brown color resulting from the weathering of underlying granodioritic rocks.
• Pale brown to beige color resulting from the weathering of underlying gneisses of the Xingú Complex.

In the central part of the North Block, a north-northwest trending lineament separates the southeastern mineralized zones of the Main Area from the northwestern ones at Ouro Verde. This lineament is parallel to other regional lineaments with similar orientation. Field observations indicate a complicated contact relationship between bedrock mineralized area and the overlying saprolitic material.

At Grota Sêca, near the current garimpeiro workings, almost fresh diorite is in sharp contact with saprolitic material, which is at least 8 m thick. This feature could indicates that the saprolite is not made up of regular regolithic material developed on top of bedrock, and is transported by faulting parallel to the major shear zone which hosts the gold mineralization.

There is a number of north-northwest trending regional structures present in the area. One of these is parallel to the segment of the Xingú River. Other structures with similar orientation are present in the area west of Ouro Verde, one of which cuts a northeast trending structure. This area has been explored by soil and overburden (auger) sampling, with positive results, but has not yet been tested by drilling.