Cabral Gold Appoints Luiz Celaro as Construction Manager for Cuiú Cuiú Gold Project

Rhea-AI Summary

Cabral Gold (TSXV: CBR, OTC: CBGZF) has appointed Luiz Celaro as Construction Manager for the Cuiú Cuiú heap leach starter project. Celaro, a mining engineer with an MBA in Environmental Management, brings extensive experience in building and operating mining projects in Brazil, particularly heap leach gold projects. His previous roles include Vice President at Vale and Senior Construction Manager at the Amapari project, Brazil's largest heap leach gold project during 2004-2006.

This appointment marks Cabral's transition from exploration to production. The company anticipates an updated PFS and construction decision for its initial heap leach starter project in the coming months. Celaro's expertise includes managing seven gold mining projects, with six focused on mine construction, and successful project delivery across Brazil, Mozambique, and Guyana.

Positive

• Strategic hire with extensive heap leach gold project experience in Brazil
• Signals company's transition from exploration to production phase
• Construction decision and updated PFS expected in coming months
• New manager brings proven track record of completing projects on time and within budget

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - May 15, 2025) - Cabral Gold Inc. (TSXV: CBR) (OTC Pink: CBGZF) ("Cabral" or the "Company") is pleased to announce that it has appointed Mr. Luiz Celaro as Construction Manager for the Cuiú Cuiú heap leach starter project, effective immediately.

Alan Carter, Cabral's President and CEO, commented, "We are very pleased that Luiz has elected to join our team. He brings a wealth of valuable expertise and experience in terms of building and operating both large and small mining projects in Brazil, particularly heap leach gold projects. His appointment marks another important step in our transition from a junior exploration focused company to a junior producer. We look forward to working with Luiz to deliver the updated PFS, and an anticipated construction decision for our initial heap leach starter project, in the next few months."

Luiz Celaro is a mining engineer with an MBA in Environmental Management, and has experience and expertise in project leadership, construction, and operations in the mining and metals sector. He has previously held various positions at Vale, including Vice President based in New York. Luiz has managed seven gold mining projects of varying scales, including six on mine construction projects, several of which were heap leach gold projects. With a track record of driving large-scale mining projects to completion across Brazil, Mozambique, and Guyana, Luiz is experienced in leading teams and optimizing operations to deliver projects on time and within budget, while ensuring compliance with safety, environmental, and social standards.

Mr. Celaro was educated at the University of Nottingham, UK and the Universidade Federal do Rio Grande do Sul. Brazil. He also has an MBA in Environmental Management from the Fundação Getulio Vargas, Brazil.

Mr. Celaro has extensive experience of building and operating heap leach gold projects in tropical environments. Specifically, he was the Senior Construction Manager at the Amapari project in northern Brazil, which at that time (2004 - 2006) was the largest heap leach gold project in Brazil. In addition, he was the Project Director at the Aurizona gold project (now owned by Equinox Gold) from mid-2006 until early 2010. More recently he was the Director for Fides Mining, a private Brazilian company, which developed and operated the Mina União heap leach gold project near Peixoto in northern Matto Grosso.

About Cabral Gold Inc.

The Company is a junior resource company engaged in the identification, exploration, and development of mineral properties, with a primary focus on gold properties located in Brazil. The Company has a 100% interest in the Cuiú Cuiú gold district located in the Tapajós Region, within the state of Pará in northern Brazil. Three main gold deposits have so far been defined at the Cuiú Cuiú project which contain National Instrument ("NI") 43-101 compliant Indicated resources of 12.29Mt @ 1.14 g/t gold (450,200oz) in fresh basement material and 11.11Mt @ 0.48 g/t gold (171,883oz) in oxide material. The project also contains Inferred resources of 13.63Mt @ 1.04 g/t gold (455,100oz) in fresh basement material and 12.22Mt @ 0.39 g/t gold (151,608oz) in oxide material. The resource estimate for the primary material is based on the NI 43-101 technical report dated October 12, 2022.The resource estimate for the oxide material is based on an NI 43-101 compliant estimate released on October 21, 2024.

The Tapajós Gold Province is the site of the largest gold rush in Brazil's history which according to the ANM (Agência Nacional de Mineração or National Mining Agency of Brazil) produced an estimated 30 to 50 million ounces of placer gold between 1978 and 1995. Cuiú Cuiú was the largest area of placer gold workings in the Tapajós and produced an estimated 2Moz of placer gold historically.

FOR FURTHER INFORMATION PLEASE CONTACT:

"Alan Carter"

President and Chief Executive Officer
Cabral Gold Inc.

Tel: 604.676.5660

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statements

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of the words "will", "expected" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/252238

FAQ

Who is Luiz Celaro and what is his role at Cabral Gold (CBGZF)?

Luiz Celaro is the newly appointed Construction Manager for Cabral Gold's Cuiú Cuiú heap leach starter project. He is a mining engineer with an MBA in Environmental Management and extensive experience in building and operating mining projects in Brazil.

What experience does Luiz Celaro bring to Cabral Gold (CBGZF)?

Celaro has managed seven gold mining projects, including six mine construction projects, and previously served as Vale's Vice President. He has experience with heap leach gold projects in Brazil, including the Amapari project and Aurizona gold project.

What are Cabral Gold's (CBGZF) near-term plans for the Cuiú Cuiú project?

Cabral Gold plans to deliver an updated PFS (Pre-Feasibility Study) and expects to make a construction decision for their initial heap leach starter project in the next few months.

How does this appointment impact Cabral Gold's (CBGZF) business strategy?

This appointment marks Cabral Gold's strategic transition from a junior exploration-focused company to a junior producer, indicating advancement toward production at their Cuiú Cuiú project.