The transaction was executred for a comprehensive price consideration of $12m issued through cash as well as common shares.
The project is located on the Gurupi Gold Belt and is spread across 4,742ha comprising two mining and three exploration licenses.
Brazil Resources chairman Amir Adnani said that the company will develop the Cachoeira Project, building upon the exploration and development work previously completed by Luna and its predecessors.
"We continue to assess other potential opportunities in the prolific Gurupi Gold Belt, with a view towards adding to the Company’s four current projects here," said Adnani.
Brazil Resources president and CEO Steve Swatton added, "Moving forward, Brazil Resources plans to coordinate with the local community and commence a work program on the property that will include, among other things, additional drilling at the Cachoeira Project with the goal of expanding and further defining the current resources, and completing additional studies and reports in connection with fulfilling license requirements."
