February 21, 2012 at 09:22:51 EST by Proactive Investors
Junior explorer Eagle Star Minerals (CVE:EGE) last week refocused its strategy on phosphate exploration in Brazil - a plan CEO Eran Friedlander said gives the company a "competitive edge", and puts it on the path for a "very successful" year ahead.
The company, which was initially focused on developing its Brazilian Angico iron ore project, said it had recognized certain "opportunistic trends" in Brazil over the past year, taking note of a significant lack of sufficient domestic supply of agro-minerals, and as a result, decided to reposition itself to focus on agro-minerals projects in the country.
Friedlander said his company benefits from having a local geological team with "extensive technical knowledge" of the Brazilian mining industry, as well as from senior advisors with a background in mining operations located in the South American country.
With the help of this team, Eagle Star's CEO said the company was able to attain a significant amount of information on where mining opportunities are in Brazil at the moment, and was able to understand that the "best opportunity" was in agro-minerals.
Indeed, Eagle Star works fast. Monday last week, it acquired the Samba phosphate project located in the western portion of Piaui state in Brazil, and has staked areas with significant potential to host large phosphate deposits.
Under the terms of the new agreement announced last week, Eagle Star can earn a 100 percent interest in the Samba project - which it now considers its flagship property.
The 109,285-hectare Samba property, which consists of 60 mineral claims, is located near the cities of Valenca and Sao Jose do Peixe in Brazil, and near Eagle Star's Ruth phosphate project.
The new asset is also located near potential future end-markets, including the Balsas and Bom Jesus agricultural centres - which are home to a large soy growing industry with production of over 2.3 million tonnes of beans annually - the company said.
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