Bluestone Resources Inc. (TSXV:BSR) (OTCQB:BBSRF) has filed its Feasibility Study for the Cerro Blanco Gold Project on SEDAR at www.sedar.com and on the Company’s website at www.bluestoneresources.ca.
The Technical Report, entitled “N.I. 43-101 Technical Report & Feasibility Study on the Cerro Blanco Gold Project,” was prepared by G Mining Services Inc. in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and has an effective date of February 22, 2022.
“We are very pleased to complete and file the 43-101 report for the Cerro Blanco Gold Project. A tremendous amount of effort and work went into the Feasibility Study and delivering a high-quality project that we are proud of,” President and CEO, said.
Feasibility Study Highlights
The recent completion of the Feasibility Study highlighted a project that is capable of producing over 300,000 ounces per year at head grades of +2.0 g/t gold. The project will produce 2.6 million ounces of gold over the life of mine at first quartile all-in sustaining costs. As reported in the press release dated February 22, 2022, highlights include:
• Life of mine production of 2.6 million ounces of gold and 10.6 million ounces of silver over an initial 14-year mine life.
• Peak production of 347,000 ounces and average annual production of 241,000 ounces gold over the first ten years of operation.
• Average life of mine AISC of $629/oz (net of credits).
• Average annual free cash flow of $228 million per year during the first 10 years and life of mine total free cash flow of $2.350 billion.
• Net present value (5%) of $1.047 billion after-tax.
• After-tax internal rate of return of 30%.
• Initial capital of $572 million with an after-tax payback period of 2.2 years.
• Proven & Probable Reserves of 2.8 million ounces of gold and 12.6 million ounces of silver (53.9 million tonnes at 1.6 g/t Au and 7.3 g/t Ag).
The development of the Project is expected to provide substantial economic benefits to Guatemala, both locally and at a national level. A priority will be to continue to train and develop skills of the local workforce as the Project advances, which is in line with the Company’s philosophy of creating shared benefits.
Unless otherwise indicated, all dollar amounts are stated in U.S dollars (“$”) at a gold price of $1,600/oz and a silver price of $20/oz.
Management Additions
The has also announced thatRobert Gill, P.Eng., has been appointed as Vice President and Managing Director, Guatemala.
“An executive of Bob’s calibre and experience will be a tremendous asset as we continue to advance the Cerro Blanco Project,” Mr Lundin said.
“In this role, and as a key member of the executive team, Bob will be based in Guatemala and responsible for the execution of our business operations in-country. With the Feasibility Study now complete, it is an exciting time for Bluestone as we advance the Project through detailed engineering, project finance and into construction. On behalf of the Bluestone team and Board of Directors I would like to welcome Bob onboard.”
About Robert Gill
Mr. Gill has over 35 years of proven expertise in the design and operation of open pit and underground mines. He has lived in nine countries, including Argentina, Brazil, Guatemala, Peru and Venezuela and worked on six continents. He has held executive and management positions with major to junior mining companies, consulting firms and government regulators, where he oversaw all aspects of mining including exploration, development, construction, operation, process improvement and closure.
Prior to joining Bluestone, he was the Country Manager and President of Anagold (SSR Mining), based in Turkey. He holds a bachelor’s degree of Applied Science in Geotechnical Engineering from the University of British Columbia and is a registered Professional Engineer and registered member of SME (Society for Mining, Metallurgy, and Exploration).
For further information please visit: https://bluestoneresources.ca/
