VANCOUVER, BC, Oct. 29, 2021 /CNW/ - Bluestone Resources
Inc. (TSXV: BSR) (OTC: BBSRF) ("Bluestone" or the
"Company") is pleased to announce that it has filed a final
short form base shelf prospectus (the "Final Prospectus") with the
securities commissions in each of the provinces of Canada, except Quebec.
The Final Prospectus will, subject to the filing of a shelf
prospectus supplement (the "Prospectus Supplement"), allow
Bluestone to offer up to an aggregate of C$400,000,000 of common shares, preferred shares,
debt securities, subscription receipts, units, warrants, and share
purchase contracts from time to time over the 25-month period until
the Final Prospectus expires on November 29,
2023. The specific terms of any future offering will be
established in a Prospectus Supplement, which will be filed with
the applicable Canadian securities regulatory authorities.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which an offer,
solicitation, or sale would be unlawful prior to registration or
qualifications under the securities laws of any such
jurisdiction.
A copy of the Final Prospectus may be obtained from the
Corporate Secretary of the Company by directing a request to
Bluestone at 2000 - 885 West Georgia Street, Vancouver, British Columbia, V6C 3E8, Attn:
Corporate Secretary, or can be downloaded from SEDAR at
www.sedar.com
About Bluestone Resources
The Cerro Blanco Project is an advanced stage, high-grade gold
and silver development project. A PEA on the project highlighted an
asset capable of producing over 300 koz Au per year with an average
annual production of 231 koz Au per year at all-in sustaining costs
of ~$642/oz (as defined per World
Gold Council guidelines, less corporate general and administration
costs) over an initial 11-year mine life. The Company trades under
the symbol "BSR" on the TSX Venture Exchange and "BBSRF" on the
OTCQB.
On Behalf of Bluestone Resources Inc.
"Jack Lundin"
Jack Lundin | President, CEO
& Director
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that 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 press release contains "forward-looking information" within
the meaning of Canadian securities legislation and "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 (collectively,
"forward-looking statements"). All statements, other than
statements of historical fact, that address activities, events, or
developments that Bluestone Resources Inc. ("Bluestone" or the
"Company") believes, expects, or anticipates will or may occur in
the future including, without limitation: the filing and
effectiveness of any potential prospectus supplement; the amount
and terms of any securities to be offered under one or more shelf
prospectus supplement(s); the Company's current expectations
regarding the mining method and alternative development options;
completion of Project financing; anticipated timing and results of
exploration, drilling, and assays; increasing the amount of
measured mineral and indicated mineral resources; the proposed
timeline and benefits of further drilling; the proposed timeline
and benefits of the Feasibility Study; statements about the
Company's plans for its mineral properties; Bluestone's business
strategy, plans, and outlook; the future financial or operating
performance of Bluestone; capital expenditures, corporate general
and administration expenses, and exploration and development
expenses; expected working capital requirements; the future
financial estimates of the Cerro Blanco Project economics,
including estimates of capital costs of constructing mine
facilities, and bringing a mine into production, and of sustaining
capital costs, estimates of operating costs and total costs, net
present value and economic returns; proposed production timelines
and rates; funding availability; resource estimates; and future
exploration and operating plans are forward-looking statements.
These forward-looking statements reflect the current expectations
or beliefs of the Company based on information currently available
to Bluestone and often use words such as "expects", "plans",
"anticipates", "estimates", "intends", "may", or variations thereof
or the negative of any of these terms.
All forward-looking statements are made based on Bluestone's
current beliefs as well as various assumptions made by Bluestone
and information currently available to Bluestone. Generally,
these assumptions include, among others: the presence of and
continuity of metals at the Cerro Blanco Project at estimated
grades; the availability of personnel, machinery, and equipment at
estimated prices and within estimated delivery times; currency
exchange rates; metals sales prices and exchange rates assumed;
appropriate discount rates applied to the cash flows in economic
analyses; tax rates and royalty rates applicable to the proposed
mining operations; the availability of acceptable financing; the
impact of the novel coronavirus (COVID-19); anticipated mining
losses and dilution; success in realizing proposed operations; and
anticipated timelines for community consultations and the impact of
those consultations on the regulatory approval process.
Forward-looking statements are subject to a number of risks and
uncertainties that may cause the actual results of Bluestone to
differ materially from those discussed in the forward-looking
statements and, even if such actual results are realized or
substantially realized, there can be no assurance that they will
have the expected consequences to, or effects on, Bluestone.
Factors that could cause actual results or events to differ
materially from current expectations include, among other things:
potential changes to the mining method and the current development
strategy; risks and uncertainties related to expected production
rates; timing and amount of production and total costs of
production; risks and uncertainties related to the ability to
obtain, amend, or maintain necessary licenses, permits, or surface
rights; risks associated with technical difficulties in connection
with mining development activities; risks and uncertainties related
to the accuracy of mineral resource estimates and estimates of
future production, future cash flow, total costs of production, and
diminishing quantities or grades of mineral resources; risks
associated with geopolitical uncertainty and political and economic
instability in Guatemala; risks
related to global epidemics or pandemics and other health crises,
including the impact of the novel coronavirus (COVID-19); risks and
uncertainties related to interruptions in production; the
possibility that future exploration, development, or mining results
will not be consistent with Bluestone's expectations; uncertain
political and economic environments and relationships with local
communities and governmental authorities; risks relating to
variations in the mineral content within the mineral identified as
mineral resources from that predicted; variations in rates of
recovery and extraction; developments in world metals markets; and
risks related to fluctuations in currency exchange rates. For a
further discussion of risks relevant to Bluestone, see "Risks and
Uncertainties" in the Company's Management's Discussion and
Analysis for the year ended December 31,
2020, available on the Company's SEDAR profile at
www.sedar.com.
Any forward-looking statement speaks only as of the date on
which it was made, and except as may be required by applicable
securities laws, Bluestone disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new
information, future events or results, or otherwise. Although
Bluestone believes that the assumptions inherent in the
forward-looking statements are reasonable, forward-looking
statements are not guarantees of future performance, and
accordingly, undue reliance should not be put on such statements
due to their inherent uncertainty. There can be no assurance
that forward-looking statements will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such statements.
Non-IFRS Financial Performance Measures
The Company
has included certain non-International Financial Reporting
Standards ("IFRS") measures in this news release. The Company
believes that these measures, in addition to measures prepared in
accordance with IFRS, provide investors an improved ability to
evaluate the underlying performance of the Company and to compare
it to information reported by other companies. The non-IFRS
measures are intended to provide additional information and should
not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. These measures do not
have any standardized meaning prescribed under IFRS, and therefore
may not be comparable to similar measures presented by other
issuers.
All-in sustaining costs
The Company believes that
all-in sustaining costs ("AISC") more fully defines the total costs
associated with producing gold.
The Company calculates AISC as the sum of refining costs, third
party royalties, site operating costs, sustaining capital costs,
and closure capital costs all divided by the gold ounces sold to
arrive at a per ounce amount. Other companies may calculate this
measure differently as a result of differences in underlying
principles and policies applied. Differences may also arise due to
a different definition of sustaining versus non-sustaining
capital.
AISC reconciliation
AISC and costs are calculated
based on the definitions published by the World Gold Council
("WGC") (a market development organization for the gold industry
comprised of and funded by 18 gold mining companies from around the
world). The WGC is not a regulatory organization.
SOURCE Bluestone Resources Inc.