VANCOUVER, BC, Sept. 12,
2023 /CNW/ - Bluestone Resources Inc. (TSXV:
BSR) (OTCQB: BBSRF) ("Bluestone" or the
"Company") today announced the appointment of Martino De Ciccio to the Board of Directors
effective September 11, 2023.
Peter Hemstead, President and CEO
commented, "We extend a warm welcome to Martino De Ciccio as he joins our already strong
Board of Directors. His corporate finance and capital markets
experience will be invaluable as we continue to advance the
Company's previously announced strategic review process."
Martino De
Ciccio
Martino De
Ciccio has over 15 years' experience in strategy, capital
markets, and corporate finance, with a strong track record of value
creation. He joined Endeavour Mining in 2015 as Vice President,
Strategy and Investor Relations and assumed the role of Deputy CFO
and Head of Investor Relations in January
2023. He played a pivotal role in Endeavour's transformation from a small market
cap to a FTSE100 company and one of the largest gold producers in
the world, garnering over 25 investor relations achievement
nominations, including repeatedly winning best across all sectors.
Prior to joining Endeavour,
Martino played a key role in growing La Mancha Resources from a
$20 million market cap which
culminated into a $500 million
take-private offer. As Strategy and Business Development Manager,
he then helped lead the private company's transformation from an
emerging gold producer into one of the largest gold investment
funds with cornerstone holdings in Evolution Mining and
Endeavour, which was recognized
with an Emerging Leader Award. Martino earned a B.Com in Finance
from McGill University and is a CFA
charter holder.
Stock Option Grant
The Company announces that it is
granting as of September 12, 2023,
pursuant to its stock option plan, 200,000 stock options to Mr. De
Ciccio in connection with his appointment, exercisable at a price
of $0.30 per share for a five-year
term.
About Bluestone Resources
Bluestone Resources is a
Canadian-based precious metals exploration and development company
focused on opportunities in Guatemala. The Company's flagship asset is the
Cerro Blanco gold project, a near surface mine development project
located in Southern Guatemala in
the department of Jutiapa. The Company released the results of a
Feasibility Study for the project, outlining an asset capable of
producing over 300 koz/yr 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 an all-in sustaining cost of $629/oz (as defined per World Gold Council
guidelines, less corporate general and administration costs) over
an initial 14-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.
"Peter Hemstead"
Peter Hemstead | Chief
Executive Officer & 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:
potential outcomes of the strategic review process; the existence
of future business opportunities and the level of interest in the
Company's assets; the grant and terms of the stock options; ; the
estimated gold production volume per year from the Cerro Blanco
gold project (the "Project"); life of mine gold production amounts;
average all-in sustaining costs ("AISC"); and length of initial
mine life.
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 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 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:
risks related to increasing community opposition to the Project and
its effect on permitting and Project timelines; 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; changes in Project
parameters as plans continue to be refined; title matters; 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 COVID-19; risks and uncertainties related
to interruptions in production; risks related to Project working
conditions, accidents or labour disputes; 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 and grade within the mineral identified as mineral
resources from that predicted; variations in rates of recovery and
extraction; developments in world metals markets; risks related to
fluctuations in commodity prices and currency exchange rates;
environmental hazards and infrastructure; compliance with
government laws and regulations, including anti-corruption laws,
and associated costs of compliance; tax risks; reliance on third
parties and risks associated with having foreign subsidiaries;
risks associated with having a limited operational history; risks
related to substantial capital requirements; acquisition risk;
future sales or issuances of common shares; risks related to
competition and dependence on key personnel; risks related to
conflicts of interest; uninsurable risks; risks related to changes
in climate conditions; risks related to control persons;
information technology security risks; litigation risk;
geopolitical risks and conflict; and inflation. For a further
discussion of risks relevant to Bluestone, see "Risk Factors" in
the Company's annual information form for the year ended
December 31, 2022, available on the
Company's SEDAR+ profile at www.sedarplus.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-GAAP Financial Performance Measures
The Company
has included a non-Generally Accepted Accounting Principles
("GAAP") measure in this news release that is not defined under
International Financial Reporting Standards ("IFRS"), being AISC
per payable ounce of gold sold. Non-GAAP measures do not have any
standardized meaning prescribed under IFRS and, therefore, they may
not be comparable to similar measures employed by other companies.
The Company believes that these measures, in addition to measures
prepared in accordance with GAAP, 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-GAAP 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 GAAP. These
measures do not have any standardized meaning prescribed under
GAAP, and therefore may not be comparable to similar measures
presented by other issuers.
All-in sustaining costs
The Company
believes that 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.