Bluestone secures $30m to get Guatemala project over engineering, permitting line
TSX-V-listed Bluestone Resources has established a $30-million loan with Zebra Holdings and Investments and Lorito Holdings to advance the Cerro Blanco gold project, in Guatemala, through engineering and permit approval.
The loan will provide for drawdown of funds by the company in tranches of at least $1-million.
“We are pleased to have the support from the Lundin Family as we advance the Cerro Blanco project through engineering and design and invest in local project readiness initiatives,” commented CFO Peter Hemstead.
The bridge loan will provide Bluestone with the ability to advance and optimise a comprehensive financing package for the construction of the project.
In consideration for the loan, the company has issued 150 000 common shares and will issue an additional 4 000 common shares a month (pro-rated for partial months) for each $1-million of the principal amount outstanding under the loan from time to time, up to March 11, 2023.
The Cerro Blanco project is a near-surface mine development project located in Southern Guatemala in the department of Jutiapa. Bluestone recently released the results of a feasibility study for the project, outlining an asset capable of producing more than 300 000 oz/y at head grades of 2 g/t.
The project will produce 2.6-million ounces of gold over the life-of-mine at an all-in sustaining cost of $629/oz over an initial 14-year mine life.
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