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.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Sulzer South Africa, established in 1922, partners with critical industries like power, oil & gas, water, mining, and chemicals to boost...
VISIT SHOWROOM
Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
