VANCOUVER, British Columbia, June 13, 2017 (GLOBE NEWSWIRE) -- Bluestone Resources Inc. (TSX VENTURE:BSR) ("Bluestone" or the "Company") today announced the appointment of William Lamb, Paul McRae and Zara Boldt to the advisory committee.
Mr. William Lamb has over 23 year in mining and operations in Canada and several Southern African countries. His background includes operational and project management in the precious metals, coal, chrome and diamond sectors. Mr. Lamb spent 13 years working across in Southern Africa and Canada focusing on heavy mineral concentration, project development and operational readiness. He joined Lucara Diamond Corp. in 2008 and was instrumental in the acquisition of the AK6 asset, now the Karowe Mine, which has been brought into production as one of the world’s most significant producers of large, high quality diamonds.
He was most recently responsible for the successful development of Lundin Mining Corporation's Eagle Mine in Northern Michigan. His track record includes on time/on budget project management of major underground investments for INCO including McCreedy East, Garson and Birch Tree projects, serving as Project Manager on the highly successful De Beers Victor Project in Northern Canada, and leadership of numerous other projects from conceptual through construction phases in Australia, Canada, Spain, Portugal and South America, over a career spanning more than 40 years.
Mr. Paul McRae has a distinguished reputation in project and construction management in the mining industry for both surface and underground projects. He is currently Senior Vice President Projects for Lundin Mining, supporting acquisitions and responsible for LMC's major projects. Career highlights include Project Manager for the $1 billion Victor Mine in the Western James Bay area and for the execution of the Eagle Mine in Michigan. This $700 million high grade underground under-ground nickel and copper mine was completed on budget and 2 months ahead of schedule. Ramp up objectives were achieved in 6 weeks. Mr McRae is member of the board of Lundin Gold and Filo Mining, and past board member Southern Hemisphere Mining.
Ms. Zara Boldt is a professional accountant (CPA, CGA) with over fifteen years of experience in the mineral exploration and development industry. Most recently, Ms. Boldt served as the CFO of Kaminak Gold Corporation, which was acquired by Goldcorp in 2016 in an all-share transaction valued at C$520 million. Prior to Kaminak, she was Vice-President, Finance & CFO of Stornoway Diamond Corporation where she was a member of the senior management team responsible for arranging financing of approximately C$946 million for the development of the Renard Diamond Mine in Quebec. Currently Ms. Boldt serves as the CFO & Corporate Secretary for Strongbow Exploration Inc.
"We are very fortunate to have Mr. Lamb, Mr. McRae and Ms. Boldt join the Company as advisors”, stated Bluestone Chairman and CEO John Robins. “Their collective experience in mine construction, operations and project finance with be a great benefit to Bluestone as we continue to build out our team.”
About Bluestone Resources Inc.:
Bluestone owns a 100% interest in the Cerro Blanco Gold and Mita Geothermal Projects located 160 km southeast of Guatemala City in Guatemala. Cerro Blanco is one of the world's highest grade undeveloped gold projects that is fully permitted for production. The Cerro Blanco Project economics as disclosed in the Company's press release dated February 7, 2017 announcing the results of its Preliminary Economic Assessment (“PEA”) and updated mineral resource estimate for Cerro Blanco indicate a rapid pay-back, high margin, underground mining project with robust economics in the current gold price environment. At a gold price of US$1,250/oz, the Cerro Blanco base case estimate generates an after-tax net present value at a 5% discount rate of US$317 million and an internal rate of return of 43.9%. The proposed mine is expected to operate over a nine year mine-life with total gold and silver production of approximately 952,000 ounces and 3,141,000 ounces, respectively. Initial capital expenditures to fund construction and commissioning is estimated at US$170.8 million. The all-in sustaining cash costs (as defined per World Gold Council guidelines, less corporate general and administration costs) is estimated to be US$490 per ounce of gold produced.
Cautionary Language
The PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The scientific and technical disclosure in this news release has been reviewed by John Robins, CEO of the Company, who is a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
On behalf of the Board
Bluestone Resources Inc.
John Robins, Chairman and Chief Executive Officer
For further information, contact:
John Robins at (604) 657-6226
Forward-Looking Statements
Certain information set forth in this news release contains "forward-looking statements", and "forward- looking information" under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results or developments that the Company anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking statements and can generally be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved or has the potential to”. Forward-looking statements contained in this press release include: future performance based on current results; expected cash costs; and estimates of Cerro Blanco economics, including estimates of capital costs of constructing mine facilities and bringing a mine into production and of sustaining costs, net present value and proposed production timelines and rates. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statement. These risks and uncertainties include, but are not limited to: liabilities inherent in mine development and production; geological risks; the financial markets generally; risks and uncertainties related to expected production rates, timing and amount of production and total costs of production; risks and uncertainties related to the accuracy of mineral resource estimates and of future production, future cash flows, total costs of production and diminishing quantities or grades of mineral resources; risks associated with geopolitical uncertainty and political and economic instability in Guatemala; and changes in laws and regulations, including, without limitation, the adoption of new environmental and tax laws and regulations and changes in who they are interpreted and enforced. The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Any forward-looking statement speaks only as of the date on which is was made, and the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
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