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Bluestone sells shares to advance Guatemala gold project

Bnamericas Published: Friday, April 24, 2020
Bluestone sells shares to advance Guatemala gold project

Bluestone Resources will raise up to Cdn$92.0mn (US$65.3mn) to advance its Cerro Blanco gold project in Guatemala.

A syndicate of underwriters led by Canaccord Genuity agreed to purchase 45.7mn shares for Cdn$80.0mn on a bought deal basis, according to a statement.

The company also granted the underwriters an option to purchase up to 6.86mn shares for additional proceeds of Cdn$12.0mn.

Net proceeds will be used to advance Cerro Blanco, and for working capital and general corporate purposes.

Bluestone has engaged G Mining Services for basic engineering and optimization at Cerro Blanco, one of Central America’s most advanced gold projects.

A 2019 feasibility study indicated 902,000oz of gold production over an eight-year mine life, with average all-in sustaining costs of US$579/oz, after byproduct credits, making it potentially one of the lowest-cost assets in the industry.

Post-tax IRR is 34% at US$1,250/oz gold and US$18/oz silver prices, with capex at US$196mn. 

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