VANCOUVER, July 27, 2022 – Bluestone Resources Inc. (TSXV: BSR) (OTCQB: BBSRF) (“Bluestone” or the “Company”) regrets to announce the passing of Mr. Lukas H. Lundin, in Geneva, Switzerland, on 26, 2022 at the age of 64, after two years with brain cancer.
For more than 40 years, Lukas Lundin has been the driving force behind the great fortune of the Lundin Group of Companies. Lukas began his career in the mining and foreign energy sectors in the early 1980s, along with his father, the afterlife of Adolf H. . Lundin.
Under the leadership of Lukas and his brother Ian, and in close collaboration with the rest of the Lundin family, the Lundin corporate organization has grown into a worldwide-identified organization of mining and energy corporations that operates worldwide and employs more than 15,000 people. and create opportunities for tens of thousands more.
The 11 that make up Lundin Group of Companies have a combined market capitalization of more than $11 billion.
“Our father is our greatest source of inspiration. His fondness for the industries to which he dedicated his life was unprecedented. Lukas saw other people as the key to good fortune and spent decades building some of the most powerful leadership groups in our industries. He has strived to empower those jobs with him and has continually pushed us to aim higher. We couldn’t have had a better father and mentor.
“Our circle of family members is deeply saddened by Lukas’ passing, but they are reassured to know that his legacy will endure for generations to come. Having worked side by side with Lukas for many years, we all look to the future to proceed to build on the successes of the Lundin Group corporations – with that of our shareholders and stakeholders, adding members from the local communities where we operate The Lundin Group corporations are more powerful than ever and Lundin’s circle of family members is united in our commitment to remain shareholders for the long term. “
“We lost a big one last night. My father was a larger-than-life character who actually left a deep and positive mark on the resource sector. I won’t forget when he arrived here to make a stopover with us in Guatemala City, where we met with President Giammattei to talk about the physically powerful Cerro Blanco project. Lukas had the vision to build a successful mining business in Guatemala and we at Bluestone are advancing that vision. He embodied optimism, was never afraid of great dangers and was respectful. to everyone he met. His heroic spirit will live on.
Bluestone Resources is a Canadian valuable metals exploration and progression corporation focused on opportunities in Guatemala. The Company’s flagship asset is the Cerro Blanco gold assignment, a near-surface mining progression assignment in southern Guatemala, at the Jutiapa branch. The Company has published the effects of a feasibility examination for the allocation, which describes an asset capable of generating more than three hundred koz/year with a feed content of 2. 0 g/t of gold. The allocation will produce 2. 6 million ounces of gold over the life of the mine in a total – included maintenance charge of $629/oz (as explained by the World Gold Council, less the company’s general and administrative charges) over an initial life of 14 years. The Company trades under the symbol “BSR” on the TSX Venture Exchange and “BBSRF” on the OTCQB.
“Jack Lundin”
Jack Lundin | Managing Director and Director
Neither TSX Venture Exchange nor its Regulatory Service Provider (as that term is in TSX Venture Exchange’s policies) accepts responsibility for the adequacy or accuracy of this release.
This press release “forward-looking information” within the meaning of Canadian securities law and “forward-looking statements” within the meaning of the U. S. Private Securities Litigation Reform Act. UU. de 1995 (collectively, the “Forward-Looking Statements”). All statements, other than statements of old facts, relating to activities, occasions or developments that Bluestone Resources Inc. (“Bluestone” or the “Company”) believes, expects or anticipates that they will or possibly happen in the future, including, without limitation: the use of the loan funds; final approval through TSX Venture Exchange; the estimated volume of gold production consistent with the project year; the quantities of gold production over the life of the mine; average all-inclusive maintenance prices (“AISC”); and the initial life of the mine.
All forward-looking statements are based on Bluestone’s existing ideals, as well as various assumptions made through Bluestone and existing data for Bluestone. In general, those assumptions include, but are not limited to: the presence and continuity of metals in Cerro Blanco’s allocation at estimated levels; the availability of personnel, machinery and apparatus at estimated costs and within estimated delivery times; exchange rate; alleged costs of promoting metals and exchange rates; adequate reduction rates implemented to money flows in economic analyses; tax rates and royalty rates applicable to the proposed mining operations; the availability of compatible financing; the influence of the novel coronavirus (COVID-19); expected mine losses and dilution; good fortune in wearing down the proposed operations; and the timelines for network consultations and the effect of those consultations on the regulatory approval process.
Forward-looking statements are subject to a number of hazards and uncertainties that may cause Bluestone’s actual effects to differ materially from those discussed in the forward-looking statements and, even if such actual effects are or are substantially achieved, there can be no assurance that will have the expected consequences or effects on Bluestone. Factors that may cause actual effects or occurrences to differ materially from existing expectations include, but are not limited to: prospective adjustments in mining approach and existing progression strategy; hazards and doubts similar to expected production rates; schedule and quantity of production and general costs of production; dangers and doubts related to the ability to obtain, modify or possess compulsory licenses, leases or surface rights; dangers related to technical difficulties related to mining progression activities; dangers and uncertainties related to the accuracy of mineral resource estimates and long-term production estimates, long-term cash flows, overall costs of production, and diminishing quantities or qualities of mineral resources; adjustments to allocation parameters as plans continue to be refined; the name matters; relevant dangers with geopolitical uncertainty and political and economic instskill in Guatemala; dangers similar to global epidemics or pandemics and other health crises, adding the influence of the new coronavirus (COVID-19); dangers and uncertainties similar to production interruptions; hazards similar to the conditions of execution of the Project, injuries or labor disputes; the option that long-term exploration, progression or mining effects may not meet Bluestone’s expectations; dubious political and economic environments and relationships with local communities and government authorities; hazards related to diversifications in ore grade and grade within mineral resources known as mineral resources from those expected; diversifications in recovery and extraction rates; progressions in world metals markets; and dangers similar to fluctuations in commodity costs and exchange rates. For a more in-depth discussion of the dangers related to Bluestone, see “Risk Factors” in the Company’s Annual Information Form for the year ended December 31, 2020, available on the Company’s SEDAR profile at www. sedar. com. . com. com.
Forward-looking statements refer solely to the date on which they are made and, unless required by applicable securities laws, Bluestone disclaims any legal purpose or liability to update forward-looking statements, whether as a result of new information, long-term events or effects, or otherwise. While Bluestone believes that the assumptions inherent in prospective emails are reasonable, prospective emails are not promises of long-term functionality and therefore such emails should not be unduly relied upon due to their inherent uncertainty. . There can be no guarantee that prospective emails will prove to be accurate, and actual effects and long-term events may differ materially from those expected in such emails.
The Company has included in this press release a measure that is not in accordance with sometimes accepted accounting principles (“GAAP”) that is not explained through International Financial Reporting Standards (“IFRS”), namely AISC consistent with the ounce of payable gold sold. Non-GAAP measures do not have a standardized meaning prescribed by IFRS and therefore would not possibly be comparable to similar measures used by other companies. The Company believes that those measures, in addition to gaap-listed measures, provide investors with a greater ability to compare the underlying functionality of the company and compare it to data provided through other companies. Non-GAAP measures are intended to provide more data and should not be considered in isolation or as a replacement for functionality measures prepared in accordance with GAAP. These measures do not have a standardized meaning prescribed through GAAP and, therefore, may not be comparable with similar measures prescribed through other emitters.
The Company believes that the AISC more fully defines the overall prices related to gold production. The Company calculates the AISC as the sum of refining prices, third-party royalties, constant on-site prices, capital maintenance prices, and final investment prices, all divided by ounces of gold sold to arrive at an amount consistent with the ounce. Other corporations would possibly calculate this measure because of differences in underlying principles and policies applied. The differences would possibly also remain due to another definition of non-maintenance maintenance capital. capital.
The AISC and prices are calculated on definitions published through the World Gold Council (“WGC”) (a market progress organization for the gold industry composed of and funded by 18 gold mining corporations around the world). The WGC is not a regulatory body.
SOURCE Bluestone Resources Inc.