Bluestone Resources Inc. announced Guatemala's Ministry of Environment and Natural Resources approved the environmental permit amendment for the Cerro Blanco gold project to change the mining method from the existing permitted underground development to surface mining development. The Ministry of Energy and Mines has also updated, by way of resolution, the Project's approved mining license to reflect the environmental permit amendment and the change to the surface mining method. Environmental Permit Amendment: In the first quarter of 2021, Bluestone made a strategic decision to pivot development scenarios that significantly improved the economics, safe operation, and production profile of the Project.

The Company released a Preliminary Economic Assessment and subsequently a Feasibility Study on Cerro Blanco that outlined a surface mining development scenario. The company completed the environmental permit amendment application for the change in mining method and submitted it for review to governmental authorities in November 2021. The amendment application is a comprehensive document that covers all aspects of the Project in detail, building on the historical data and the previously approved 2007 environmental permit, to incorporate the new mining method.

While aspects of the Project layout increased in size, fundamental design characteristics remain unchanged, including the processing plant, dry stack tailings, water management, infrastructure, and facilities.