Toronto, January 14, 2021 - Stakeholder Gold Corp. (TSXV: SRC) ("Stakeholder" or the "Company") is pleased to announce the first payment received in Canada for sales of exotic blue quartzite blocks from its wholly owned subsidiary Victoria Mining Corporation ("VMC"). VMC's exotic blue quartzite quarry is situated in the Municipality of Dom Joaquim in the State of Minas Gerais, Brazil. Blue quartzite is quarried for export from Brazil's unique stone quarry operations to the refined, high-end building material markets of Europe, Asia, and North America.
VMC's High-Margin Blue Quartzite
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The first three blocks of the Company's exotic blue quartzite material, comprising 30 cubic meters, have been sold and a profits dividend has been successfully sent to Toronto. The blocks were sold at an operating profit of $1,600 USD per cubic meter. Multiple buyers have expressed interest in VMC's exotic blue quartzite blocks, and the Company expects to be able to develop production from several quarries across its 100% owned project area.
"Market demand for our exotic blue quartzite is developing very well. We have received advanced interest for regular purchases in the range of 150 to 200 cubic meters per month from a total of four separate buyers. We have now completed a first dividend payment back to Toronto out of profits from sales in Brazil, and we see potential for a regular and steady increase in monthly dividend payments through 2021. We expect to hit a production and sales target of 150 cubic meters per month by March 2021," stated Marcus Chase, President of VMC.
"VMC's exotic blue quartzite business is now providing cash flow. Operating cash flow enables us to restrict treasury share issuance as we unlock value from the Company's 100% owned Ballarat Gold Project which is situated in the heart of the White Gold District of the Yukon Territory in Canada," stated Christopher Berlet, President and CEO of Stakeholder.
About Ballarat Gold Project
Stakeholder Gold's 100% owned Ballarat Gold Project is comprised of 7,442 hectares of claims located in the heart of the White Gold District of the Yukon Territory, Canada. Ballarat Creek, which is fed from headwaters located on the Ballarat property, has been one of the most prolific placer gold producers of the White Gold District.
There are several gold occurrences on the Company's Ballarat Gold Project which merit further exploration work. In addition, more than 10 km of the Northern Gateway Road, which is being developed to traverse and service the Yukon's White Gold District, is being constructed across the Company's Ballarat claim area.
The Company's Ballarat Project claim group also includes title to 10 claims located within the nearby Coffee Project which is being developed by Newmont Corp. south of the Yukon river.
For further information please contact:
Stakeholder Gold Corp.
Telephone: (416) 525 - 6869
Forward Looking Information
This news release contains forward-looking information. All information, other than information of historical fact, constitute "forward-looking statements" and includes any information that addresses activities, events, or developments that the Corporation believes, expects, or anticipates will or may occur in the future including the Corporation's strategy, plans or future financial or operating performance.
When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward- looking information. The forward-looking information is based on current expectations and applies only as of the date on which they were made. The factors that could cause actual results to differ materially from those indicated in such forward-looking information include, but are not limited to, the ability of the Corporation to fund the exploration expenditures required under the Agreement. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in the Corporation's annual financial statements, MD&A and other publicly filed documents.
The Corporation cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information. Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/71951