Business
Stakeholder Announces Blue Quartzite Sales in Brazil
Toronto, Ontario--(Newsfile Corp. - November 18, 2020) - Stakeholder Gold Corporation (TSXV: S...
About this update from Stakeholder Gold Corp.
[{"type":"text","content":"Stakeholder Announces Blue Quartzite Sales in BrazilToronto, Ontario--(Newsfile Corp. - November 18, 2020) - Stakeholder Gold Corporation (TSXV: SRC) (\"Stakeholder\" or the \"Company\") is pleased to announce the first sales of exotic blue quartzite blocks from its wholly owned subsidiary Victoria Mining Corporation (\"VMC\"). VMC's exotic blue quartzite quarry is located 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 burgeoning, high-end, refined building materials markets of Europe, Asia and North America.The first three blocks of the Company's exotic blue quartzite material, comprising 20 cubic meters, have been produced and sold. The production contractor is engaged to produce at an all-in cost of $300 USD per cubic meter. The blocks have been sold at prices ranging from $1,600 USD to $2,000 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 operating pits across its 100% owned project area.\"Interest in Brazil's exotic blue quartzite material is robust, and supply is limited. We are excited to have produced and sold the first blocks from our quarry and expect to be able to expand production of this high-margin material to a rate of 150 cubic meters per month early in 2021,\" stated Marcus Chase, President of VMC. The Company has issued 500,000 options at a strike price of $0.40 cents to Marcus Chase who is President of VMC and a Director of Stakeholder Gold Corporation. The options have a three-year term and are subject to vesting provisions, such that the options vest pursuant to a quarterly gross revenue at VMC operations in Brazil that is in excess of $400,000 CAD ($1.6M CAD annualized).\"VMC's exotic blue quartzite operation has completed first block sales. This is the important milestone we were looking for in making Stakeholder cash flow positive. Cash flow will permit us to control and limit treasury share issuance as we unlock shareholder value from our Ballarat Gold Project exploration assets located in the heart of the White Gold District of the Yukon Territory, and as we expand on the revenue generating opportunities available to us in Brazil,\" stated Christopher Berlet, President...