Goldcorp Announces Sale of Cerro Blanco Project and Provides Marlin Mine Update

Precious Metals

Goldcorp (TSX:G) has announced that the company has entered into an agreement to sell its 100 percent interest in the Cerro Blanco gold-silver project in Guatemala to Bluestone REsources (TSXV:BSR). As quoted in the press release: Goldcorp will receive consideration at closing of $18 million in cash, a 1% Net Smelter Return royalty on production, …

Goldcorp will receive consideration at closing of $18 million in cash, a 1% Net Smelter Return royalty on production, and common shares of Bluestone representing approximately 9.9% of the issued and outstanding shares upon completion of the Transaction. Goldcorp will receive an additional $15 million in cash upon declaration of “Commercial Production” at Cerro Blanco.
In addition, Goldcorp has granted Bluestone a right of first refusal with respect to certain assets and equipment at the Marlin mine, also located in Guatemala. The Marlin mine will continue reclamation and revegetation activities over the next three years, followed by ongoing monitoring and maintenance activities as planned. The last ore production is set to be processed in early 2017.

Click here to read the full press release.

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