Mining Company Stakeholder Announces Sales of Blue Quartzite in Brazil

The Mining Company Stakeholder Gold Corporation  Has Just Announced The First Sales Of Exotic Blue Quartzite Blocks From Its Wholly-Owned Subsidiary Victoria Mining Corporation (” VMC “).

The exotic blue quartzite quarry of VMC is located in the Municipality of Dom Joaquim, State of Minas Gerais, Brazil. The mining company Stakeholder states that blue quartzite is extracted for export from its exclusive quarry operations in Brazil to the emerging markets of sophisticated and upscale building materials in Europe, Asia, and North America.

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Stakeholder Says Brazil Is A Blue Quartzite Mine

The first three blocks of Stakeholder’s exotic blue quartzite material, totaling 20 cubic meters, have been produced and sold. The production contractor is hired to produce at a total cost of $300 USD per cubic meter.

The blocks were sold at prices ranging from $1,600 USD to $2,000 USD per cubic meter. Several buyers have expressed interest in the exotic blue quartzite blocks from VMC, and the company expects to be able to develop production from several operational pits in its 100% owned mining area.

“Interest in Brazil’s exotic blue quartzite material is strong, and supply is limited in the mining industry. We are excited to have produced and sold the first blocks from our quarry and hope to expand production of this high-margin material to a rate of 150 cubic meters per month by early 2021,” said Marcus Chase, president of VMC.

Blue Quartzite Mining In Brazil

The mining company issued 500,000 options at an exercise price of $0.40 cents to Marcus Chase, who is president of VMC and director of Stakeholder Gold Corporation. The options have a three-year term and are subject to vesting clauses, so that the options vest based on quarterly gross revenue from VMC’s operations in Brazil that exceed $400,000 CAD ($1.6M CAD annualized).

“The operation of VMC’s exotic blue quartzite has completed the sale of the first block. This is the important milestone we were looking for to make stakeholder cash flow positive in Brazilian mining. Cash flow will allow us to control and limit the issuance of treasury shares as we unlock value for shareholders from our Ballarat Gold Project exploration assets located in the heart of the White Gold District of Yukon Territory, and as we expand the revenue-generating opportunities available to us in Brazil,” said Christopher Berlet, president and CEO of Stakeholder.

The Company also announces an extension of the exercise date for 250,000 (2,000,000 pre-consolidation) warrants that were issued on December 21st, 2018, and have an expiration date of December 21st, 2020.

The Company intends to extend the validity of these warrants to December 21st, 2021. The exercise price mandate will remain unchanged at $0.80 ($0.10 pre-consolidation) and there will be other provisions of the warrants changed.