Mr. Jack Lundin reports

BLUESTONE PROVIDES AN UPDATE ON THE CERRO BLANCO PROJECT

Bluestone Resources Inc. has provided an update to its press release dated Sept. 19, 2022, on the Cerro Blanco gold project located in Guatemala.

The Constitutional Court of Guatemala has issued a ruling that nullifies the referendum and its results held on Sept. 18 in Asuncion Mita. The ruling, of definitive nature, is based on clear evidence showing the referendum was unconstitutional. The constitutional court ruled on the following articles:

• The self-established commission that carried out the vote does not have the authority to hold a referendum outside of the legal framework of the municipality.
• The referendum was misrepresented by the commission as being valid and binding. Only the relevant national governmental agencies have the legal jurisdiction over mining licences in Guatemala.

The government of Guatemala recently reiterated its support for the Cerro Blanco project. The Ministry of Energy and Mines within the national government has issued a public statement regarding the referendum and future mining activities within the municipal limits.

As part of the permit amendment application (November, 2021) for the Cerro Blanco project, social baseline data were collected by an independent international consulting firm. The information collected through door-to-door interactions indicated a positive attitude toward the project. Furthermore, since filing the amendment application, Bluestone has continued relations with local authorities, community groups, associations, students, non-government organizations and media. Examples include project tours, panel discussions, participation in local radio shows, visitor centre information sessions, door-to-door campaigns, mineral resource education courses and participation at community events.

Jack Lundin, president and chief executive officer, commented: "We will remain committed to transparent communication and constructive dialogue. Social acceptance is one the most important aspects of developing natural resources responsibly and is integral to the company's approach. Without a social licence to operate, the project will not advance to its next phase, and we are here to work in a collaborative way with the local government of Asuncion Mita and the members of its community. We believe the municipality will ultimately support this project, considering the opportunities, jobs and overall economic benefits that will be generated."

Bluestone employees will continue to work side by side with local governments and community groups to deliver impactful programs such as COVID-19 vaccinations, health clinics, adult education, technical training programs and infrastructure projects.

About Bluestone Resources Inc.

Bluestone Resources is a Canadian-based precious metals exploration and development company focused on opportunities in Guatemala. The company's flagship asset is the Cerro Blanco gold project, a near-surface mine development project located in southern Guatemala in the department of Jutiapa. The company released the results of a feasibility study for the project, outlining an asset capable of producing over 300,000 ounces/year at head grades of over two grams per tonne gold. The project will provide substantial economic benefits to Guatemala, both locally and at a national level. During construction direct employment will be over 1,000 persons and once in operation Cerro Blanco will contribute approximately $160-million annually to the economy. The company trades under the symbol BSR on the TSX Venture Exchange and BBSRF on the OTCQB.

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