Make Kitco Your Homepage

Guatemalan court nullifies referendum: Bluestone Resources

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - The Constitutional Court of Guatemala has issued a ruling that nullifies a referendum and its results held in Asuncion Mita, said Bluestone Resources today.

Bluestone Resources is a Canadian-based precious metals exploration and development company. Its flagship asset is the Cerro Blanco Gold Project, a near surface mine development project, is located in Southern Guatemala in the department of Jutiapa.

The referendum was held last month. Bluestone said anti-mining groups formed a biased commission to organize a referendum that unfairly portrayed public opinion on future mining activities within the municipal limits.

The company said the courts decision invalidates the referendum.

"The ruling, of definitive nature, is based on clear evidence showing the referendum was unconstitutional," wrote the company. "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 licenses in Guatemala."

Bluestone was up 40% to 63 cents a share.


Great Panther mining announces board resignations, new CEO

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.