Bluebird Merchant Ventures Limited Bluebird Signs JV Agreement at Kochang (1719R)
13 June 2018 - 4:00PM
UK Regulatory
TIDMBMV
RNS Number : 1719R
Bluebird Merchant Ventures Limited
13 June 2018
13 June 2018
Bluebird Merchant Ventures Ltd
(the "Company" or "Bluebird")
Bluebird Signs Joint Venture Agreement at Kochang
Bluebird Merchant Ventures (EPIC: BMV), the Asian focused
resource development group is pleased to announce that the
execution of the formal Joint Venture Agreement with Southern Gold
Ltd ("Southern Gold") for the Kochang mine was signed on 12 June
2018.
Highlights:
-- Signing of 50:50 Joint Venture Agreement with Southern Gold for the Kochang mine
-- Feasibility report expected to be completed in September 2018 at Kochang
-- Bluebird to be the Joint Venture Operator
-- Target to become a 100,000 oz per year gold producer within five years
-- First gold expected in Q4 2019
Bluebird has commenced the required farm-in activities of the
Kochang Joint Venture Agreement with Southern Gold. As previously
announced on 12 February 2018, the Company is required to spend USD
500,000 towards a feasibility study to reopen the gold and silver
mine as well as to complete a Placing of AUD 250,000 in Southern
Gold. The expenditure commitment is very close to being met and the
Company expects to complete the Placing in Southern Gold in due
course. The feasibility report on Kochang is also planned to be
completed in September 2018. Thereafter the costs will be shared
50:50 with Southern Gold and Bluebird will be the Joint Venture
Operator.
Progress continues at Gubong where the report on feasibility to
reopen the mine will be completed on schedule in July. The Company
looks forward to presenting both the Gubong and Kochang reports in
due course which will include a clear path to reopening the mines
and producing gold. These will have material positive impacts on
the future of the Company.
Metallurgy work continues at Gubong and further to previous
announcements the Company expects to update the market next week
with results from ongoing work.
Colin Patterson, CEO, commented:
"The execution of this agreement represents another major
milestone for Bluebird. We now look forward to completing the
report on feasibility and to working together with our partners,
Southern Gold, as we progress towards reopening the Kochang
Mine."
"We have made good progress since taking on the South Korean
projects and we now have two mines that we expect to bring into
production. Bluebird is targeting to become a 100,000 oz per year
gold producer within five years from commencing operations."
"We are currently completing the Gubong report on feasibility
which is on target to be completed in July while the Kochang
feasibility is progressing well. I fully expect that Bluebird will
be pouring its first gold the last quarter of 2019."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR")
Enquiries:
Bluebird Merchant Ventures Ltd +44 (0) 7797 859986
Jonathan Morley-Kirk, Non-Executive
Chairman
SP Angel Corporate Finance LLP
Ewan Leggat
Smaller Company Capital Ltd + 44 (0) 20 3470 0470
Rupert Williams/Jeremy Woodgate +44 (0) 20 3651 2910
Blytheweigh +44 (0) 20 7138 3204
Tim Blythe / Camilla Horsfall
www.bluebirdmv.com
@BluebirdIR
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END
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