Bluebird Merchant Ventures Limited Completion of Gubong Feasibility Report (2360W)
July 31 2018 - 2:01AM
UK Regulatory
TIDMBMV
RNS Number : 2360W
Bluebird Merchant Ventures Limited
31 July 2018
31 July 2018
Bluebird Merchant Ventures Ltd
(the "Company" or "Bluebird")
Report On The Feasibility Of Reopening The Gubong Mine Is
Completed
Bluebird Merchant Ventures (EPIC: BMV), the Asian focused
resource development group is pleased to announce that it has
completed the report on the feasibility of reopening the Gubong
mine, and delivered it to its partner, Southern Gold.
Highlights:
-- Report on the feasibility of reopening the Gubong mine has been completed
-- The pre-construction phase has commenced
-- Production timetable on schedule, targeting first gold pour in the fourth quarter of 2019
This feasibility report is the final deliverable needed for the
formation of the 50:50 joint venture with Southern Gold. Ongoing
costs will now be shared equally between the two partners, with
Bluebird as the operator of the joint venture. The work carried out
by the Company over the past 12 months supports its previously
stated view that the establishment of a low capital cost mine at
Gubong is achievable. To reduce risk and improve accuracy, further
verification work will be undertaken prior to making a decision to
start construction.
The pre-construction work programme at Gubong encompasses
further exposure of the underground workings to allow for
additional sampling and subsequent metallurgical test work. This
will increase the initial mine inventory and reduce risk.
Following the progress at the project to date, it appears that
Gubong will be the first mine, in the Company's portfolio, to
produce gold next year.
Colin Patterson, CEO, commented:
"We are delighted that such progress has been made towards the
commencement of our joint venure partnership with Southern Gold for
the Gubong mine. They are proven partners who will share both their
expertise and the projects' ongoing costs. We look forward to a
productive working relationship.
"The report on the feasibility of reopening the Gubong mine has
further bolstered our expectations for the project. We continue to
expect that first gold will be produced at Gubong in the fourth
quarter of next year and that output can be increased to 100,000oz
per annum within five years."
"The great news for shareholders is that the cost of reopening
old mines is just a fraction of that of a new mine. Our projects
have substantial existing development and we have already
identified some of the initial low cost resource available to be
processed into gold. Gubong has all the makings of becoming a
'company maker' and we look forward to advancing the project
towards our production goals."
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 / Julia Tilley /
Simon Woods
www.bluebirdmv.com
@BluebirdIR
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END
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